Shinhan Financial Group’s headquarters in Seoul / Newsis

Financial group retains all 9 subsidiary CEOs

By Lee Yeon-woo

Shinhan Financial Group has slimmed down its holding company’s structure, while retaining all of the CEOs of its subsidiaries in the latest round of staff assignments. The lender said the year-end executive appointments announced on Tuesday reflect a strategy of proactively enhancing efficiency and productivity in response to an anticipated economic downturn next year.

According to Shinhan Financial Group, all nine subsidiary CEOs were retained at a temporary board of directors meeting.

“By reappointing subsidiary CEOs who have demonstrated their capabilities, we aim to foster an environment conducive to bold, long-term innovation, moving away from a focus on short-term results,” Shinhan Financial Group Chairman Jin Ok-dong said. “In line with the adage of not changing generals in the midst of war, it was essential to convey a message of committed, responsible management rather than pursuing new appointments.”

The executives who were retained include Shinhan Securities CEO Kim Sang-tae, Shinhan Capital CEO Jeong Woon-jin, Shinhan Asset Management CEO Cho Jae-min, Jeju Bank CEO Park Woo-hyuk, Shinhan Savings Bank CEO Lee Hee-soo, Shinhan Digital Solution CEO Cho Kyoung-sun, Shinhan Funds Partners CEO Jung Ji-ho, Shinhan REITs Management CEO Kim Ji-uk, and Shinhan Venture Investment CEO Lee Dong-hyun.

The decision is expected to be confirmed at an upcoming shareholders’ meeting.

But Shinhan Financial Group significantly streamlined its holding company structure.

The restructuring consolidated the finance, operations, compliance monitoring, audit, brand promotion, risk management, digital initiatives, strategic planning, new business development, and consumer protection divisions. Those operations have been merged into four principal segments: Group Strategy, Group Finance, Group Operations, and Group Consumer Protection. Additionally, the reorganization included the establishment of new departmental units specifically dedicated to audit and risk management.

Following the recent organizational restructuring, the executive team of the holding company will undergo a significant reduction from the current 10 members to just six.

“Individual group companies forming and operating their own new business task forces independently is more efficient. This approach allows for greater agility and effectiveness in managing new ventures,” Shinhan said.