Headquarters: Seoul, South Korea
Orientation Day was the first time that we received our itinerary for our South Korea Study Abroad trip. In looking over the list I remember getting excited to go and to see Samsung and Hyundai. When I saw that we were going to a bank the only thought I had on that was “that’s nice.” For the next couple of weeks after orientation I was continuously discussing my South Korean journey and how I was going to see Samsung, Hyundia and for our weekend excursion AN AMUSEMENT PARK! When I found out that my team project would be on Shinhan Bank, I have to admit that I was a little disappointed. Out of all of the companies that we are going to see I got “The Bank.”
However, as we started to do research on Shinhan Bank my opinion quickly changed I was able to see their rich history and found out that they have been around since 1987, although back then they were know as Hanseong Bank and their first location was a 2 room house. How many companies can say they started in a small house and emerged as one of the leading International Banks?
From their humble beginning they built their Vision, Values, Philosophies and Goals with their customers and their families interests in mind.
To become a No. 1 bank that creates a new future and is loved by all
Customers - Respect - Change - Excellence - Ownership
Build relationships based on trust and respect between labor and management
Promote future value to customers, shareholders and society. Carry out corporate and social responsibilities
Advancement and Globalization - Mission is to benefit the world with banking power and friendly banking.
With the above in mind, Shinhan has evolved to stocks of KRW 25 billion and 279 employees in 1982 to total assets of KRW 176.9 trillion, Equity Capital of KRW 9.7 trillion and 10,741 employees in 2013. From 2006 through 2009 they have opened banks in CA, NY, NJ & TX and are active in countries around the world including the Unites States, United Kingdom, Germany, Japan, China, Hong Kong, Singapore, Vietnam, India, Cambodia, Kazakhstan, Uzbekistan, Mexico, Myanmar and Canada. They were also the 1st bank to build a foreign bank risk management system.
This evolution was all made possible through their management strategy which is to change banking industry paradigms, reestablish Shinhan Bank’s corporate culture, rebuild customer business network, reexamine social responsibility and bring new light to employees’ value. This is all accomplished through their management strategies below:
- Onsite Mgmt: Leads to strong bank, Clear communication
- Open Mgmt
- Mgmt by Action: Once goal is set, it is achieved AT ALL COSTS
- Proactive action
- Emphasis on Basis
- Pursue change and reform
Though they have already made progress by leaps and bounds they plan to grow even further through:
- Striving to be the greatest financial market in the world
- Planing to expand more into America
- Always provide excellent customer service and loyalty to customers
After all of the wonderful things that I have learned about this bank I believe that they will easily be able to meet their goals. I can’t wait to see this company in person so I can see for myself the their vision, philosophy and world class customer service up close!