NongHyup Bank announced on March 20 that it newly opened the Head Office Business Division 1 at the NH Financial Tower in Jongno-gu, Seoul, to expand the revitalization of the Korean economy and productive finance.
This opening is intended to strengthen support for key sectors of the real economy, such as high-tech strategic industries, regionally specialized industries and startups and venture companies with the goal of establishing a customized financial support system tailored to each stage of corporate growth.
To expand productive finance, NongHyup Bank will provide a total of 76.8 trillion won in new funding over the next five years, including 1.2 trillion won in venture capital, 63.5 trillion won in investment and loans, 11.6 trillion won in inclusive finance, and 500 billion won for the National Growth Fund.
In addition, NongHyup Bank plans to expand the operation of corporate finance centers in Pangyo and Songdo to support the IT and semiconductor, pharmaceutical and bio industries.
“The expansion of specialized corporate finance centers goes beyond simply opening new branches; it is about establishing hubs for implementing productive finance to foster future growth industries and innovative companies,” NongHyup Bank President Kang Tae-young said.
“We will expand productive finance that contributes to the revitalization of the Korean economy through strong financial support.”
Expanding Support for Building Korean Defense Value Chains
NongHyup Bank announced on April 15 that it is establishing itself as a key partner in the Korean defense industry based on productive finance after being selected as an institution handling the Interest Subsidy Loan Program, a new initiative of the Korea Defense Guarantee Cooperative (KDGC).
NongHyup Bank is expanding its contribution to the Korean defense industry by actively participating in the Defense Acquisition Program Administration’s Interest Subsidy Loan Programs (Defense Industry Development Fund and National Defense SME Policy Fund).
The Interest Subsidy Loan Program is a system in which the Korean government subsidizes a portion of the interest to alleviate financial burdens on companies.
It is a representative productive finance policy that supplies funds to companies with technological capabilities and growth potential.
NongHyup Bank has been responding quickly to the funding needs of Korean defense companies based on its nationwide network and supporting the establishment of value chains across the entire Korean industry through customized financial support tailored to each stage of growth.
Based on these achievements, NongHyup Bank was selected at the end of March as a financial institution handling interest subsidy loans implemented by the KDGC, further expanding its role in the defense finance sector.
The KDGC’s interest subsidy loan will provide support up to a maximum limit of 1 billion won to companies recommended by the KDGC.
The KDGC will subsidize an annual interest difference of 1.5%p for one year while NongHyup Bank’s preferential interest rate will be applied separately.
“The Korean defense industry is a major industry responsible for both national security and the Korean economy’s future growth,” a NongHyup Bank official said.
“NongHyup Bank will support the stable growth of Korean defense companies through productive finance and contribute to the establishment of the Korean defense industry’s value chain.”
Holding Launch Ceremony for Loan Process Improvement Task Force
NongHyup Bank announced that it held a launch ceremony for the Loan Process Improvement Task Force at its headquarters in Jung-gu of Seoul on April 16.
This task force was established to proactively respond to rapidly changing digital financial environments, strengthen customer-centric financial services, and boost work efficiency. In particular, it focuses on innovating the overall lending process to keep pace with financial trends that are moving toward mobile devices and services.
Relevant departments including those focusing on development, products, platforms, and credit systems, will participate in the task force to establish a company-wide collaboration system.
AI recognizes relevant documents during the loan application stage to reduce customer inputs and minimize manual work for the loan review staff, thereby providing customers with the same financial experience regardless of channels, whether they are face-to-face or non-face-to-face channels.
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