Shin Jung-hyun, the son of Kyobo Life Chairman Shin Chang-jae, has been promoted to executive director at SBI Savings Bank and will lead the newly established Future Growth Division. This move marks the first time a third-generation owner has taken direct responsibility for the growth strategy of the group’s savings bank following its integration into Kyobo Life.
SBI Savings Bank announced on July 2 that it had conducted an organizational restructuring and executive appointments. As part of this reshuffle, Shin Jung-hyun, previously the synergy team leader, has been elevated to executive director and appointed head of the Future Growth Division.
Shin is a graduate of Columbia University in the United States and has previously worked at SBI Holdings subsidiaries, including SBI Insurance and SBI Sumishin Net Bank. He joined Kyobo Life Planet Insurance in 2020, where he was responsible for digital strategy, focusing on products, data, and platforms.
In April, Shin transitioned to the role of synergy team leader at SBI Savings Bank. The synergy team was created to identify collaborative opportunities between Kyobo Life and its savings bank subsidiary after the integration. With the recent restructuring, the synergy team has been placed under the newly formed Future Growth Division alongside the Future Vision Team.
The Future Growth Division will focus on enhancing SBI Savings Bank's core competitiveness, exploring new business opportunities, establishing a digital innovation roadmap, and building a global collaboration framework. Generating synergies between Kyobo Life Group and SBI Savings Bank is also a key objective.
This appointment is seen as a move to solidify the savings bank business strategy of Kyobo Life Group while expanding Shin's involvement in management. Although SBI Savings Bank is the leading savings bank in the industry, the sector faces pressures related to soundness management and declining profitability, necessitating the acquisition of new growth drivers.
Through this organizational restructuring and appointments, SBI Savings Bank aims to take the lead in formulating future financial strategies and proactively enhance its digital transformation capabilities. The creation of synergies with Kyobo Life Group and strengthening business competitiveness are also expected to gain momentum.
* This article has been translated by AI.
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