New NongHyup Financial Group Chairman Prioritizes Trust and Zero Financial Accidents

NongHyup Financial Chairman Lee Chan-woo begins his first day as chairman by visiting the NongHyup Bank Customer Happiness Center in Yongsan-gu, Seoul on Feb. 4.

NongHyup Financial Group Chairman Lee Chan-woo said in his inaugural speech on Feb. 4 that customer trust is vital to the growth and sustainability of NongHyup Financial Group.

Lee asked all employees to lay the foundation for zero financial accidents to earn more trust from customers.

Chmn.Lee added that customer trust should be front and center, and all employees must approach customers with the mindset that they’re always right.

“The value of finance is based on customer trust,” Lee said. “The financial industry without customer trust is just a house of cards.”

Chmn. Lee said the internal control system for accident prevention should be reorganized, so that it can be managed by the system, and internal controls should be checked so they can run effectively.

Lee insisted that an accountability system chart be introduced this year.

“NongHyup Financial Group has to establish an organizational culture to strictly hold those responsible for financial accidents, regardless of the amount of money involved,” Lee stressed.

In the same vein, Lee said business processes for customers should be redesigned to be from their perspectives, asking employees to abandon convenience as a financial service provider.

On Jan. 20, NongHyup Financial Group holds the 2025 NongHyup Financial Risk Management Strategy Meeting at the headquarters of NH Investment & Securities in Seoul. Yang Jae-young, head of the Risk Management Division, presides over the meeting. (Photos: NongHyup Financial Group)

Risk Management Strategy Meeting

NongHyup Financial Group announced that it held the 2025 Risk Management Strategy Meeting at the Conference Room of NH Investment and Securities’ headquarters in Yeouido, Seoul, on Jan. 20, with more than 30 chief risk officers (CROs) and risk managers from all NongHyup Financial Group affiliates in attendance.

The risk management strategy meeting focused on an outlook for the Korean economy and the Korean financial market in 2025, and discussed a risk management plan for each subsidiary.

“We expect a tough business environment to persist due to prolonged low economic growth and increasing political uncertainty at home and abroad,” said Yang Jae-young, vice president of Risk Management at NongHyup Financial Group.

“Through advance preparations, we should thoroughly manage risks to the basics so that NongHyup Financial Group will be able to become a company that does not falter even when risks expand.”

Meanwhile, NongHyup Financial Group plans to strengthen risk checks through precise industry analysis in preparation for uncertainties of policies based on U.S. prioritization, following the inauguration of the Trump administration in the United States.

It also plans to continue strengthening profitability against risks such as a return on risk-weighed assets.

1st Asset Management Strategy Meeting in 2025

NongHyup Financial Group also held the First Asset Management Strategy Meeting for 2025 at its headquarters in Jung-gu, Seoul, chaired by Hwang Jong-yeon, vice president of business strategy on the same day.

The meeting was attended by the heads of asset management departments of NongHyup Financial Group’s major affiliates.

The participants had in-depth discussions on various topics, including “Analysis of the Top Three Global Keywords in 2025,” “A Financial Market Outlook for 2025,” “Results of Asset Management in 2024,” and “An Asset Management Promotion Plan for 2025.”

In particular, they discussed the impact of the Trump 2.0 era on the financial markets and explored the direction of NongHyup Financial Group’s asset management strategy.

At the meeting, Vice President Hwang emphasized the importance of asset management as one of the key factors to achieve NongHyup Financial Group’s strategic goals, and reviewed current financial market conditions, competition, and the asset management strategies of affiliates.

Launch of Brain and Heart Insurance from Day One

NongHyup Property & Casualty Insurance announced on Jan. 13 that it launched “Brain and Heart Insurance from Day One,” which provides enhanced coverage for cerebrovascular diseases and heart diseases.

Brain and Heart Insurance from Day One pays brain disease diagnosis and heart disease diagnosis fees.

They can be paid four times each. A special contract for brain and heart major medical expenses coverage is chosen, people can get up to 200 million won in insurance money for 10 years, significantly increasing coverage for brain and heart diseases.