Shinhan enhancing digitization, asset management

Shinhan DS CEO Sunny Yi

By Park Jae-hyuk

Shinhan Financial Group's recent reshuffle of its top executives has indicated the banking group will reinforce its digital and asset management sectors in 2020 to look for future growth engines, according to industry officials, Monday.

The group's board of directors recently recommended Future Strategy Research Institute head Sunny Yi as the Shinhan DS CEO and Korea Investment Corporation (KIC) investment adviser as a Shinhan BNP Paribas Asset Management vice president.

They are known as specialists in digital strategy and capital markets, respectively.

Yi, who managed Accion as the consulting firm's founder before joining Shinhan in January 2019, served as the regional head of Bain & Company and AT Kearney.

Shinhan said he will lead the financial group's IT service unit to upgrade the group's digital competitiveness.

Park was in charge of mortgage-backed securities (MBS) trading at J.P. Morgan Securities and served as the desk head of the Societe Generale's New York branch.

“Park is the top-level expert in global bond management, who had worked for over 20 years at top-tier asset management companies, such as J.P. Morgan, Bear Stearns and Societe Generale,” a Shinhan Financial Group official said. “Based on his experience and know-how, he is highly expected to enhance capability of Shinhan BNP Paribas and overhaul the company.”

Shinhan BNP Paribas Asset Management Vice President Park Tae-hyung

Shinhan's board members also recommended the group's chief digital officer Cho Young-suh as a Shinhan DS vice president and the group's chief financial officer Yu Sung-hun as the Shinhan BNP Paribas vice president.

The two, who are also known for their expertise in digital strategy and capital markets, respectively, will support the group's efforts to find new opportunities.

Cho, a former finance ministry official, worked at McKinsey & Company and Bain & Company before joining Shinhan in 2017.

“We will accelerate the group's overall digitization drive by promoting Cho, who directed the group's digital strategies, to Shinhan DS' vice president,” the Shinhan Financial Group official said.

Yu has been in charge of the group's financial affairs based on his long career in investor relations (IR).