NongHyup Financial Group said Wednesday it is actively striving for global expansion focusing on Southeast Asia and China under the leadership of chairman Kim Yong-hwan.

Since taking office last year April, chairman Kim has stressed global expansion especially during the sluggish financial domestic market and recognized NongHyup’s specialization in agricultural finance, according to the officials. 

Therefore, he decided to focus on expansion in Southeast Asia and China, regions where agricultural finance has more potential, by investing and seeking partnerships with local companies.

To foster strategic global partnerships with local agricultural enterprises, NongHyup signed a memorandum of understanding with the Korea International Cooperation Agency and Korea Rural Community Corp. last year, and a global strategies bureau was set up to oversee its activities abroad.

From then on, NongHyup signed an MOU with China Co-op Group, an agricultural retail affiliate of All-China Federation of Supply and Marketing Cooperatives on Jan. 6 as the first step to enter the world’s largest market, followed by an agreement with Bank Mandiri, Indonesia’s largest bank, on March 1.

NongHyup Financial Group currently has 11 international branches in seven countries as of December last year excluding its branch at Mount Geumgangsan in North Korea.

By Lee Seo-young (seoyounglee@heraldcorp.com)