Shinhan Bank nominates Han Yong Gu to be its new chief

Shinhan Financial Group revealed on Tuesday, Dec. 20, that it has recommended Han Yong Gu to be promoted to the chief executive role of its banking business. The company said it nominated Han, who is currently the second in command to lead Shinhan Bank.

Han is serving as the deputy president of Shinhan Bank and as the Shinhan Financial Group is reshuffling leadership in its key subsidiaries, it considers the nomination of Han Yong Gu as a major step to start the changes within the firm.

Moreover, The Korea Times reported that this nomination comes after the financial group nominated Jin Ok Dong, Shinhan Bank’s chief, to be its chairman on Dec. 8. Since he will be vacating his seat, the officials are moving to find a replacement who they can continue to depend on.

The group further said that its decision to promote Jin only shows the company’s efforts to achieve a generational change in leadership to deal with the increasing uncertainties in the world of the financial market.

In any case, Han also held other key positions at Shinhan Bank and Shinhan Financial Group thus he has built and acquired expertise not only in management but sales as well. Jin was also said to have recommended Han to be his successor.

"He has rich experience on the sales front and a wide range of knowledge on up-to-date issues in the banking business," the Shinhan group stated. "He certainly is expected to elicit active communication for the firm's vision and prompt smooth changes in the future."

Aside from Han Yong Gu, Lee Young Jong, the current leader of Shinhan Financial Group's retirement pension business, was also promoted to lead Shinhan Life.

"Lee has been highly trusted by the employees of the two different companies at the time, working on details that were needed for the merger while inducing cooperative mindsets between the two sides," the company said. "In that regard, he was considered the right man to enhance harmony within Shinhan Life and lead it to take a leap forward."

Finally, Han and Lee are expected to start their two-year terms on Jan. 1, 2023, once the shareholders and board of directors approve and issue their confirmation.

Photo by: Choi Kwang Mo/Wikimedia Commons (CC0 1.0)