Shinhan Bank CEO stresses tighter internal control for global expansion

Shinhan Bank CEO Jung Sang-hyuk called on the international subsidiaries to enhance customer trust and strengthen internal controls to boost global expansion, the bank announced Tuesday.

"For Shinhan Bank to maintain steady growth and achieve lasting global recognition, we must earn unwavering trust from our customers. Please focus on rigorous compliance with local regulations and meticulous internal controls to further enhance customer confidence," Jung said Monday during an event gathering top officials from the bank's global operations.

Jung's remark came during the "Global Conference Week" opening ceremony at the bank's headquarters in Jung-gu, central Seoul, on Monday.

The 11-day event brings together senior officials from the bank's overseas corporations and Seoul-based global strategy and business department to enhance its global footprint, according to the bank.

Themed "Connect & Act," the conference aims to foster innovative solutions by linking Shinhan's domestic and international offices to expand its capacity for sustainable global growth.

During the forum, board members from overseas corporations discussed Shinhan Bank's global business direction and governance reforms, exchanging insights onboard operations to explore collaborative opportunities.

Upcoming sessions will feature programs facilitating staff connections, including a video meeting of global branch heads to review first-half business performance and outline plans for the second half. Additionally, more than 50 expatriates overseeing critical functions, such as strategy, compliance and finance, will convene to shape the strategic vision for Shinhan Bank's global operations.

"Through this conference, we aim to strengthen our competitive edge in the global financial market by fostering a tightly integrated cooperative system between our overseas subsidiaries and the headquarters," a company official noted.

According to Shinhan Bank, the lender operates overseas corporations in 10 countries, including Vietnam, Japan and China. It maintains a global network of approximately 170 offices across 20 nations.

It has cemented a prominent position in global business within the Korean banking sector. In 2023, the bank's overseas corporations reported a net profit of 482.4 billion won ($348.3 million), accounting for nearly 70 percent of the total 711.7 billion won from the nation's four major commercial banks.

In the first quarter of this year, Shinhan's overseas net profit reached 140 billion won, marking an 8 percent increase from the previous quarter and distinguishing it as the only commercial bank to achieve an on-year growth in global profits.