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Shinhan Bank president nominated new chairman of Shinhan Financial

All News 18:59 January 19, 2017

SEOUL, Jan. 19 (Yonhap) -- The incumbent head of Shinhan Bank has been named the sole candidate for the new chairman of South Korea's largest financial group, Shinhan Financial Group, company officials said Thursday.

Cho Yong-byoung was nominated the new chairman of his bank's holding company by the group's nomination committee, they said.

Cho was one of three possible candidates that included Wi Sung-ho, the incumbent head of Shinhan Card, and Choi Bhang-gil, former CEO of Shinhan BNP Paribas Asset Management.

Cho's nomination is subject to additional review and approval by the group's board of directors, which is expected to hold a meeting to that end on Friday.

His appointment will be finalized at the upcoming shareholders' meeting slated for March, group officials said.

Cho, 60, joined the bank in 1984 after graduating from Seoul's Korea University.

The file photo, taken on Dec. 1, 2016, shows outgoing chairman of Shinhan Financial Group Han Dong-woo (L) and Cho Yong-byoung, CEO of Shinhan Bank, at a volunteer event for single mothers in Seoul. Cho, 60, was named the sole candidate on Jan. 19, 2017, to replace Han. (Photo courtesy of Shinhan Financial)

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