Published : Jan. 15, 2015 - 21:34
Shinhan Financial Group chairman Han Dong-woo said Thursday that he wanted visible achievements in its overseas operations, declaring 2015 a year of “action.”
The chairman vowed to continue pursuing last year’s six core goals: internalization of hearty finance, a profit jump through creative finance, differentiation of postretirement business, pioneering unchartered overseas markets, innovative management of business channels and strategic cost-cutting.
Shinhan Financial Group chairman Han Dong-woo
Han called for visible yields in its overseas operations in Indonesia, Mexico and the Philippines by enhancing the localized service and risk management, in addition to strengthening its nonbanking portfolio such as the card business.
“In these countries, the markets were more accessible with the nonbanking financial business, and I think it is better to go with the easier channel,” Han said.
The chairman also stressed stronger financial technology, saying that Shinhan “needs to make full use of the database” to come up with advanced electronic financial services.
“Over 90 percent of (Shinhan Bank) customers use indirect banking services, meaning less than 10 percent show up at the branch,” Han said.
The chairman, however, denied any plans for setting up an Internet bank as its new subsidiary. He said “Shinhan already offers abundant financial services online, and launching a separate Internet bank would be not so lucrative.”
The chairman also commented on Shinhan’s ongoing acceptance of early retirement applications.
“The indirect services now define each financial firm’s competitiveness, and we should deal with manpower accordingly to achieve profit. There could be some voluntary retirements in the process.”
By Chung Joo-won (
joowonc@heraldcorp.com)