Shinhan Bank CEO Sang-hyeok Jeong (정상혁) visited Seoul Cosmetics, a cosmetics OEM and ODM specialist, in Namdong-gu, Incheon, on March 10. He toured research and production sites and discussed the company’s difficulties and ways to support its growth.

Seoul Cosmetics is a company that has continued its business in domestic and overseas cosmetics markets based on its long track record and research and development capabilities. In line with a recent trend in which K-beauty’s status is rising in global markets, it is expanding its business by pursuing larger overseas orders, upgrades to production facilities and new product development.

The visit took place as part of Shinhan Financial Group’s strategy to expand productive finance. Shinhan Financial previously held a meeting of its Group Productive Finance Promotion Committee at its headquarters in Jung-gu, Seoul, on Feb. 11 to discuss ways to improve the effectiveness and impact of a productive finance policy that will be fully implemented this year.

Jeong met Seoul Cosmetics Chairman Kwang-seok Han (한광석) and CEO Jeong-su Han (한정수) and heard about plans to expand production capacity in line with global market expansion and its medium- to long-term growth strategy. He then toured the company’s laboratory and production facilities to review equipment operations and the overall process of pursuing new businesses.

At an on-site meeting, participants discussed strengthening supply capabilities to respond to increased export volumes, strategies for developing new product formulations in line with changes in global trends, and financial and non-financial support needed in the process of entering overseas markets.

Jeong said he would expand tailored cooperation and financial support so companies with strong technological capabilities and growth potential can secure competitiveness in global markets. He said the bank would continue to strengthen field-oriented partnerships so corporate innovation and growth can continue.