Nonghyup Bank opens branch in Hanoi

December 02, 2016 | 13:06

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South Korea’s largest bank Nonghyup Bank has received an official license from the State Bank of Vietnam (SBV) to open a branch in Hanoi.

Founded in 1961 in Korea, Nonghyup is a co-operative bank with 100 per cent of the capital contributed by farmers and local people. Nonghyup is both a commercial bank and an agriculture policy one to provide credit services for households and businesses, contributing to the Korean economy through credit financing in the field of rural agriculture.

Since 2012, Nonghyup Bank has had the representative office in Vietnam. With the branch official establishment in Hanoi, Nonghyup Bank will participate in Vietnam financial market with full functions of a commercial bank and continue supporting economic development of Vietnam and activities of both countries’ businesses.

Speaking at the launching ceremony in Hanoi, Lee Woo Sik, CEO of Nonghyup Bank – Hanoi Branch said: “The opening of Nonghyup branch in Hanoi not only supports financial resources for Korean entrepreneurs in Vietnam but also contributes to the financial development of both countries through interbank cooperation projects. Besides, we will always expand corporate social responsibility (CSR) activities with a wish to contribute to the prosperity of Vietnam.”

Over the years, Nonghyup Bank is known with the motto "sharing economy" in order to improve social welfare of farmers and disadvantaged people. Moreover, the bank is at the forefront of sustainable rural development through many meaningful activities. In particular, with Nonghyup Foundation established in 2004, the bank has implemented diversified CSR activities. Nonghyup Bank has been chosen as the No.1 in CSR activities for five consecutive years in South Korea.

At present, Nonghyup Bank is implementing many CSR activities to support Vietnamese brides in multicultural families and focus on mountainous areas of Vietnam. In the future, the bank will continue deploying various CSR activities in order to support Vietnamese community, especially the activities to support Vietnamese brides and the volunteer activities in drural areas in coordination with the local community.

Recently, Nonghyup Bank is one of six South Korean enterprises in Vietnam awarded with the 6^th CSR Award, held by the Ministry of Planning and Investment in collaboration with Korean Embassy in Vietnam and Korean Trade Investment Promotion Agency (KOTRA).