Shinhan, Woori heads mark 100 days since inauguration

By Yi Whan-wo

The chairmen of two banking groups ― Jin Ok-dong of Shinhan and Yim Jong-yong of Woori ― are each set to celebrate their first 100 days on the job since taking office in March, pushing ahead to visualize their respective goals.

Jin will complete the first 100 days of his three-year term, Friday, after bolstering efforts for Shinhan Financial Group to reclaim its position as Korea's top financial firm.

Shinhan Financial Group Chairman Jin Ok-dong, left, and Woori Financial Group Chairman Yim Jong-yong / Courtesy of each company

For the first time in three years, Shinhan was ranked top the in the industry by market capitalization in 2022 by reaping a record 4.64 trillion won in yearly earnings and outpacing its rival KB Financial Group which earned 4.41 trillion won.

But Shinhan allowed the lead to KB again in the first quarter of this year, with its net profit amounting to 1.38 trillion won against its rival's 1.49 trillion won.

Under the circumstances, Jin has been eyeing the global market, including Japan in the wake of thawing diplomatic relations with Korea.

Japan was Shinhan Financial Group's first destination for an investor relations presentation under Jin's leadership.

Vietnam, Indonesia and other developing countries are on the banking group's list on its path to expand cooperation with relevant partners and jointly develop growth engines.

As part of efforts to better service customers, Jin has been underlining a need for enhancing internal regulatory control by preventing fraud and other financial crimes in advance.

Market observers speculate Jin will address details to reach the firm's vision during the group-wide forum to be held for five days starting Monday. The forum will include discussions on sustainable growth, new growth engines and other future-oriented issues.

Yim will mark his first 100 days in office on Saturday. A former career bureaucrat, Yim has been regarded as “faring well” in reforming the corporate culture of Woori Financial Group.

He was especially noted for settling decades-long factional strife between high-ranking executives who had worked for two separate companies ― Hanil Bank and the Commercial Bank of Korea ― before they were incorporated into Woori Financial Group.

That factional feud held an extreme influence in the selection of CEOs of key affiliates. Accordingly, Yim enhanced the level of in-depth interviews, performance assessments and other measures to help pick the right candidate for the job in a transparent and objective manner.

As the smallest of the country's four major banking groups, Woori has been seeking to acquire a securities firm to expand its non-banking portfolio and accelerate growth.

Woori is the only major banking group that does not have a brokerage house as an affiliate.

In its regular reshuffle in March, Woori set up a special division tasked with nurturing growth engines.