[2025 Audit] NongHyup Bank President Kang Taeyoung Apologizes to Customers and Farmers for Financial Incidents

Kang Taeyoung, President of NongHyup Bank, expressed his regret over financial incidents that occurred within the bank, stating, "I am deeply sorry for causing losses to our customers and the assets of farmers."

On the morning of the 24th, during the National Assembly audit by the Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee, President Kang made this statement in response to People Power Party lawmaker Kim Seongyo's remarks regarding the status of financial incidents at NongHyup Bank over the past five years.

Assemblyman Kim pointed out, "Last year alone, there were 19 financial incidents, totaling 45.3 billion won, and as of August this year, there have already been 8 incidents amounting to 27.5 billion won." In response, President Kang said, "We are making fundamental improvements to our loan system and have identified and are completing 15 key tasks." He added, "We will work to fundamentally prevent financial incidents by operating a continuous compliance system."

Meanwhile, President Kang addressed concerns over the sharp increase in overseas remittances to Cambodia through NongHyup Bank, which could potentially be exploited as a channel for voice phishing and organized crime funds. He stated, "There is no possibility of criminal activity." He added, "We will thoroughly monitor to ensure that illegal funds do not flow into transnational crimes." In response, Democratic Party lawmaker Eo Gigu said, "Korean remittances account for 88% of the total, so we cannot simply assume these are living expenses for Cambodian workers. We need to monitor whether these are criminal funds." President Kang replied, "We will conduct thorough monitoring."

Additionally, when Assemblyman Eo pointed out that NongHyup Bank had donated 50 million won to an 'illegal' organization while supporting local groups in Cambodia, President Kang responded, "We will exercise the utmost care in selecting organizations for our social contribution activities."

Kang Taeyoung, President of NongHyup Bank, is attending the "Democratic Party-Banking Sector On-site Meeting for Livelihood Economy Recovery" held on the 20th at the Bankers Hall in Jung-gu, Seoul. Photo by Yoon Dongju