Shinhan joins 'responsible banking' initiative

Shinhan Financial Group Chairman Cho Yong-Byoung, third from left, raises his fist with other attendees of a meeting held under the theme of United Nations Environment Program Finance Initiative in Paris Nov. 27 (local time). Courtesy of Shinhan Financial Group

By Lee Kyung-min

Shinhan Financial Group Chairman Cho Yong-Byoung joined global movement in setting up “Principles for Responsible Banking,” an international treaty drafted among noted financial institutions as part of efforts to better strengthen cooperation toward a more sustainable finance system, the bank said Tuesday.

Cho was the only Korean financial group CEO who attend the meeting in Paris Nov. 27 (local time). Over 1,500 top executives gathered to exchange and reaffirm views on the need to boost communication and collaborations to institute measures that align with the Paris Agreement and contribute to the achievement of the United Nations (UN) Sustainable Development Goals.

To better attain the goal, Shinhan has maintained close consultation and cooperation with 28 global firms including Industrial and Commercial Bank of China, BNP Paribas in France, British multinational investment bank Barclays and ING Group, a Dutch multinational banking and financial services firm.

Cho made a speech on “Transforming Banking” in which he stressed the role of finance in the stable development and flourishing of the country's economy.

Examples he made included inclusive and comprehensive growth, achieved with the group's subsidiaries.

“Shinhan will continue efforts to achieve sustainable growth by addressing issues concerning low growth, aging society, youth unemployment and climate change, thereby creating a positive cycle where the value of a company and that of society will be reinforced in a mutually beneficial manner,” he said.

At the meeting held under the shared theme of United Nations Environment Program Finance Initiative, the global financial entities agreed to increase their roles as key industry underpinning the world economy through services and strategies that bring about positive change in the world.

The final version of the principle will be declared at the UN General Assembly in September 2019 following a six-month review including setting up specifics on the joint objectives of the financial circle.