NongHyup Financial Group Holds Emergency Management Meeting to Review COVID-19 Issues

Kim Kwang-soo, Chairman of NH Nonghyup Financial Group (third from the left in the front row), is holding an emergency management meeting combined with a first-quarter performance analysis meeting with subsidiary CEOs at the Nonghyup Financial headquarters in Jung-gu, Seoul, on the 21st.

[Asia Economy Reporter Kwon Haeyoung] NH Nonghyup Financial Group held an emergency management meeting combined with a first-quarter performance analysis meeting on the 21st at the Nonghyup Financial headquarters in Jung-gu, Seoul, attended by Chairman Kim Kwangsoo and the CEOs of its affiliates.

At the meeting, they reviewed the impact on business, asset soundness, liquidity, and capital adequacy in the first quarter due to the shock of the novel coronavirus disease (COVID-19), and discussed the response direction for the upcoming post-COVID era.

Chairman Kim urged the management of the affiliates to continuously identify and support the difficulties faced by self-employed individuals, small business owners, and small and medium-sized enterprises on the ground. In particular, since Nonghyup Financial has a strong local network, he ordered efforts to ensure that financial support is promptly executed at the regional level. He also emphasized strengthening sound management through risk-based management and efficient cost execution, and proactively responding to the post-COVID era by accelerating customer-centered digital transformation tasks.

Furthermore, considering that the role of the cooperative financial group has become more crucial than ever, Nonghyup Financial plans to actively participate in agricultural and rural revitalization campaigns such as helping farm labor and promoting the consumption of agricultural and livestock products.

Chairman Kim said, "Since it is difficult to gauge the ripple effects of COVID-19, we must strengthen short- and long-term contingency plans for each affiliate to enhance soundness and loss absorption capacity," and added, "Although the situation is difficult, please fulfill Nonghyup Financial's social responsibility by utilizing various resources to support farmers, affected businesses, and local communities."

This content was produced with the assistance of AI translation services.