NH Bank declared “ethical manage-ment” as its guiding theme at a ceremony on April 26 attended by some 300 officers including executives, department managers and staff of the bank.

The bank plans to perform its operations including services based on honesty and trust among its customers in an ethical and transparent manner in order to boost its reputation both at home and abroad, the bank said.

The bank intends to establish its image as a transparent and ethical bank devoted to the well-being of its customers and the development of the financial industry as it launches its initial year of operations as an independent legal entity under the NH Financial Holding Co. following the reorganization of the National Agricultural Cooperatives Federation in line with the move to separate the financial sector from other sectors.

Following the declaration ceremony, all members of the bank’s top management signed affidavits stating that they would sincerely implement ethical management in the bank’s operations. Copies of the affidavit will be distributed to each branch and other outlets of the bank around the country and abroad, the bank said.

Kim Jong-hwa, a legal auditor, in his report on the promotion of ethical management, said ethical management is the trend in this day and age in the business world and any firm that wants to experience sustainable growth should create an ethical corporate culture in its growth process.

He said the bank will unfurl an overall campaign to invigorate the ethical management theme based on the vision, ethical discipline, and action to support the campaign.

In the meantime, NH Bank has been attracting public attention for its financial consultation services to its clients, especially farmers, in an effort to boost their income through the scientific management of their farms in this day and age in which risks in farm management have been growing due to changes in the farming environment both at home and abroad.

The farm financial consulting service is designed to help farmers correctly assess their assets, debts, and revenues from the sale of farm produce, investments, and other management factors and recommend improvement plans and provide the most appropriate financial support to ensure sustainable growth for their farms through effective management.

NH Financial Consultants are made up of experts from inside and outside NH who tour farms to assess their management according to product, economic feasibility of investments, and the financial conditions of farms, and then create integrated plans for loan management programs to determine cash flow for the next three years and the break even points for farm management and plans for more effective financial manage- ment.

Vice President Suh Byung-duk of NH Bank said the consulting services are provided to enhance the management minds of farmers in order to boost their incomes. In addition, a consultation manual will be made by farm management types to develop a process for those returning to farming again. NH will also increase the number of tax experts, accountants, and staff in other financial areas, and sign MOUs with farm related organizations for joint farm services and improved farm financial consulting services.

The bank started consulting services to farms in 2005 and has provided overall consulting for 2,271 cases and temporary financial consulting services for over 4,720 cases so far. This year, the bank aims to provide consulting for more than 3,000 overall cases and 3,000 financial consulting and temporary consulting services.

A farm for the cultivation of flowers, which started its operation in 1995, has been under financial distress for the past two years due to decreases in the prices of flowers, rising costs, and the repayment of loans and asked for NH financial consulting after learning that NH Bank has been providing such services. After finding that the farm owed too much in high interest loans, they recommended the flower farm get NH management recovery loans to cut financing costs.