Shin Hyun-song, the nominee for Bank of Korea (BOK) governor, has declared assets totaling approximately 8.24 billion won ($5.8 million).
According to the confirmation hearing request submitted to the National Assembly on Friday, Shin holds a combined 8.24 billion won in assets registered under his name, his spouse's name, and his eldest son's name. Major assets include real estate such as the Donghyun Apartment (84.92㎡, valued at 1.509 billion won) in Eonju-ro, Gangnam-gu, Seoul, and a D'Palace officetel (198.108㎡, valued at 1.8 billion won) in Sinmun-ro, Jongno-gu, as well as bank deposits.
Financial assets center on 2.368 billion won in deposits and include 9.15 million won worth of stocks — 44 shares of Samsung Electronics (005930.KS) and one share of LG Energy Solution (373220.KS) — along with 302.08 million won (£150,000) in British government bonds. Shin also holds 303.82 million won in the SOL Korea Value-Up TR exchange-traded fund (ETF), which is linked to the government's corporate value enhancement program.
Under his spouse's name, an apartment in Illinois, United States, valued at 284.94 million won and deposits of 1.857 billion won were reported. His eldest son holds 28.61 million won in stocks and 82.39 million won in deposits.
Shin is reportedly in the process of selling some of his real estate holdings. A BOK official explained that Shin plans to dispose of the domestic officetel and the U.S. apartment.
Shin's assets have grown roughly fourfold over 16 years, from approximately 2.224 billion won when his assets were publicly disclosed as a public official in 2010. However, some observers note that the increase is not excessive considering his long track record of stable income as an endowed chair professor at overseas universities and a senior official at the Bank for International Settlements (BIS).
Shin earned his bachelor's, master's, and doctoral degrees at the University of Oxford in the United Kingdom. He is an international finance expert who served as head of research and head of the monetary and economic department at the BIS. President Lee Jae-myung stated in the nomination request that Shin is "a figure with outstanding international acumen and a deep understanding of macroeconomic policy."
Shin graduated from a high school in the United Kingdom, returned to Korea, and enlisted in the Army in 1979. He served as an English typist specialist at the ROK-U.S. Combined Forces Command and completed his service at the rank of sergeant.
Shin's spouse holds U.S. citizenship, and his eldest son, born in 1996, holds British citizenship. His son was exempted from military service after relinquishing Korean nationality before the age of 18.
The National Assembly must complete the confirmation hearing process within 20 days of receiving the request. With current Governor Changyong Rhee's term expiring on the 20th of this month, the hearing is likely to be held before mid-month.
