Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Shinhan Bank's second-in-command nominated to lead lender
By Yi Whan-woo
Shinhan Financial Group announced on Tuesday it nominated Han Yong-gu, the deputy president of Shinhan Bank, as the lender's new CEO in the group's major step in leadership changes at its key subsidiaries.
Han's nomination comes after Shinhan Financial Group nominated Shinhan Bank CEO Jin Ok-dong as its chairman on Dec. 8.
Shinhan Bank CEO nominee Han Yong-gu / Courtesy of Shinhan Financial Group
By Yi Whan-woo
The banking group explained that Jin's promotion reflects its efforts to achieve a generational change in leadership to cope with growing uncertainties in the financial market.
It said Jin, 61, correspondingly recommended Han, 56, to its management committee to succeed him as the next Shinhan Bank chief.
Along with Han, Shinhan Card Deputy President Moon Dong-kwon, 54, and Lee Young-jong, 56, the head of Shinhan Financial Group's retirement pension business, were nominated to lead Shinhan Card and Shinhan Life, respectively.
Han, Moon and Lee will begin their two-year terms starting Jan. 1, 2023, if they receive confirmation from both shareholders and board of directors.
Shinhan Card CEO nominee Moon Dong-kwon / Courtesy of Shinhan Financial Group
“The nominees were highly assessed concerning insight and acumen on risk management as well as the ability to create opportunities amid market uncertainties,” the group said.
Han served key positions at Shinhan Bank and Shinhan Financial Group, building expertise in sales and management.
“He has rich experience on the sales front and a wide range of knowledge on up-to-date issues in the banking business,” the group said. “He certainly is expected to elicit active communication for the firm's vision and prompt smooth changes in the future.”
Moon worked at LG Card before it was acquired by Shinhan Card in 2009.
He built up his expertise in research and development, strategy planning and management as he climbed up the ladder at Shinhan Card.
If appointed, Moon will be the first Shinhan Card CEO who comes from its own ranks.
Concerning Lee, the banking group gave him credit for playing a key role in the merger between Shinhan Life Insurance and Orange Life in 2019. The former was later renamed Shinhan Life.
Shinhan Life CEO nominee Lee Young-jong / Courtesy of Shinhan Financial Group
“Lee has been highly trusted by the employees of the two different companies at the time, working on details that were needed for the merger while inducing cooperative mindsets between the two sides,” the group said. “In that regard, he was considered the right man to enhance harmony within Shinhan Life and lead it to take a leap forward.”