New Shinhan Bank CEO emphasizes digitalization, globalization

Wi Sung-ho, the newly appointed CEO of Shinhan Bank, the nation’s largest lender by assets, said Tuesday he aims to expand the bank’s global presence and digitalization in order to consolidate the No. 1 position in a quickly changing business environment.

After his appointment was officially confirmed at the general shareholders meeting, Wi told reporters he aims to make 20 percent of the bank’s net profits from overseas by 2020, up from the current 12 percent. He picked Vietnam, Japan, Indonesia and the US as high-potential targets for growth for the bank, while acknowledging difficulties faced in the once-promising China.

“We will actively seek merger and acquisition opportunities overseas in order to expand our networks,” Wi said.

He also emphasized digitalization of the bank, which is wholly owned by Shinhan Financial Group, by actively utilizing technologies such as big data and artificial intelligence. Wi said the business environment is changing rapidly with nontraditional players entering the banking industry, and difficulties include low interest rates and consumption and population cliffs.

On the same day, Lim Young-jin also officially took the role of CEO of Shinhan Card, succeeding Wi as CEO of another important affiliate of the financial group.

Both Wi and Lim’s terms are set to last two years.

Shinhan Financial Group, which has 38 subsidiaries, now awaits confirmation from shareholders for Cho Yong-byoung as chairman of the financial group on March 28. 

By Park Ga-young (gypark@heraldcorp.com)