Chairman Kim Gwang-soo looks back at the initial year of his achievements at a media briefing session on May 8.(Photo: NHFG)

NongHyup (NH) Financial Group Chairman and Chief Executive Kim Gwang-soo said May 8 the group will strengthen its business by reorganizing its nonbank assets and seeking opportunities abroad.

The group will use digital technology at its disposal not only to boost synergy among its subsidiaries but also to further provide customer convenience such as a complete 24-hour banking service. This comes as Kim believes NH has fully established its capital base and the foundation to move toward the next stage of growth at home and abroad.

“It is now time to improve the quality of our business and secure new sources of growth for sustainability.” Kim told reporters at NH Bank headquarters in Seoul, where he celebrated his 100th day as the new NH chief.

Kim said during an interview that he will strengthen the financial group’s non-banking sectors such as securities, insurance and asset management while focusing on its global operations if he is appointed.

NH Financial posted a consolidated net profit of 829.5 billion won in the first half of this year, up about 62 percent from 512.7 billion won a year ago. This marks the highest since NH transformed itself into a holding company in March 2012, Kim said.

The group’s net profit in the second quarter reached 439.4 billion won, up about 13 percent from a year earlier. This is also the first time its quarterly profit exceeded 400 billion won.

The question that he always asked to employees of the financial group since he assumed the top office of the financial group, has been, “Is it all right for the financial group to go on as it has been running?” He has been asking the question to remind every employee to think about the group’s management targets and the ways of operation and come up with some ideas to change the way the group has been operating now that he is the top manager.

As soon as he took over the top manager, he setup the Change Promotion Bureau to pursue the 30 tasks related to the changes in the group’s management structure designed to ward off the criticism that the group has been too conservative with its systems worn out. He says you need to be ready to jump in for the work to bring changes in your company at any time, not afraid to change.

Chairman Kim Gwang-soo said he will go check the entire operation system of the group and make changes to improve upon old, worn-out systems that do not go will with the “SMART” age.

Kim said he will strengthen the non-banking sectors as the group’s future growth engines. He did not specify a detailed plan, but the group will also expand its overseas operations as well. Kim said, however, that he will strengthen the financial group’s non-banking sectors such as securities, insurance and asset management while focusing on its vglobal operations.

A graduate of Seoul National University in economics, Kim started his public service career by passing the 27th Public Administration Examination. Recognized for his excellence in directing and managing financial policies, Kim was said to be in the vanguard of the nation’s financial sector in helping overcome the 2008 Global Financial Crisis.

He is also known to have close connections with top government officials in the Moon Jae-in administration. Born in South Jeolla Province, Kim went to Gwangju Jeil High School, from which Prime Minister Lee Nak-yeon also graduated.

He was even said to be nominated to head the Financial Services Commission (FSC) when President Moon was elected last year. He was then nominated to be the CEO and Chairman of the Korea Exchange.