Korea's best domestic bank 2021: Shinhan Bank
Ok-Dong Jin, chief executive of Shinhan Bank, gave what has come to be known internally as the “do or die” address to his top executives last January. The gist of it was that the bank needed to accelerate efforts to raise its digital game or else it would lose ground to competitors.
The stakes are certainly high. Since 2017, Shinhan has retained the top spot among Korean commercial banks. With its global network – 160 local entities and branch offices in 20 countries – Shinhan is still the bank to watch and beat. But the pressure is on, given that kakaobank, the Korean mobile-only bank and financial technology firm, is nipping at Shinhan’s heels. This explains Jin’s urgent efforts to raise Shinhan’s digital footprint.
Shinhan Bank made the most of a chaotic period last year, proving that it deserves Asiamoney’s best domestic bank honours for 2021.
Shinhan led the industry in several ways – reducing lending rates and terms, and offering small and medium-sized enterprises the chance to postpone repayments.