Shin Sang-hyuk, President of Shinhan Bank, presented ‘value-up together’ as the new year’s management strategy goal on the 2nd, urging to create a solid bank that grows toward the future through innovation in the core business.
In his New Year’s address, President Shin stated, “This year’s management environment will not be smooth either. The internal and external uncertainties surrounding our economy and financial markets continue to increase, and competition among banks to secure customers is becoming increasingly fierce.”
Regarding the Jeju Air Flight 2216 accident, President Shin expressed, “Many victims were lost in this unfortunate accident,” and conveyed, “I offer my deepest condolences and heartfelt sympathy to the bereaved families who are immersed in great sorrow.”
He continued by saying that this year’s management environment is also challenging, noting, “Amid movements to advance the capital market and enhance corporate value, demands for increasing corporate value are intensifying, and the social responsibilities of finance such as ESG management, win-win finance, and internal control are being emphasized more than ever. To overcome these difficulties and sustain substantial growth, a shift in the existing growth model is urgent.”
President Shin also presented the new year’s strategic goals, stating, “First, value innovation in the core business that breaks the mold is necessary. In addition to the asset growth-centered sales strategy that has worked well so far, we must pay close attention to qualitative growth through efficient use of resources. We must also devote all efforts to finding new markets and opportunities.”
He emphasized, “We must also put all our energy into preparing for the future to gain a competitive edge. By internalizing the latest digital technologies such as artificial intelligence (AI), cloud, and blockchain and integrating them into financial services, we should create new customer value and enhance financial convenience. Let us introduce various digital financial solutions linked with AI branches and further advance the functions of AI bankers to provide more professional services to everyone who chooses Shinhan.”
President Shin added, “We must accelerate efforts to enhance competitiveness in core areas and build a foundation for future growth. I hope you will strive to secure professional capabilities so that we can firmly establish an unrivaled market position in the global, capital market, and foreign exchange sectors.”
He also stressed the importance of establishing a solid structure to support substantial growth. He said, “Since flawless internal control is a key factor for sustainable growth, we intend to make 2025 a year to improve the completeness of the internal control system. Based on the accountability structure, we will advance the bank-wide internal control system and expand inspection coverage using AI and big data to build a more strengthened internal control system.”
The need to expand capital efficiency was also mentioned. He emphasized, “As the growth of the banking industry stagnates, efficient use of resources is becoming important. We will boldly streamline inefficient businesses and assets and intensively invest resources in business areas with high growth potential. Based on the stable profit base secured through this, we will enhance Shinhan’s long-term growth engine.”
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