Shinhan Bank bolsters social responsibility in reorganization plan

[Photo by Yonhap]

South Korean lender Shinhan Bank Co. on Thursday unveiled an organization reshuffle plan that focuses on enhancing social responsibility and bolstering sales.

Under plans discussed during its board meeting, Shinhan Bank established a dedicated department for shared growth finance by integrating the existing shared growth finance planning unit and social responsibility unit.

The new department is expected to play a pivotal role as a control tower, supporting and executing Shinhan Financial Group’s socially responsible and inclusive financial activities. It will also actively engage in sustainable finance through environmental, social, and governance (ESG) management, as well as contribute to long-term social projects.

To enhance competitiveness in the capital market, Shinhan Bank also established a capital market department. Recognizing the rising importance of artificial intelligence (AI) in creating data-based financial solutions and contributing to business automation, the lender established an AI-focused research institute within its digital solution group.

The organizational restructuring also focuses on expanding and strengthening the sales group.

The newly established business support division will provide data-based solutions, and the channel division will oversee both face-to-face and non-face-to-face interactions.

The new customer solution group integrates existing individual and corporate groups, and the digital solution group, now repositioned within the division, will generate customer solutions based on data.

The channel division aims to deliver a variety of solutions to customers through channels. The sales channels have been divided into four business groups, enhancing specialization and sales promotion capabilities.

Shinhan Bank has also strengthened internal control.

To manage customer assets more systematically, the bank clarified the roles of departments related to customer asset evaluation, audit, and post-management.

It also strengthened the qualification requirements for compliance officers through internal rule revisions. Internal control measures will be implemented at each business group level, ensuring more thorough internal control.

A board office has also been established directly under the board of directors to enhance the independent oversight function of the board of directors.