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Biz News Korea(Eng)
Shinhan Bank, Credit CEOs likely candidates for new Shinhan Group chairman
- Collected
- 2016.08.19
- Distributed
- 2016.08.22
- Source
- Go Direct
이미지 확대Shinhan Financial Group announced on Thursday that it was recommending Wi to head the credit card company for another year. Wi has been leading the country’s top credit card company since 2013 and his tenure will be extended to August 2017. He won one-year extension last year as well.
Under his leadership, the company has been enjoying a solid performance. Its net profit last year rose 9.4 percent on year to 694.8 billion won ($626 million). Despite the cut in credit card fees, it raked in net profit of 355.2 billion won in the first half, up 1 percent from the same period last year.
His boss and group chairman Han Dong-soo who has been heading the group since 2011 said he won’t seek another term after his tenure ends in March next year.
Under the group rules, a new head must be named two months before the incumbent chairman steps down. The recommendation committee is expected to embark on screening process late this year or by early January.
Candidates would be first sought within the group among chiefs of the group subsidiaries - Shinhan Bank, Shinhan Card, Shinhan Life Insurance Co., Shinhan Investment Corp. and Shinhan BNP Paribas Asset Management Co.
The top contenders are Cho of Shinhan Bank and Wi. Despite confidence in Wi, Cho is the more likely candidate as he heads the bank that brings in more than half of revenue for the group.
By Kim Gyu-sik
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]