Shinhan chooses 3 candidates for next chairman

Shinhan Financial Group headquarters in central Seoul / Newsis

By Anna J. Park

Shinhan Financial Group said Tuesday that it has confirmed three candidates for its next chairman. The candidates are current Shinhan Financial Group Chairman Cho Yong-byoung, Shinhan Bank CEO Jin Ok-dong and Shinhan Card CEO Lim Young-jin.

A board committee tasked with recommending group chairman candidates announced that it chose the three contenders following in-depth discussions held in three official meetings. The group said the candidate selection was based on thorough deliberations on a wide range of candidates, from both inside and outside of the group. Two other candidates are said to have made the shortlist, but they weren't included in the final candidate list.

“Putting the utmost priority in the group's stable management structure, the recommendation committee has proceeded with the process in a fair and transparent manner, while securing the full independence of the committee,” a source familiar with the board said.

The next candidate recommendation meeting is slated to be held on Dec. 8, which all non-executive directors of the group are expected to attend. The attending board members will comprehensively assess each candidate's achievements, capabilities and qualifications. The final candidate is expected to be recommended after a final verification process and individual interviews.

Shinhan Financial Group Chairman Cho Yong-byoung / Courtesy of Shinhan Financial Group

After receiving final confirmation from the board later this year, the final candidate is slated to be elected at a shareholders' meeting in March.

Market watchers believe the current chairman is highly likely to maintain his position, as Shinhan Financial has succeeded in posting the biggest net profit so far this year among local major financial groups, beating KB Financial, its main competitor. During the first three quarters of this year, the group's cumulative net profit stood at 4.31 trillion won ($3.25 billion), which is up 21.2 percent year-on-year.