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Biz News Korea(Eng)
Cho Yong-byoung nominated as new chairman of Shinhan Financial Group
- Collected
- 2017.01.21
- Distributed
- 2017.01.23
- Source
- Go Direct
On Thursday, the financial group’s chairman nomination committee announced that Cho was selected over his two rival candidates after comprehensive evaluation and in-depth interviews.
The 60-year-old CEO will replace incumbent Han Dong-woo with approval from shareholders in March, taking over the financial group with 371 trillion won ($317.3 billion) in asset - on a consolidated basis - and 38 subsidiaries and affiliates.
Born in 1957, Cho started his career at the bank in 1984 after graduating from Daejeon High School and Korea University. After holding several key positions in the bank, he took over the bank’s responsibility as president in 2015.
Cho was competing against Wi Sung-ho, CEO and president of Shinhan Card, and Choi Bhang-Gil, former CEO of Shinhan BNP Paribas Asset Management. But Wi withdrew his candidacy during the final interview, saying it was proper for Cho to become chairman for the future of Shinhan.
Lee Sang-kyung, who leads the nomination committee, said all of the seven committee members voted for Cho.
Cho told reporters that he will further foster innovation through digitization to lead the bank to become a leading global bank.
He is credited with doubling Shinhan Bank’s global network since his leadership as the chief of the bank in 2015 and heading innovative initiatives of a mobile bank service and Big Data integration.
On Friday, shares of Shinhan Financial Group slid 0.43 percent to close at 46,300 won in Seoul trading.
By Kim Tae-sung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]