NongHyup Bank Obtains Final Approval for Sydney Branch in Australia
[Asia Economy Reporter Eunju Lee] NH Nonghyup Bank announced on the 16th that it has obtained the final approval from the Australian Prudential Regulation Authority (APRA) to establish a Sydney branch.
Nonghyup Bank explained that through this final approval, it has laid the foundation to revitalize its global corporate banking (IB) business. The bank plans to officially start operations from September.
Nonghyup Bank currently operates a total of 10 overseas branches in 7 countries. It plans to build a global network of more than 14 branches in 12 countries worldwide by 2025.
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Kwon Junhak, President of Nonghyup Bank, said, "Australia is the world's 13th largest economy and a key hub in the global financial market," adding, "The Sydney branch will be a strategic stronghold for revitalizing the global IB business and discovering synergy projects across the Nonghyup group."
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