Shinhan chief heads for IR roadshows

Shinhan Financial Group Chairman Cho Yong-byoung

By Park Hyong-ki

Shinhan Financial Group Chairman Cho Yong-byoung has left for investor roadshows (IR) in Toronto and San Francisco to meet with and attract potential institutional investors, the group said Sunday.

Over the next 10 days, Cho will be meeting with executives from AGF Investment, Mackenzie Financial Corp., and Canadian International Investments in Toronto.

He will also attend an investment forum in San Francisco hosted by the Government of Singapore Investment Corp. (GIC), Singapore's sovereign wealth fund, where the chairman will be meeting with Silicon Valley-based tech startups and institutional investors to discuss potential partnerships.

Cho will hold a one-on-one meeting with GIC CEO Lim Chow Kiat at the forum to share Shinhan's digital business plan and his 2020 Smart Project.

"Chairman Cho seeks to attract long-term global institutional investors during his overseas trip," a Shinhan Financial spokesman said.

When Cho was inaugurated as the Shinhan chief in 2017, he introduced his 2020 Smart Project for the group.

The group is aiming to generate 20 percent of the total net profit from its overseas business by 2020, up from the current 13 percent.

Besides maximizing synergy among its banks and nonbanks, the group will seek to "balance growth" between its bank and nonbanking companies overseas by developing new digital business models and differentiated services.

Last week, the group launched a new startup program inside the group's expanded Shinhan Future's Lab.

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