Glass ceiling cracks in financial sector

Shinhan DS CEO nominee Cho Kyoung-sun, left, and Shinhan Financial Group Chief Digital Officer nominee Kim Myoung-hee / Courtesy of Shinhan Financial Group

Shinhan hires female expert as chief digital officer

By Park Jae-hyuk

More financial institutions have given key positions to women in their recent year-end executive reshuffles, indicating their intention to brace for global investors emphasizing gender equality, as well as the forthcoming regulation starting next year that will mandate gender balance on boards.

Shinhan Financial Group said Friday that former National Information Resources Service President Kim Myoung-hee, who had also worked for IBM Korea for 23 years, was hired as the group's new chief digital officer (CDO).

According to the group, Kim introduced artificial intelligence, big data and cloud computing technologies to the state-run institution, in order to enhance its operational efficiency and services.

“Strengthening our group's digital matrix and implementing prompt and consistent digital strategies with Kim, we will come up with easier, more convenient and newer digital finance services for our customers,” a Shinhan official said.

Kim's nomination came a week after Shinhan Bank Vice President Cho Kyoung-sun was tapped as the first-ever female CEO of a Shinhan affiliate.

“She was recommended as the most qualified candidate to lead Shinhan DS, which has pushed ahead with global expansion and marketing campaigns for its own digital skills training platform, SCOOL,” a Shinhan official said at that time.

Earlier this month, KB Financial Group allowed KB Securities co-CEO Park Jeong-rim ― the domestic securities industry's first female CEO ― to serve another one-year term.

NongHyup Financial Group appointed another female vice president of NongHyup Bank in its year-end reshuffle. As a result, NongHyup Bank became the only bank having two female vice presidents among the nation's five largest lenders.

Financial Supervisory Service Deputy Governor for Planning and Management Kim Mi-young / Korea Times file

The Financial Supervisory Service (FSS) promoted Kim Mi-young, director general of its Illegal Finance Monitoring Department, to deputy governor for planning and management, Wednesday.

She became the FSS' first female executive to have worked for the financial watchdog since it was established in 1999. Before her promotion, all female executives of the FSS came from external institutions, such as universities and private financial companies.

Industry officials expect Hana and Woori financial groups to appoint additional female executives in their upcoming executive reshuffles in line with the recent trend.

Korea Network of Women in Finance Chairperson Kim Sang-kyung, however, pointed out that there needs to be more women holding key positions in the financial industry.

“After Shinhan Financial Group gave the CEO seat of its affiliate to a female vice president of Shinhan Bank, her vacancy was not filled with another woman of the bank,” she said. “The FSS should take the initiative in this issue, but it appears to be appointing female executives reluctantly, after witnessing private firms giving key positions to women.”