Sh Suhyup Bank has exclusively recommended Shin Hak-gi, the senior vice president of Suhyup Bank, as the next bank president from among six candidates.
On the 24th, Sh Suhyup Bank held a Bank President Recommendation Committee (BPRC) meeting and announced that it had solely recommended Shin Hak-gi, the senior vice president of Suhyup Bank, as the next bank president candidate. Shin will assume office once the final appointment is confirmed through the Suhyup Federation and Suhyup Bank boards of directors and the general shareholders' meeting. The term of office is two years from the date of inauguration.
There were six candidates for the next president of Sh Suhyup Bank, including the current president Kang Shin-sook, senior vice president Shin, vice president Park Yang-su, former Hana Bank vice president Yang Je-shin, and former professor Kang Cheol-seung of Chung-Ang University.
Initially, there was strong support for the reappointment of President Kang, the first female president in Suhyup Bank's history. However, since no president has been reappointed since Suhyup Bank was spun off from the Suhyup Federation in 2016, there was no surprise this time either.
Senior Vice President Shin was regarded as the strongest rival to President Kang among the candidates. Shin joined the Suhyup Federation in 1995 and has extensive field experience, having served in various roles including corporate customer department, Ingyedong branch manager, customer support department head, risk management department head, credit review department head, strategic planning department head, southern regional headquarters director, and senior vice president of the management strategy group. He was appointed vice president in 2020 and is currently serving his fourth year. He is currently in charge of mergers and acquisitions (M&A) of non-bank subsidiaries within the management strategy group.
A BPRC official from Suhyup Bank stated, "Candidate Shin is the top financial expert who has achieved outstanding results across sales, planning, strategy, and finance within Suhyup Bank," adding, "We expect that his experience and capabilities will contribute to strengthening the bank’s competitiveness and achieving sustainable growth," explaining the recommendation background.
In the financial sector, the BPRC’s exclusive recommendation of Senior Vice President Shin as the next bank president candidate is being seen as significant. The BPRC consists of five members: three from the Ministry of Economy and Finance, Financial Services Commission, and Ministry of Oceans and Fisheries, and two cooperative heads from the Suhyup Federation. To be selected as the final president candidate, a candidate must receive approval from at least four of the five members. Although the Suhyup Federation and government sides often supported different candidates, this time their opinions aligned smoothly. Since Suhyup Bank faces the major task of transitioning to a financial holding company, minimizing management gaps appears to have influenced this decision.
A Suhyup Bank official said, "This Bank President Recommendation Committee was the first in the banking sector to initiate the management succession process after implementing exemplary governance practices," adding, "A thorough review was conducted focusing on presenting the bank’s vision, expertise, management ability, and realization of cooperative values through a fair and transparent procedure."
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