NongHyup Financial Group "Achieving 10% Overseas Profit Ratio by 2030"

"Global Total Assets Target of 22 Trillion by 2030"

Kim Yong-gi, Head of Business Strategy Division at NongHyup Financial Group, is presiding over the 2nd Global Strategy Council of 2022 at the group's headquarters in Jung-gu, Seoul on the 28th. (Provided by NongHyup Financial Group)

[Asia Economy Reporter Minwoo Lee] NongHyup Financial Group has set a mid- to long-term goal of increasing the proportion of overseas profits to 10% by 2030. To achieve this, it plans to actively promote strategic overseas investments and various business operations.

On the 28th, NongHyup Financial announced on the 29th that it held the '2nd Global Strategy Council of 2022' at its headquarters in Jung-gu, Seoul, and established such plans. Under the basic strategy of 'alliance and coalition,' the group reviewed major achievements in global business and declared a mid- to long-term growth roadmap and group-level global business management goals.

Specifically, by 2030, it plans to secure 27 networks in 11 countries, achieve global total assets of 22 trillion KRW, and global net income of 324 billion KRW, thereby increasing the group's overseas profit ratio to 10%.

To this end, four core mid- to long-term tasks were selected and execution plans prepared: ▲strengthening overseas branch management, ▲full-scale global-digital business, ▲promotion of global strategic investments, and ▲expansion of business infrastructure.

To strengthen overseas branch management, the group plans to comprehensively review the business models of affiliates and overseas branches, diversify revenue bases, and prevent performance leakage in advance through enhanced internal controls.

Next, the global-digital business refers to generating results through digital-based global business promotion. To materialize this, NongHyup Financial plans to officially launch a joint investment fund among affiliates in the second half of the year and begin investing.

Additionally, to expand the infrastructure for global business promotion, the group will first strengthen the capabilities of global personnel and promote the expansion of the local customer base. Currently, NongHyup Financial has opened the NongHyup Bank Beijing branch in the Asia region and is preparing to open the Noida branch in India. It has established NH Investment & Securities' London office and completed preparations to open NongHyup Bank's Sydney branch, thus completing the first phase of network construction.

Meanwhile, the meeting was chaired by Kim Yong-gi, Head of Business Strategy Division (Vice President) of NongHyup Financial. The meeting was held in a hybrid format, with department heads in charge of global business from affiliates and all former overseas branch managers attending simultaneously. Vice President Kim said, "The advancement of the business model requires a long-term perspective and efforts to diversify local revenue sources. We must focus on thorough risk management and proactive strengthening of internal controls in preparation for the expansion of economic instability in emerging countries due to high interest rates and a strong dollar."

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