Former Shinhan Bank CEO Wi Sung-ho has joined Taekwang Group as an executive member of its insurance arm, filling his financial career vacuum after stepping down from his previous post.

Wi on Monday attended his first day on the job as the new vice chairman of Heungkuk Life Insurance, according to the insurer’s officials. He will also serve as management adviser for Heungkuk Fire & Marine Insurance, Heungkuk Securities, Heungkuk Asset Management, Goryo Savings Bank and Yegaram Savings Bank.

“(Heungkuk Life) has achieved favorable performances for the first quarter despite the COVID-19 situation, but is set to face higher hurdles throughout the rest of the year,” said an official.

“We have great expectations for Wi, a comprehensive financial management expert who has been through all key financial sectors including holding company, bank and card.”

After joining Shinhan Bank in 1985 and serving for 35 years, Wi abruptly stepped down from his post in December 2018 as he was replaced with only three months remaining to the end of his term.

He later made his bid for Shinhan Financial Group’s chairmanship, but lost out to incumbent chief Cho Yong-byoung.

By Bae Hyun-jung (tellme@heraldcorp.com)