Shinhan Financial Group said on Feb. 24 it held a launch ceremony for Shinhan Financial Hub Jeonbuk Innovation City at Shinhan Fund Partners’ Jeonju NPS headquarters in Jeonju, North Jeolla province, to build an asset management-focused financial ecosystem. It said it will foster Jeonbuk Innovation City as a pension fund-linked asset management finance centre.

The core of Shinhan Financial Hub Jeonbuk Innovation City is to consolidate and operate key capital market and asset management functions in Jeonbuk so it can push forward cooperation projects with the National Pension Service more quickly.

Shinhan Asset Management, in particular, opened an office in Jeonju as the first domestic comprehensive asset manager to do so, laying the groundwork for capital market business to operate substantively in Jeonbuk. It is also hiring interns from local university students and job seekers to create youth jobs and help revitalise the local economy.

Shinhan Financial plans to gradually expand the number of employees working in the Jeonju area at its bank, securities unit, asset manager and fund partner units from about 130 to about 300. It plans to focus group capabilities to foster the area as a key base for the capital market.

Attendees at the launch ceremony included Jin Ok-dong (진옥동), chairman of Shinhan Financial Group; Jeong Sang-hyeok (정상혁), CEO of Shinhan Bank; Lee Seon-hoon (이선훈), CEO of Shinhan Investment Corp; Lee Seok-won (이석원), CEO of Shinhan Asset Management; and Kim Jeong-nam (김정남), CEO of Shinhan Fund Partners, along with Kim Seong-ju (김성주), chairman of the National Pension Service; Kim Jong-hoon (김종훈), vice governor for economy of North Jeolla Special Self-Governing Province; and Woo Beom-gi (우범기), mayor of Jeonju. An opening ceremony for Shinhan Fund Partners’ Jeonju NPS headquarters was also held.

North Jeolla Governor Kim Kwan-young (김관영) said he warmly welcomed Shinhan Financial Group’s decision, calling it a strong driving force toward designation as a financial centre. He said the launch will be a decisive turning point for North Jeolla to leap to a "third financial hub," and that the provincial government will devote its capabilities to secure designation by completing a specialised financial ecosystem focused on asset management, agri-life and climate energy.

Shinhan Financial Chairman Jin said the launch ceremony marked a valuable first step toward building a capital market and asset management-focused financial hub. He said Jeonbuk Innovation City is a place where the capital market value chain is concentrated around the National Pension Service, and Shinhan Financial will actively support employees so they can enjoy happiness in daily life while contributing to productive finance and regional economic development.