NongHyup Bank's Strategy Seen Through WM Lounge Opening Attendees [1mm Finance Talk]

At the Headquarters 'NH Royal Chamber' Opening Ceremony,
From Lawmakers to Professors and Doctors Invited
Targeting High-Net-Worth Clients with Stable Status
Driven by the Determination of President Kang Taeyoung

After 12 years, NH NongHyup Bank has relaunched its wealth management (WM) business by opening a premium wealth management space at its headquarters. Judging by the attendees at the opening ceremony, it appears that NongHyup Bank is targeting professionals, mid-sized business owners, professors, and other clients with stable assets for its business operations.

On the 16th, NongHyup Bank opened the 'NH Royal Chamber,' a premium wealth management space exclusively for top-tier clients, at its headquarters in Seodaemun, Seoul. The event was attended by three VIP branch customers, Kim Sangwook, member of the Democratic Party, Lim Jungmuk, president of the Seoul National University Professors' Association, and Kim Youngmuk, director of Wooriwon Healthcare, who participated in the cake-cutting ceremony and delivered congratulatory remarks.

Assemblyman Kim is known for his keen interest in wealth management consulting. As a customer of NongHyup Bank, he was asked to deliver congratulatory remarks at the opening ceremony due to his connection with Lee Youngwoo, vice president of investment products and asset management, who previously served as the head of the Ulsan branch. Assemblyman Kim's constituency is Namgu Gap in Ulsan. Since he spends a significant amount of time in Seoul due to his parliamentary duties, NongHyup Bank plans to assign dedicated wealth management specialists to focus on investment consulting and manage his assets.

Professor Lim was invited to the event on behalf of Seoul National University President Yoo Honglim. NongHyup Bank manages the assets of some professors at Seoul National University. The bank's Seoul National University branch is one of its wealth management-specialized branches, and NongHyup Bank serves as the university's main banking partner. Since 1969, when the credit business division of the National Agricultural Cooperative Federation opened a representative office at the main campus in Hyehwa-dong, Jongno, Seoul, the bank has been providing financial services at seven locations on the Seoul National University Gwanak campus, including branches and satellite offices. In his congratulatory speech, Professor Lim noted that NongHyup Bank's public interest activities have greatly benefited society.

At the 'NH Royal Chamber' opening ceremony held at the NongHyup Bank headquarters on the 16th, Kim Youngmuk, director of Wooriwon Healthcare (from left), Lee Youngwoo, vice president of investment products and asset management at NongHyup Bank, Lim Jungmuk, president of the Seoul National University Professors' Association, Kim Sangwook, member of the Democratic Party, Kang Taeyoung, president of NongHyup Bank, Lee Chanwoo, chairman of NongHyup Financial Group, three VIP branch customers, and Park Hyunju, head of NongHyup Bank WM Business Division, are cutting the cake. NongHyup Bank

Director Kim is the head of the hospital where NongHyup Bank employees receive health checkups and is also a client of the bank. The president of Kangbuk Samsung Hospital, located near the headquarters, was also invited but was unable to attend the lounge opening ceremony due to scheduling conflicts.

This year, NongHyup Bank has been introducing measures to strengthen its wealth management business. The bank received approval from the Financial Services Commission to register for both financial and real estate investment advisory services. Among commercial banks, NongHyup Bank is the first to receive approval for both sectors simultaneously. The bank also plans to increase the number of region-based WM-specialized branches to 100. As of last month, there were about 80 such branches.

This push to strengthen the WM business stems from the determination of Kang Taeyoung, president of NongHyup Bank. When the WM Business Department reported the plan to establish a lounge as part of its WM enhancement strategy earlier this year, President Kang reportedly responded immediately by saying, "Let's give it a try." Since WM requires significant capital investment, it is difficult to achieve short-term results. High-net-worth clients tend to have substantial expertise and often visit wealth management lounges at various banks for consultations. According to industry insiders, it typically takes about two years for a client to settle with one bank after seeking advice from multiple institutions. Nevertheless, President Kang emphasizes the need for long-term investment to retain senior clients and continues to stress the importance of strengthening the WM business.

The 'NH Royal Chamber' is a dedicated space tailored for high-net-worth clients. It offers a comprehensive range of services, including investment consulting, tax, and real estate advisory. The space consists of private consultation rooms, a seminar room, and a lounge area. The consultation rooms are designed as independent spaces to enable in-depth wealth management discussions. The name 'Chamber' was inspired by this exclusive consultation room concept. Financial investment professionals with over 15 years of experience are stationed on-site to provide consultations. For matters such as inheritance, gifting, and real estate management, clients can schedule appointments for specialized consultations with tax accountants or real estate experts. The seminar room hosts monthly seminars and one-day classes on wealth management topics. The interior of the lounge features a large digital canvas displaying natural landscape videos, themed around 'urban relaxation.' The 'NH Royal Chamber' operates on a reservation-only basis, and clients can make reservations by phone or through NH All One Bank, NongHyup Bank's mobile application.