Shinhan Financial Group to select chairman soon

South Korea’s largest financial institution Shinhan Financial Group said it has begun the process for selecting the next chairman of the group.

The term of current Chairman and CEO Han Dong-woo is to expire in March when the group is to hold its regular general shareholders meeting.

Shinhan’s corporate governance and CEO recommendation committee held a meeting Wednesday and reviewed candidates, the financial company said in a statement.

After narrowing down the candidates, the committee plans to recommend a final candidate, who will need to be approved at the general shareholders meeting in March, the company said.

The final candidate, decided by votes of the seven members of the CEO recommendation committee, is expected to be announced within this month, as was the case in the past, observers said.

Industry watchers said Shinhan Bank CEO Cho Yong-byoung and Shinhan Card CEO Wi Sung-ho are the two strongest candidates for the chairman post.

After taking office in early 2015, Cho led the bank to maintain its No. 1 ranking in annual net profits among commercial lenders in the country. For the first time in the banking industry, Cho introduced a flexible working hour system at Shinhan Bank.

Wi took office in August 2013 and has helped the firm to lead the credit card market in terms of net profits. 

By Kim Yoon-mi (yoonmi@heraldcorp.com)