Shinhan Bank, First in Banking Sector to Surpass 30 Trillion KRW in Retirement Pension Reserves

As of December 2021, 30.1787 trillion KRW

[Asia Economy Reporter Park Sunmi] Shinhan Bank announced on the 20th that it became the first bank in the banking sector to surpass 30 trillion KRW in retirement pension management reserves, recording 30.1787 trillion KRW as of the end of December 2021 (according to the Bankers Association disclosure).

The retirement pension management reserves include cumulative deposits from DB-type, DC-type, and individual IRP, and Shinhan Bank increased by 14.1% (3.7226 trillion KRW) compared to the end of December 2020, achieving first place in the banking sector for 11 consecutive years based on reserves.

Shinhan Bank also maintained the highest level of returns in the banking sector for retirement pensions. Among the nine 1-year, 5-year, and 10-year returns for DB-type, DC-type, and individual IRP, six returns ranked first in the banking sector: ▲DB-type 5-year return (1.61%) and 10-year return (2.37%), ▲DC-type 1-year return (2.19%) and 5-year return (2.10%), ▲individual IRP 5-year return (2.01%) and 10-year return (2.54%), demonstrating strength in the most important mid- to long-term returns for retirement pensions.

Shinhan Bank plans to open a ‘Retirement Pension Customer Management Center’ in February to further enhance returns through customer management. The ‘Retirement Pension Customer Management Center’ will be composed of about 50 employees, including PB-experienced retirement planning consultants assigned through the January regular personnel reshuffle, and will provide competitive products, services, and systematic customer management.

A Shinhan Bank official stated, “We believe that return management capability is a core competitiveness in the gradually expanding retirement pension market centered on DC-type and individual IRP,” adding, “In line with Shinhan Financial Group’s new core values of ‘Right, Fast, Different,’ we will strive to ensure that customers’ valuable retirement pensions lead to a happy retirement life through proper portfolio-centered product management and differentiated customer management.”