Integrated Shinhan Bank Sets
Sail as Korea's No. 2 Lender
Strives to become a dominant financial institution in Korea

An integrated Shinhan Bank has been officially inaugurated as Korea's second largest lender in terms of assets as a result of merging Shinhan and Chohung Bank. The official launch of the integrated Shinhan Bank caps two years of preparing for a merger after Shinhan bought Chohung.
The official launching of the integrated Shinhan Bank was declared during a ceremony held at Korea Chamber of Commerce and Industry on April 1, with Shinhan Financial Group honorary Chairman Lee Hee-gon, Shinhan Financial Group Chairman Ra Eung-chan, Shinhan Financial Group CEO Lee In-ho, Shin Sang-hun, the first CEO-president of the integrated Shinhan Bank, participating.
The official consolidation brings about a bank with 163 trillion won in combined assets, 13,700 employees and 964 branches, ranking second in terms of assets, the number of employees and the number of branches, following Kookmin Bank.
Adopting the catchphrase "Korea's financial pride, Bank Shinhan,"the integrated Shinhan Bank unveiled three management policies - a bank coming alive, a challenging bank and a reliable and beloved bank.
Shinhan Bank CEO-President Shin declared, "We strive not only to become a big bank in terms of size, but also to become an optimum bank designed to meet efficiency requirements."
Comparing to the Silk Road, which once made Asia a global stronghold, CEO Shin dubbed the combination as the "Gold Road."The Shinhan Bank CEO-president stressed that the integrated Shinhan Bank would be Korea's financial ace that could compete against world-class players in the global financial markets, saying that his bank has set aside the biggest manpower development budget topping the domestic top 100 corporations in terms of assets.
Shinhan Financial Group honorary Chairman Lee, one of the founders of the formerly Shinhan Bank, said, "I recalled the opening of the old bank held at a corner behind Myeongdong Street 24 years ago because we failed to find a place to move into."He urged staff members to make the integrated Shinhan a bank working for the people, saying that he was so pleased to see the union leaders of Shinhan Bank and Chohung Bank attend the ceremony marking the launch of the integrated Shinhan bank.
Shinhan Financial Group Chairman Ra noted that a corporate culture of transparent, logical assessment and compensation is taking root in accordance with growth history of Shinhan Financial Group focusing on ability and achievements. He urged employees to share a strong comradeship departing from the stereotype of the past.
In particular, keen public attention was paid on the signing of a joint declaration of a compromise between management and labor by Shinhan Bank CEO Shin and the heads of the former Shinhan Bank and Chohung Bank trade unions.
Earlier, the integrated Shinhan Bank held its first shareholders'meeting and board meeting and appointed Shin to become the first president of the integrated Shinhan Bank and formed a 12-member board.
The integrated Shinhan Bank has replaced all signboards at Chohung branches across the nation and conducted a massive marketing activity.
Shinhan has now ranged as Korea's second biggest lender, surpassing Woori Financial Group with 140 trillion won in assets and Hana Financial Group with 103 trillion won in assets. The bank is competing with Woori and Hana in a bidding to acquire LG Card, the nation's No.2 credit card issuer in the hope that it would become a dominant leader in retail banking.
Shinhan Financial Group acquired Chohung in September 2003, but it took more than two to lead to actual integration of the two banks'different cultures. Ethnic Koreans in Japan raised funds and established Shinhan in 1982. nw

Shin Sang-hun, the first CEO-president of the integrated Shinhan Bank, waves his bank flag during an inaugural ceremony.