Shinhan Bank Vice President Jung Sang-hyuk has been tapped as the next CEO of Korea’s No. 2 lender by total assets on Wednesday, following the abrupt departure of its chief.

Shinhan Financial Group appointed Jung as the sole candidate for the top position of its flagship banking unit Shinhan Bank.

“Jung has a deep understanding of both the traditional banking industry and latest issues. He is also experienced in sales from his past roles as sales manager in retail and corporate banking,” the financial firm said.

Jung is to be named the bank's CEO following a recommendation committee meeting and shareholders meeting within a week. If approved, his term will end on Dec. 31, 2024.

According to Shinhan Financial Group, Jung is experienced in asset and liability management, risk management and has expertise in the capital market, having supervised financing, capital policies and more.

Born in 1964, Jung is a Seoul National University graduate. He joined the bank in 1990 and has taken various key positions within the group, including management strategy and customer protection.

Meanwhile, Jung was the first chief secretary for Shinhan Financial Group Chairman nominee Jin Ok-dong when he was the bank chief. Jin was appointed as the final candidate for the top job in December and will officially take office in March if approved.

Jung will replace the bank's incumbent CEO, Han Yong-gu, who announced his resignation on Monday, citing health issues. It has been only more than a month after Han took up the role.

The bank said Han will be receiving medical treatment for an extended period of time, though it did not specify the illness.

“The committee and board members recommended a new candidate for Shinhan Bank CEO to minimize the leadership absence in concern of the bank’s importance in the financial industry and within the group,” the firm said.