NH Nonghyup Bank Obtains Approval to Establish Yangon Office in Myanmar

Obtained Final Approval 10 Months After Submission of Establishment Application
Future Branch Conversion... Synergy with MFI Corporation and NongHyup Group Affiliates

NongHyup Financial Group Chairman Kim Kwang-soo (third from the left), NongHyup Bank President Son Byung-hwan (second from the left, then Head of Global Business Division), and NongHyup Finance Myanmar Corporation Head Kim Jong-hee (first from the left) visited the Central Bank of Myanmar in February last year and took a commemorative photo with Mr. Soe Thein, Deputy Governor of the Central Bank of Myanmar (fourth from the left), and licensing officials.

[Asia Economy Reporter Kangwook Cho] NongHyup Bank announced on the 6th that it obtained final approval from the Central Bank of Myanmar for the establishment of a Yangon office as of the 29th of last month. This achievement came about 10 months after submitting the application in August of last year.

NongHyup Bank has accumulated retail business experience since establishing 'NongHyup Finance Myanmar,' an MFI corporation in Myanmar, in 2016. Through the establishment of this office, it has laid the groundwork for setting up a bank (branch/corporation).

The NongHyup Bank Yangon office will carry out practical tasks such as building an organic network with Myanmar financial authorities, monitoring financial trends, and establishing a preliminary business base for entering the banking sector. Additionally, by hiring a local office head, it plans to build a comprehensive system optimized for the Myanmar financial environment, taking a step closer to localizing its global business.

In particular, it plans to actively promote synergy projects not only with 'NongHyup Finance Myanmar,' which operates separately in Myanmar, but also with affiliated NongHyup group companies planning to enter the market.

Bank President Byunghwan Son stated, "Myanmar has a primary industry structure with a large agricultural sector, so we can fully leverage our strengths as an agricultural finance specialized bank," adding, "We will contribute to profit generation by converting to a business organization in the future and introducing differentiated business models from other banks."

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