Shinhan President Shin to Resign; Bank Withdraws Complaint

Shinhan Bank said Shin Sang Hoon, president of the lender’s parent company Shinhan Financial Group Co., will resign.

The bank said it will also withdraw a complaint against Shin for alleged embezzlement and breach of duty. Shinhan Bank, which on Sept. 2 asked prosecutors to investigate Shin, announced the withdrawal in an e-mailed statement today.

To contact the reporter on this story: Seonjin Cha in Seoul at scha2@bloomberg.net

To contact the editor responsible for this story: Bomi Lim at blim30@bloomberg.net

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