Shin Hyun-song, a nominee for Bank of Korea governor, arrives at his temporary office in Seoul on March 31, 2026. Aju Business Daily Yoo Dae-gil
SEOUL, April 5 (AJP) - Shin Hyun‑song, a nominee to lead the Bank of Korea, holds more than half of his assets in foreign currencies, raising concerns over potential conflicts of interest.
According to a financial disclosure submitted to the National Assembly on Sunday ahead of his confirmation hearing slated for later this month, Shin and his family including his spouse and eldest son hold total assets of 8.24 billion Korean won (approximately US$5.49 million).
Of that, roughly 4.57 billion won or about 55 percent is held in overseas financial assets and real estate, excluding an apartment in the affluent Gangnam district of southern Seoul valued at 1.51 billion won, and a loft residence in Jongno, central Seoul valued at 1.8 billion won.
Shin reported deposits totaling 2.04 billion won at U.S. securities firms, asset managers, and investment banks in Switzerland and Spain. These assets are held in foreign currencies including U.S. dollars, British pounds, euros, and Swiss francs. He also invested in British government bonds worth 150,000 pounds or roughly 320 million won.
His spouse, identified by her surname Han, owns an apartment near Northwestern University in Illinois valued at 284.94 million won, which she shares equally with their daughter.
Of Han's deposits totaling 1.86 billion won, most are foreign-currency holdings at overseas financial firms. Their eldest son, a British national, reported foreign-currency deposits worth 82.39 million won and overseas stocks valued at 28.61 million won.
Shin's wealth is estimated to have grown in recent months, as the weakening won has inflated the value of his foreign-currency holdings when converted into Korean won.
Shin has lived abroad for more than 40 years since completing his mandatory military service in 1982, including his university years in the U.K., which likely explains his substantial foreign-currency holdings. However, critics warn that retaining such assets while leading the Bank of Korea could pose a serious conflict of interest.
No previous BOK governor has held such a large share of foreign-currency assets. The outgoing Governor Rhee Chang-yong, who also lived abroad for many years, reported foreign-currency holdings of about 300 million won, just 5.5 percent of his total assets of 5.45 billion won.
Shin's assets are likely to be one of the most contentious issues at his confirmation hearing, expected to be held in mid-April, along with other concerns such as foreign exchange volatility amid the weakening won. Arriving at his office to prepare for the hearing late last month, Shin said he is not overly concerned about the current exchange rate, but is instead focused on how much risk it can absorb.
According to a financial disclosure submitted to the National Assembly on Sunday ahead of his confirmation hearing slated for later this month, Shin and his family including his spouse and eldest son hold total assets of 8.24 billion Korean won (approximately US$5.49 million).
Of that, roughly 4.57 billion won or about 55 percent is held in overseas financial assets and real estate, excluding an apartment in the affluent Gangnam district of southern Seoul valued at 1.51 billion won, and a loft residence in Jongno, central Seoul valued at 1.8 billion won.
Shin reported deposits totaling 2.04 billion won at U.S. securities firms, asset managers, and investment banks in Switzerland and Spain. These assets are held in foreign currencies including U.S. dollars, British pounds, euros, and Swiss francs. He also invested in British government bonds worth 150,000 pounds or roughly 320 million won.
His spouse, identified by her surname Han, owns an apartment near Northwestern University in Illinois valued at 284.94 million won, which she shares equally with their daughter.
Of Han's deposits totaling 1.86 billion won, most are foreign-currency holdings at overseas financial firms. Their eldest son, a British national, reported foreign-currency deposits worth 82.39 million won and overseas stocks valued at 28.61 million won.
Shin's wealth is estimated to have grown in recent months, as the weakening won has inflated the value of his foreign-currency holdings when converted into Korean won.
Shin has lived abroad for more than 40 years since completing his mandatory military service in 1982, including his university years in the U.K., which likely explains his substantial foreign-currency holdings. However, critics warn that retaining such assets while leading the Bank of Korea could pose a serious conflict of interest.
No previous BOK governor has held such a large share of foreign-currency assets. The outgoing Governor Rhee Chang-yong, who also lived abroad for many years, reported foreign-currency holdings of about 300 million won, just 5.5 percent of his total assets of 5.45 billion won.
Shin's assets are likely to be one of the most contentious issues at his confirmation hearing, expected to be held in mid-April, along with other concerns such as foreign exchange volatility amid the weakening won. Arriving at his office to prepare for the hearing late last month, Shin said he is not overly concerned about the current exchange rate, but is instead focused on how much risk it can absorb.
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