NongHyup Financial Group announced that it held the 24th NongHyup Financial Global Strategy Council Meeting at its headquarters in Jung-gu, Seoul, on Sept. 30.
The meeting was attended by NongHyup Financial Group’s global business executives and overseas branches in person and via a video conferencing system.
Each of NongHyup Financial Group’s affiliates shared and discussed key initiatives for 2024 and the direction of NongHyup Financial Group’s global business in 2025.
In particular, the participants had a lively discussion on prepping the company for survival and competitive advantages in an era of great transformation, such as changes in the global economic structure due to post-pandemic and geopolitical issues.
They came to the conclusion that they will produce tangible results early by significantly reorganizing global strategies and building momentum.
“In the face of entry barriers caused by largely similar global business models of Korean financial groups and market preemption by competitors in countries which they enter, NongHyup Financial Group needs to secure competitiveness in newly emerging industries such as ESG, digital and AI and niche markets and to discover business models that can utilize its specialties as an agricultural finance player,” said Lee Ki-hyun, vice president of NongHyup Financial Group.
Recently, NongHyup Financial Group has been focusing on promoting differentiated new businesses to leap forward as a financial company, leading global megatrends such as ESG.
On Sept. 30, NongHyup Financial Group holds the 24th NongHyup Financial Global Strategy Council meeting at its headquarters in Jung-gu, Seoul. Lee Ki-hyun, vice president of NongHyup Financial Group poses for a photo with employees in the global business sector.
In particular, it is ramping up efforts to secure competitiveness in global business by internalizing ESG, which is expected to play a key role in enhancing the future value of companies as a new economic order and industry.
In July, NH Investment & Securities’ Singapore subsidiary was selected as the first Asian company to manage the Climate Technology Fund of the United Nations’ Green Climate Fund (GCF).
In terms of social contribution projects, the Singapore subsidiary has launched the NH Change Makers Project to improve living environments of local communities in Southeast Asian countries in collaboration with global NGOs.
Going forward, NongHyup Financial Group’s global business will strengthen its position in the global market with the motto of “strengthening core business competitiveness, discovering new businesses reflecting global trends such as digital finance and ESG, and expanding core infrastructure for business including securing global experts through strategic alliances and cooperation with global leaders.
In the meantime, NongHyup Financial Group held the ESG Promotion Council Meeting presided over by Cho Jung-rae, vice president of NongHyup Financial Group’s Future Growth Division, at its headquarters in Jung-gu, Seoul, on Oct. 2.
The meeting attended by heads of ESG departments at NongHyup Financial Group and its affiliates, covered topics such as plans to build a green credit conformity review process, financial emissions management plan, analyses of gaps with global ESG standards and the identification of improvement tasks.
NongHyup Financial Group is promoting the green credit conformity review process based on the Korean Green Classification System (K-Taxonomy) to screen corporate loans with respect to their contribution to a low-carbon transition and environmental improvement.
It expects to smoothly supply green funds to companies to respond to the climate crisis and achieve carbon neutrality through this move.
Moreover, NongHyup Financial Group mapped out the 2030 Financial Emissions Self-Management Plan in connection with Korea’s greenhouse gas reduction ways, reflecting carbon reduction trends on the Korean industry and comprehensively considering trends in the growth of NongHyup Financial Group’s assets.
It is planning to reflect its efforts to reduce financial emissions in the future in the evaluation of affiliates’ performances and rewards for employees to encourage them to attain their goals.
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