NH Nonghyup Bank to Raise 400 Billion KRW Through Rights Offering for Competitiveness Enhancement

NH Nonghyup Bank will carry out a rights offering worth 400 billion KRW, allocated to shareholders, in order to secure operating funds.

On May 22, NH Nonghyup Bank announced via a regulatory filing that its board of directors had resolved to allocate the entire rights offering to NH Nonghyup Financial Group, which holds 100% of the bank's shares.

The new shares will consist of 7,843,137 common shares, with an issue price of 51,000 KRW per share. The record date for the allocation of new shares is June 9.

A company official stated, "The purpose of the capital increase is to improve our capital ratio and strengthen our business competitiveness," adding, "We aim to reinforce our core role in profit generation within the broader Nonghyup group."

President Kang Taeyoung has operated task forces in six divisions?including interest income, fee income, and fund management income?since the beginning of his term, with the goal of enhancing profitability and efficiency.