Korea Shinhan Financial taps banking unit head as group CEO

Shinhan Financial Group appointed the head of its flagship banking unit as the group’s next chief executive officer as the major South Korean financial conglomerate seeks stable profits amid an economic downturn.

The group’s CEO candidate recommendation committee said on Thursday it selected Jin Ok-Dong, Shinhan Bank CEO, as the final nominee for the head of the group, after in-depth interviews with key competitors such as current group CEO Cho Yong-byoung as well as Shinhan Card Co. President and CEO Lim Young-jin.

All the 12 outside directors voted for Jin, while Cho was known to have voluntarily stepped down for a generational change.

Jin, who has been the CEO of Shinhan Bank since 2019, cemented the lender’s position as the country’s leading bank and laid the foundation for sustainable profits through his capable management – posting a series of record earnings and controlling risk during COVID-19, the committee said.

Shinhan Financial Group’s net profit totaled 4.3 trillion won in the first three quarters of the year, beating the country’s top KB Financial Group, thanks to strong earnings of the banking unit.

“Jin has the insight required for the group CEO role based on his experience and expertise accumulated while serving as CEO of SBJ Bank, vice president of Shinhan Financial Group and CEO of Shinhan Bank,” the committee said.

He is scheduled to take office following approval at the meetings of general shareholders and the board of directors in March of next year. He will serve in the position until March of 2026.

Write to Bo-Hyung Kim at kph21c@hankyung.com
Jongwoo Cheon edited this article.