Shinhan Financial Group vowed to retain its No. 1 spot in the nation’s banking industry under the leadership of its chairman Han Dong-woo.
The banking group maintained the top position last year by earning a net profit of 2 trillion won.
Financial analysts said the result was meaningful in that the financial group achieved this at a time when the banking sector was seeing a decline in interest margins due to continued low interest rates.
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| Shinhan Financial Group chairman Han Dong-woo |
Shinhan has kept the leading position in the industry for seven years in a row since 2008, mostly under chairman Han’s leadership.
Han, who took office in 2011, was faced with the so-called “Shinhan crisis” ― where former chairman Rah Eung-chan and three other executives were under investigation in connection with a graft scandal.
Tasked with regaining the group’s stability and market trust, he set up a program to improve management structure and corporate succession. He also regularized group meetings and set up combined financial services.
As a result, Shinhan quickly normalized its business management despite concerns that it would not regain its former glory.
The group also found recognition in global rankings, being placed 70th in the “2015 Global 100 Most Sustainable Corporations in the World,” and 36th in “The Banker Top 500 banking brands” in February.
Han stated that Shinhan could continue to be a leading financial group if the group maintained unity even under difficult times.
By Sang Youn-joo (sangyj@heraldcorp.com)
