Shinhan Financial Group is considering taking over at least one financial company in the stock brokerage and insurance market in the coming months or years.
Chairman Han Dong-woo, who took office 100 days ago, unveiled the group’s future strategies, including the mergers and acquisitions project during a news conference in Seoul on Thursday.
“It is necessary for us to seek opportunities to expand the scale of our securities and insurance sector, which have been in weaker position compared to banking and credit card businesses,” he told reporters.
He said the group’s banking and credit card sectors have secured competitiveness thanks to M&As.
Over the past few years, Shinhan Bank merged with Chohung Bank while Shinhan Card has been enjoying the No. 1 position by acquiring LG Card.
Han also reiterated that the group will continue to find a niche in overseas markets. “Advancing into foreign markets is an inevitable choice.”
“Shinhan Financial has pushed to become a global player based on the Asian region,” he said. “Performances are being realized in countries such as Japan and Vietnam.”
Evaluating its credit card business in Vietnam as a success, he said the group will take the initiative in upgrading Korea’s financial industry by steadily enhancing schemes for globalization.
He also commented on ways to prevent group executives from engaging in irregularities.
“By dispelling the system that group chairman had usually made arbitrary decisions and by adopting the structure combining a variety of views, we will map out key policies under a reasonable manner,” he said.
Future Shinhan CEOs will be selected after their morality and ages are screened. In particular, Han said, the group plans to restrict the maximum age to become a Shinhan unit CEO.
By Kim Yon-se (email@example.com