With the public recruitment for the next president of SH Cooperative Bank concluding, attention is turning to the possibility of current President Shin Hak-ki securing a second term. It has been reported that Do Moon-ok, executive vice president and a leading candidate for the next presidency, did not apply in this round. If President Shin succeeds in reappointment, he will become the first president to serve consecutive terms since SH Cooperative Bank was established as a separate legal entity in 2016.
According to financial sector sources on the 1st, the SH Cooperative Bank Presidential Selection Committee concluded its public recruitment for the next presidency today. A total of six applicants were identified: three from within the bank, including President Shin, and three from outside. Executive Vice President Do is understood not to have submitted an application.
Executive Vice President Do's decision not to run has altered the dynamic compared to the previous presidential selection. In the 2024 recruitment, a total of six candidates applied, including three current executives: then-President Kang Shin-sook, then-executive vice president Shin Hak-ki, and Vice President Park Yang-soo.
This time, President Shin is challenging for reappointment with the advantage of his current position. Particularly, securing continuity in expanding SH Cooperative Bank's business operations alongside strong management performance during his tenure is cited as a key justification for reappointment.
SH Cooperative Bank's pre-tax net profit for the first half of this year reached 203.4 billion won, a 3.6% increase compared to the same period last year. Total assets increased by 67 trillion won from the end of last year to reach 70 trillion won, marking the bank's first entry into the 70th-trillion-won range.
Notably, the business portfolio has also expanded significantly during his tenure. SH Cooperative Bank acquired Trinity Asset Management last year and launched Sh SH Cooperative Asset Management. It is currently pursuing the acquisition of Sangsangin Securities. Last month, it secured a 14.95% stake in digital asset custodian company Infinity Block, becoming its second-largest shareholder.
The Presidential Selection Committee will consist of five members: one independent director each recommended by the Ministry of Economy and Finance, the Ministry of Oceans and Fisheries, and the Financial Services Commission, plus two individuals recommended by the Korea Federation of Agricultural Cooperatives. To be recommended as a final candidate, approval from at least four committee members is required. The structure necessitates support from both the government and the Korea Federation of Agricultural Cooperatives.
The Selection Committee plans to determine candidates who pass document screening on the 9th and conduct interviews on the 21st. The term for the next president will be two years, while President Shin's official term expires on November 17.
in FINANCE
