Shinhan Bank will put into practice its Indochina Region strategy, which calls for an integrated operation of its subsidiaries and branches in three Indochina countries -- Vietnam, Cambodia and Myanmar -- beginning in January next year.
The three countries were grouped into one bloc, and the head of Shinhan Bank Vietnam will be given the authority to control Shinhan’s subsidiaries and branches in the bloc.
The head of Shinhan Bank Vietnam will take responsibility for sales promotion, human resources management, credit examination, and budget execution of the subsidiaries and branches in the three countries. In fact, Shinhan Bank Vietnam will function as the headquarters of Shinhan’s operations in Indochina.
Shinhan Bank plans to expand this strategy to North America, Europe, East Asia, other Southeast Asian countries including Indonesia, and Central Asia. Therefore, Shinhan Bank America is expected to control the bank’s operations in North America (the U.S., Canada, and Mexico), while Shinhan Bank Indonesia will serve as the control tower for its businesses in other Southeast Asian countries (Indonesia, the Philippines, and Singapore).
Shinhan Bank currently has 163 networks in 20 countries around the world. The networks include 14 branches, 11 local corporations (145 branches of the corporations and three independent branches) and one representative office.
Overseas regional integration is a strategy to penetrate local markets more effectively by enhancing synergies by strengthening Shinhan Bank networks that reach these countries.