NongHyup Signs Memorandum of Understanding for Financial Business Cooperation with French CA

Chairman Lee Seong-hee "Cooperation with the World's Largest Cooperative Financial Group"

Lee Seong-hee, Chairman of the National Agricultural Cooperative Federation (Nonghyup) (left), announced that he signed a Memorandum of Understanding (MOU) for business cooperation with representatives of Cr?dit Agricole (CA), a world-renowned French cooperative, at the CA headquarters in Paris on the 2nd (local time). (Photo by Nonghyup)

[Sejong=Asia Economy Reporter Moon Chaeseok] NongHyup Central Cooperative announced that it signed a Memorandum of Understanding (MOU) for business cooperation with Cr?dit Agricole (CA), a world-renowned cooperative from France, at the CA headquarters in Paris on the 2nd (local time).

The two organizations plan to pursue cooperation in ▲institutional collaboration to promote sustainable development of agriculture and rural areas and mutual understanding between cooperative financial groups ▲strengthening cooperation in asset management, investment banking, and insurance sectors ▲exploring cooperation plans related to ESG (Environmental, Social, and Governance) management such as green and sustainable financial products. The two institutions first signed an MOU in 2005 and have renewed their cooperation areas every five years since then.

Lee Seong-hee, Chairman of NongHyup, said, "The cooperation between the two institutions, which respect the same cooperative values, is a model case of 'cooperation among cooperatives' according to the seven ICA (International Cooperative Alliance) principles," adding, "We will advance our business expertise to the next level and contribute to the development of agricultural finance and the creation of cooperative values."

Philippe Brassac, Chairman of CA, said, "I am honored to discuss cooperation plans with Chairman Lee Seong-hee of NongHyup, which is demonstrating leadership globally," and added, "CA will actively share its global network and ESG investment finance capabilities with NongHyup and strive to raise the level of cooperation to realize our common goals."

CA is the third-largest financial group in Europe and the tenth-largest in the world, with total assets of $2.7 trillion (approximately 3,188 trillion KRW). In January 2003, CA and NongHyup jointly established NH-Amundi Asset Management to promote mutual exchange and cooperation.

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