Shinhan Bank Co. Ltd. President and CEO Cho Yong-byoung was nominated as chairman and CEO of Shinhan Financial Group Co. Ltd.
Shinhan Financial's board approved Cho's nomination on Jan. 20, following a recommendation from its search committee.
Cho's appointment as chairman and CEO is subject to the approval of the company's shareholders at their annual meeting in March.
Meanwhile, Shinhan Card Co. Ltd. President and CEO Wi Sung-ho, who was competing against Cho, backed out of the race Jan. 19 during an interview with the committee members, according to a Jan. 20 report by Money Today.
Shinhan Bank and Shinhan Card are units of Shinhan Financial Group.