Despite Builder's Bankruptcy, Iksan Apartment Completed... NH NongHyup Bank Behind the Success

NH NongHyup Bank played a significant role in ensuring the successful completion of the 'O2grande Newfirst' apartment complex in Iksan, Jeonbuk, which had faced a crisis due to the construction company's risk of bankruptcy.

Exterior view of the O2 Grande New First apartment in Iksan, Jeollabuk-do.

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According to the financial sector on April 15, the complex consists of three above-ground buildings with a total of 298 units, and construction was halted in December 2024 due to the financial deterioration of Jeil Construction, the contractor. This raised concerns about potential losses for future residents and partner companies. However, through cooperation among related institutions, construction resumed and the complex received occupancy approval from the city of Iksan in March.

During this process, NH NongHyup Bank, as a creditor, played a pivotal role by providing additional interim loan support, deferring and reducing interest on interim loans, and proactively offering balance loans. These measures helped minimize damage to the local community.

This case is considered unusual even within the industry, as the construction company undergoing rehabilitation procedures managed to directly complete a project previously at risk of bankruptcy.

Kim Sunghoon, Deputy President in charge of Credit Review at NH NongHyup Bank, stated, "It is a very meaningful achievement that the project was successfully completed through cooperation among related institutions despite the difficult circumstances," adding, "NongHyup Bank will continue to take the lead in housing stability and revitalizing the local economy as a financial institution committed to coexistence with the local community."

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