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Officials from Shinhan Financial Group Co. (NYSE:SHG) said Thursday that the firm has named the head of its life-insurance business as Shinhan Bank's new chief executive officer, reports The Wall Street Journal.
Lee Baek-soon will be replaced by Suh Jin-won.
Baek-soon will step down from his post, a move stemming from the fact that South Korean prosecutors indicted him on embezzlement charges, and more.
Shares of the firm are trading 0.49% higher on the news at $93.66.
Shinhan Financial had sales growth of 0.2% during the last fiscal year.
The company has reported $1.885 billion in sales over the past 12 months and is expected to report $8.7437 billion in sales in the next fiscal year.
Shinhan Financial has a potential upside of 7.7% based on a current price of $93.75, and an average consensus analyst price target of $100.95.
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