[Inaugural Address] Son Byunghwan, Chairman of NongHyup Financial, Presents Five Visions Including Digital and Global

Inaugural Address of Sohn Byung-hwan, Chairman of NH Nonghyup Financial Group

Son Byung-hwan, Chairman of NH Nonghyup Financial Group

[Asia Economy Reporter Park Sun-mi] Sohn Byung-hwan, Chairman of NH Nonghyup Financial Group, stated, "Nonghyup Financial must fulfill two missions simultaneously: survival as a financial company and serving as a profit center for Nonghyup," adding, "Rather than focusing on immediate management performance, I will lead Nonghyup Financial in a direction that enhances future value."

In his inauguration speech on the 4th, Chairman Sohn diagnosed, "Over the next 10 years, Nonghyup Financial must pioneer new business areas to contribute to the development of agriculture and rural communities along with solid growth. However, the internal and external conditions for preparing a new future for Nonghyup Financial are not very favorable due to the prolonged low interest rate and low growth trend, the continuous spread of the pandemic, and the emergence of innovative players such as big tech."

Chairman Sohn expressed his determination to face the current situation with a clear perspective, respond meticulously to the issues that need to be resolved, and lead Nonghyup Financial in a direction that enhances future value rather than clinging to immediate management results.

First, he promised to build a Nonghyup Financial that is faithful to the basics as a financial company.

He said, "The foundation of a financial company is the crisis response capability to overcome any crisis," adding, "Nonghyup Financial will establish a sustainable management system from a long-term perspective looking 10 years ahead to sufficiently equip itself with crisis response capabilities and secure profitability stably." In this process, he added that they will organize product sales and post-management processes to prevent incomplete sales or financial accidents in the future, and strengthen the consumer protection system by checking risks from the customer's perspective for all products and services provided by Nonghyup Financial.

Second, he said he would create a Nonghyup Financial that is faithful to its role as a profit center. Chairman Sohn stated, "Unlike other financial companies, Nonghyup Financial has a special role in securing resources to support agriculture, rural areas, and farmers," and added, "To successfully fulfill this role, it is necessary to secure profitability at a level that supports the entire Nonghyup and contributes to farmers and society."

Third, he pledged to build a Nonghyup Financial that takes the lead in social responsibility.

He said, "Nonghyup Financial is a member of the entire Nonghyup, but also a sincere member of society," adding, "In the current COVID-19 crisis, Nonghyup Financial will become an umbrella-like presence that can give hope to farmers, small business owners, and small and medium-sized enterprises facing severe difficulties, and will not neglect providing financial services to the financially marginalized and socially vulnerable groups." Along with this, he emphasized that they will build an ESG management system across the company and put more effort into environmentally conscious investments and business promotion, such as expanding investments in eco-friendly companies and reducing carbon emissions.

Fourth, he expressed his determination to make Nonghyup Financial a leader in the digital finance era.

Chairman Sohn promised, "Nonghyup Financial will swiftly promote digital financial innovation and build a competitive digital platform that provides specialized services unique to Nonghyup Financial, solidifying its position as a leading digital financial company," adding, "We will introduce marketing processes based on big data and provide customized products and services that meet customer needs through the integration of information on finance, economy, and distribution."

Finally, he added that Nonghyup Financial will continuously pioneer global markets. He said, "We must continuously secure new revenue sources by pioneering new markets through global expansion," and emphasized, "Although there were many restrictions on expanding and entering global businesses due to the COVID-19 situation last year, once the COVID-19 situation calms down, we will promptly expand global business and proactively plan and prepare to further expand overseas networks."

Chairman Sohn urged employees, "Do not fear failure and do your best so that you have no regrets," adding, "Nonghyup Financial has the resilience to overcome numerous crises. Based on the wisdom and strength of employees who have quietly fulfilled their duties in their respective positions, let us create a new history for Nonghyup Financial."

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