NongHyup Financial Group Holds 2020 2nd Global Strategy Council Meeting
Emphasizes Solid Localization and Strengthening Global IB Sector
Timely Response to Digital Transformation... Discovering Customized Business Models
Kim Kwang-soo, Chairman of NongHyup Financial Group, is presiding over the "2020 2nd NongHyup Financial Global Strategy Council" held on the 17th at the conference room of NH NongHyup Financial Group headquarters located in Jung-gu, Seoul.
[Asia Economy Reporter Kangwook Cho] Kim Kwangsoo, Chairman of NongHyup Financial Group, emphasized securing competitiveness for the growth of global business.
NH NongHyup Financial Group announced on the 18th that Chairman Kim made these remarks at the '2020 2nd NongHyup Financial Global Strategy Council' held yesterday at the headquarters' video conference room in Jung-gu, Seoul. The meeting was held non-face-to-face via video conference considering social distancing measures, with participation from major affiliate CEOs and related department heads including banking, life insurance, non-life insurance, securities, capital, and asset management.
The participants reviewed the changes in the global management environment and business impacts caused by the COVID-19 pandemic, then conducted multifaceted and in-depth discussions on the three major strategic directions and current issues established at the 1st Global Strategy Council held in February. NongHyup Financial's three major global strategic directions are ▲expansion of Asia-centered networks, ▲strengthening global IB capabilities, and ▲pursuing challenging digital transformation.
NH NongHyup Financial is expanding its network within the Asian region. NH NongHyup Bank completed a capital increase for its local subsidiary in Cambodia last month and is proactively leading the opening of offices and branch establishments in high-growth New Southern countries such as Myanmar, China, and India. NH NongHyup Capital is entering the local credit-specialized business through joint ventures with partner companies in Myanmar and India.
Efforts to strengthen GIB capabilities to improve the profitability of global business are also being actively pursued. NH Investment & Securities is reviewing plans to fully launch IB business in Europe, including converting its London office into a corporation, while NH NongHyup Bank and NH-Amundi Asset Management are preparing a cooperative system to establish a NongHyup Financial GIB platform in Europe by considering the installation of a London representative office. Additionally, NH NongHyup Bank plans to steadily proceed with establishing IB desks in advanced financial markets such as the United States, Australia, and Hong Kong.
In particular, all participants at the meeting agreed on the necessity of NongHyup Financial's 'Global-Digital Business Promotion Plan,' emphasizing that timely response to the rapidly progressing and spreading digital transformation and paradigm shifts across all sectors of the global economy is indispensable for NongHyup Financial's future and survival. NH NongHyup Financial plans to derive and sequentially implement locally customized business models that fully reflect domestic and international regulatory environments and its own digital capabilities.
Chairman Kim stated, "As NongHyup Financial is in the early stages of global business, it should perceive the COVID-19 situation as an opportunity," adding, "While solidly establishing local business foundations through cooperation and joint ventures with overseas partners in existing businesses, we must also make every effort to secure future competitiveness by acquiring and managing a pool of specialized personnel covering digital and investment banking sectors in preparation for the growth of global business."
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