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SHINHAN FANANCIAL GROUP





Season’s greetings

Members of the Shinhan family,
a new year of hope has dawned.

The morning sun may have inspired
new dreams and aspirations in your hearts. As we begin 2020 with high expectations,
I wish you a year of new endeavors
that will hopefully lead to growth. With gratitude to our clients and shareholders,
I wish you a year of success
propelled by an auspicious start to 2020. To all those who have supported us,
I wish you another year of happiness with Shinhan. To all,
I wish you good fortune in the coming year.

2019, Soaring to New Heights

Members of Shinhan! In 2019, we raised our vision
and focused on four keywords:
expansion, reformation, leadership, and happiness
to reach new heights as a visionary pioneer in finance. We boldly continued Shinhan’s expansion
incorporating OrangeLife and Asia Trust as subsidiaries
and establishing Shinhan AI to offer AI-based investment consulting. We also carried on reformation efforts
to stay abreast of the times
by introducing a pension service division,
and strengthening the Group’s real estate lineup. We played a leadership role in finance
as the first in Korea to launch a committee on innovative finance
and joined the United Nations ‘responsible banking’ initiative.
We also joined forces to bring happiness to Shinhan
thanks to the Group-wide adoption of a smart and efficient work culture
that further reduced the work week from 52 to 40 hours,
allowing employees to balance work and life. As a result, Shinhan further solidified its standing as Korea’s leading financial group
in terms of profitability, growth, and sustainability. All this was made possible by the Shinhan Family,
numbering some 28,000 members in 21 countries worldwide.
Our achievements are the fruits of your labor at home and abroad. As the CEO of Shinhan Financial Group, I extend my heartfelt gratitude
for your dedication and hard work in the past year.

2020, Year One of First Class Shinhan

This is the year we complete 2020 SMART Project,
drawing three years of continued efforts to a close. To bring the project to a successful conclusion,
we must once again be united as One Shinhan
and make the leap toward becoming Asia’s leading financial group. Furthermore, 2020 will be year one of a new challenge
as we strive to realize our vision of First Class Shinhan. Shinhan today stands tall as Korea’s leading financial group.
However, we must now seek a higher ideal -
not simply to be ranked number one, but to become First Class. Shinhan was founded on the credo of financial patriotism,
the desire to contribute to Korea’s national development through finance. From the beginning, our management philosophy
included the idea of a bank for the nation
which has evolved into the Group’s mission,
Compassionate Finance for the Future. To continue improving Shinhan’s value,
as we have since establishment,
and to raise finance to a higher level,
we must now set forth on the road to First Class Shinhan. We must make the leap this year
beyond first place to preeminence.
I ask that all employees and board members join forces
to realize our goal with the following in mind.

  • The first pillar of First Class Shinhan is trust.

    First place is merely a relative ranking
    while First Class signifies the absolute trust of clients and society.
    This trust does not come to us instantaneously.
    It is the result of sweat and toil on our part
    to figure out what is truly the best course for our clients
    and to provide them with unrivaled value.
    We will continue efforts this year
    to prove we are First Class in trust.
    Our client-first practices will include
    ‘zero voice phishing,’ a new client-centered evaluation system,
    strengthened monitoring of investment assets, and more
    based on the differentiated capabilities of One Shinhan.
    Let us provide all clients who come to us
    with First Class value and First Class experience.
    Our clients’ firm trust
    will give us fulfillment and pride.
    Let us use this positive energy to raise the value
    of employees, shareholders, our community, and even the nation
    and create a virtuous cycle of trust.

  • The second pillar of First Class Shinhan is openness.

    Preoccupation with first place is about competing with others.
    Preeminence is about cooperating with all to open up a new future.
    In the age of the fourth industrial revolution,
    we must surpass the boundaries of finance
    so that we are not objects led by change
    but agents who lead change.
    It is not enough to simply accept the latest digital technology
    in an attempt to upgrade the business model.
    We must look beyond our inward perspective,
    working with fin-tech, big-tech, and other companies at home and abroad.
    Let us seek industry-transcending knowledge convergence
    through extensive collaborations with academia and the private sector.
    We must also seek openness in our overall management
    in addition to the open innovation in the digital sector.
    Thus we will continue looking for strategic M&As
    that encompass domestic and overseas, financial and non-financial areas
    to expand and strengthen the Group’s business portfolio.
    Also, let us put our heart and soul
    into ensuring that we have multitalented employees
    who are up for the challenges of a competitive environment.
    We can do this through open recruitment of professionals, and more.
    With Shinhan at the center,
    cutting-edge technology, extensive knowledge, and outstanding employees
    will converge to make a better world through finance.
    Let us all practice openness as one.

  • The final pillar of First Class Shinhan is progress.

    First place means getting there faster than the competition.
    First Class requires us to take the path not chosen by others.
    Shinhan strives for the kind of preeminence in finance
    that will serve as a foundation for innovation and progress.
    After a year as First Mover in innovative finance,
    we will turn our focus to three key initiatives:
    Korea Cross County, Korea to Global, and K-Unicorn.
    We call this new effort the Triple-K Project,
    and it will enable us to lead the 2nd Big Bang in innovative finance.
    Starting with D-Bridge in Daejeon,
    we will expand our ecosystem for innovative growth nationwide
    and cooperate with a variety of global companies and organizations.
    Let us be the one-stop, A to Z support system
    for the overseas expansion of innovative companies.
    To that end, we will lead the K-Unicorn Project
    with a plan to promote promising transnational ventures.
    Shinhan has three main innovative growth platforms
    - Do Dream Space, Inno-Talk, and Future Lab -
    where anyone with ideas and technical skills can develop a business.
    Let us welcome them to make the most of Shinhan’s innovative finance.
    It is the role of finance to support corporate and industrial innovation.
    However, we must continue our own progress to become truly First Class.
    Let us act with speed in the strategic direction of First Class Shinhan,
    react with dexterity to the changing environment,
    and strengthen our agility to access dynamic energy at pivotal moments.
    Shinhan will serves as a strong foundation
    that nurtures the dreams of new venture companies and industrial innovation.
    Through SAQ Transformation, (Speed-Agility-Quickness Transformation)
    we will renew every aspect of our organization
    to take up a First Class position in global finance.

Dear members of the Shinhan family!

Genghis Khan, founder of one the largest empires in the history of mankind,
left the highlands of Mongolia to go forth in the world with the words,
'One man’s dream is but a dream. The dream of all becomes reality.’ First Class Shinhan
means becoming a financial group recognized by the world
through ways and means unique to Shinhan.
It is the dream I would like to share with you. This year, I hope all 28,000 members of Shinhan will join me
in practicing the Three Pillars of Finance: trust, openness, and progress. Let us soar higher with the united power of One Shinhan
toward our new vision of First Class Shinhan. I believe in your passion and Shinhan’s reserves of strength.
Let us dedicate another year to working hard.
Thank you.

January 2, 2020
Shinhan Financial Group
Chairman Cho Yong-byoung