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| Shinhan Financial Group Chairman Cho Yong-byoung shares his future vision for the group's global markets and securities unit with employees at an event in Yeouido, Seoul, Tuesday. Courtesy of Shinhan Financial Group |
By Park Hyong-ki
Shinhan Financial Group Chairman Cho Yong-byoung has vowed to strengthen the group's global markets and securities (GMS) unit in a bid to become Asia's leader in investment banking.
In an internal event held at the head office of Shinhan Investment in Yeouido, Seoul, Tuesday, Cho told his employees that the unit will be leading the group to generate synergy among its subsidiaries.
Also, it will help the group find and secure new sources of growth, and enable the group and its subsidiaries to pre-emptively and "smartly" deal with the rapidly changing financial market.
"The GMS division will be the core business of the group and help it secure new growth in this fast changing capital market," Cho told his employees at the event.
The group will not stop supporting and financially backing the GMS unit to become one of Asia's leading investment bankers.
Earlier this year, the chairman consolidated three investment banking divisions of the group's Shinhan Bank, Shinhan Investment and Shinhan Life Insurance as part of his 2020 Smart Project.
When Cho was appointed as the Shinhan chief last year, he introduced his 2020 Smart Project vision for the group.
This is part of the group's efforts to generate 20 percent of total net profit from its overseas businesses by 2020, up from the current 13 percent. Besides maximizing synergy among its banks and nonbanks, Cho had said to The Korea Times that the group will seek to "balance growth" between its bank and nonbanks overseas by developing new business models and differentiated services.
The group had launched a taskforce to help set up the GMS unit and its road map for expansion.
Last month, the GMS division established its base inside Shinhan Investment's tower in the financial district of Yeouido.
Shinhan Financial recently agreed to acquire Orange Life from MBK Partners, a local private equity firm, for 2.3 trillion won.
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