"More Than Ever, Chaos and Upheaval... We Must Strengthen Our Foundations"
The year 2025, Eulsa Year (乙巳年), has dawned. Like the sun blazing red behind the "Hands of Harmony" at Homigot, Pohang, we hope the economy will ignite vigorously in the new year, revitalizing the lives of ordinary people, and that politics will be reborn through coexistence and harmony, making it a hopeful year. Photo by Jo Yong-jun, Pohang
The CEOs of the four major domestic financial groups (KB, Shinhan, Hana, Woori) cited expanding internal and external uncertainties as they set their management goals for the new year, including establishing internal controls, strengthening competitiveness, and expanding social contributions.
According to the financial sector on the 2nd, the CEOs of the four major financial groups assessed in their New Year's messages that this year's management environment is threatened by intensified internal and external uncertainties like never before, urging the need to maintain strong responsiveness.
From the left, Yang Jong-hee, Chairman of KB Financial Group; Jin Ok-dong, Chairman of Shinhan Financial Group; Ham Young-joo, Chairman of Hana Financial Group; and Lim Jong-ryong, Chairman of Woori Financial Group.
Yang Jong-hee, Chairman of KB Financial Group, said, "This year is expected to be a year of chaos and upheaval more unpredictable than ever," adding, "Internal and external instability is expanding, and various conflict factors in our society make it difficult to foresee even a step ahead." Lim Jong-ryong, Chairman of Woori Financial Group, also stated, "Thorough preparation for internal and external uncertainties is very important at this time," and "We must operate under an emergency management system this year to maintain strong responsiveness even in an uncertain environment."
They also set "establishing an internal control system" as a key management goal for this year, the first year of implementing the accountability structure. Jin Ok-dong, Chairman of Shinhan Financial Group, said, "Last year, we focused on internal control and made company-wide efforts, but there were shortcomings in meeting the expectations of customers and society," adding, "This year, we will firmly establish internal control as Shinhan's core competitiveness."
In particular, Lim Jong-ryong, who is going through turmoil due to the fraudulent loans scandal involving relatives of former Chairman Sohn Tae-seung, emphasized, "We will fundamentally innovate the group's entire internal control system and establish an ethical corporate culture," adding, "We know well that corporate culture does not change in a short period, so we will never give up halfway and will consistently pursue this with a long-term perspective without interruption."
The necessity of securing competitiveness for crisis response was also raised. Ham Young-joo, Chairman of Hana Financial Group, said, "As the saying goes, 'In difficult times, we must return to basics.' To overcome the current crisis, we need to focus on fundamental and essential elements rather than complex strategies or short-term solutions," adding, "To build basic strength, we must secure and strengthen core business competitiveness. We need to solidify our foundation through thorough risk management, strict internal controls, and efficient cost execution."
Chairman Yang Jong-hee also said, "We must further strengthen KB's resilience through efficiency and innovation," adding, "We need to examine whether capital is being efficiently allocated to all the businesses we pursue. Unlike in the past, everything now must be proven by data and performance, such as customer profitability, Net Promoter Score (NPS), and Return on Equity (ROE)."
The four major financial groups also announced plans to take a more active role in social contributions, given that the domestic economy is heading toward its worst state. Chairman Lim Jong-ryong said, "Now is a time when efforts to connect people and raise social temperature are more necessary than ever, and it is our role to do so," adding, "Let us embrace financially vulnerable groups and marginalized neighbors and fulfill our responsibilities by practicing the value of coexistence."
Chairman Jin Ok-dong also stated, "We will enhance our capabilities as corporate citizens and take the lead in solving social issues through finance," adding, "We will increase the supply of green finance and transition finance to support the shift to a low-carbon economy, seek practical solutions to the low birthrate issue that our society must address together, and make sincere efforts to support the younger generation."
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