Financial Holding and Bank Heads Recently Reappointed or Inaugurated
Ceremonies Such as Inauguration Events Disappear Amid COVID-19 Emergency
[Asia Economy Reporter Kim Hyo-jin] Ceremonies such as inauguration and commemorative events marking leadership changes or the start of new terms have disappeared among major financial holding companies and banks.
Amid the impact of the novel coronavirus infection (COVID-19), which has put the financial market and the overall economy on high alert, there is a noticeable atmosphere of restraint. Instead, immediate efforts are being made to focus on urgent practical tasks such as on-site inspections related to COVID-19 damage support.
According to the financial sector on the 26th, Cho Yong-byeong, Chairman of Shinhan Financial Group, who begins a new three-year term through the general shareholders' meeting on the same day, plans to concentrate on inspecting the currently operating emergency response system related to COVID-19 without holding any separate commemorative events.
Since the 12th, Chairman Cho has been presiding daily over emergency meetings related to COVID-19 response, attended by all 'C-level' executives of the group companies, including the Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Strategy Officer (CSO), and Chief Risk Officer (CRO).
A Shinhan Financial Group official said, "Given the extremely urgent situation and the all-out response from both government and private sectors, it is difficult to consider any actions that might detract from our focus," adding, "Financial holding companies, which play a unique economic role, should actively keep pace with this trend."
Son Tae-seung (second from left), Chairman of Woori Financial Group, and Kwon Kwang-seok (third from left), the newly appointed President of Woori Bank, visited the Namdaemun Market branch on the 25th to listen to the stories of small business owners at Namdaemun Market who are struggling due to the COVID-19 pandemic.
Son Tae-seung, Chairman of Woori Financial Group, who entered his 'second term' after being confirmed for a three-year renewal at the shareholders' meeting the previous day, also ordered the complete omission of any inauguration-related events. Chairman Son stated, "The shareholders' support for my renewal at the general meeting is sufficient in form." Instead, immediately after the shareholders' meeting, he visited Woori Bank's Namdaemun Market branch in Seoul together with Kwon Kwang-seok, the newly appointed Woori Bank President.
This visit was a response to the urgent situation, considering that nearly 300 small business owners applied for emergency loans totaling around 10 billion KRW related to COVID-19 damage at this branch alone. Chairman Son then held an emergency video conference of the Group's Emergency Management Committee in response to the COVID-19 crisis.
Kwon, who took office on the 24th, also replaced the inauguration ceremony by focusing all efforts on supporting small business owners affected by COVID-19 and spreading management messages to employees emphasizing ▲restoring customer trust ▲organizational stability ▲and innovation in sales culture.
Son Byung-hwan, the newly appointed President of NH Nonghyup Bank, who also begins his term today, decided to forgo the inauguration ceremony. Instead, President Son plans to focus on understanding operations through meetings with executives and managers from various business areas and intends to soon embark on on-site visits to check the status of COVID-19 damage support. Jin Ok-dong, President of Shinhan Bank, and Ji Sung-kyu, President of Hana Bank, who both mark their first year in office this month, are also concentrating on their duties without any separate ceremonies.
An official from the financial sector explained, "Holding large or small commemorative events at meaningful points such as inauguration, renewal, or during a term is important for financial company leaders to present their management blueprint to the market and foster organizational cohesion," adding, "The complete disappearance of such events indicates how precarious the current internal and external circumstances are."
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