President Lee Dae-hoon of NH Nonghyup Bank encourages employees after checking main systems at the NH Integrated IT Center in Euiwang, Gyeonggi Province on Jan. 22.

Lee Dae-hoon, head of NH Nonghyup Bank, started his third term this year. It marked the first time that a president of NH Nonghyup Bank succeeded in extending his term twice since the NACF separated the financial business (credit sector) from the general economic business in 2012.

The key to his success is his solid track record. NH Nonghyup Bank’s net income grew to 1,222.6 billion won in 2018. The figure stood at 652.1 billion won in 2017.

NH Nonghyup Bank posted 1,192.2 billion won in net income in the first three quarters of its fiscal year 2019.

As the management’s catchphrase, Lee presented “a customer-oriented digital human bank.” Under the goal are five strategies - customer-oriented integrated marketing, digital-based financial competitiveness, a tight risk management system, a trusted representative bank, and a stable profit structure.

Particularly important to Lee is the enforcement of the bank’s digital capabilities.

Lee has been at the forefront of changes in the Nonghyup bank structure, which includes strengthening digital finance. This year, Lee set up the NH Regulatory Sandbox Committee that removes practices impeding digital innovation.

A regulatory sandbox system exempts or suspends regulations for a period of time when a new product or service is launched. The system aims to reduce unnecessary time before releasing innovative products and services.

NH Nonghyup Bank also formed the All One Cell Organization that enhances the competitiveness of mobile applications All One Bank.

The All One Cell organization, with about 50 members, is a kind of a special unit. The goal is to grow All One Bank into a platform that can stack up against internet banks.

Lee will change All One Bank into an everyday life platform by collaborating with the National Agricultural Cooperative Federation (NACF). For example, by partnering with the NACF, All One Bank will be able to offer various services such as logistics and distribution.

Lee is stepping up efforts with a view to strengthening NH Nonghyup Bank’s wealth management (WM) business to increase non-interest income. Its strong public finance image has put wealthy people off from using NH Nonghyup Bank’s WM services.

Lee is planning to introduce WM-specialized stores in some parts of Seoul and establish a new personal general wealth management system.

Lee is also accelerating NH Nonghyup Bank’s global business. This year, the lender aims to open branches in Sydney, Australia and Hong Kong.

Lee will transform NH Nonghyup Bank’s offices in Beijing of China, Ho Chi Minh City of Vietnam and New Delhi, India, into branches and open a new office in Yangon, Myanmar.

Overseas markets will be divided into the core Asian belt (Vietnam, Myanmar, China and India), advanced financial markets (the United States, Hong Kong, Australia and the EU) and next-generation emerging markets (Cambodia and others).

NH Nonghyup Bank plans to strengthen cooperation with other affiliates of the NH Financial Group in the core belt of Asia and focus on corporate finance in advanced financial markets.

In the meantime, the NH Financial Group held the 2020 NH Financial Strategy Council Meeting at its Main Meeting Room in Seoul on Feb. 11 with the participation of Chairman Kim Kwang-soo and CEOs and employees of major affiliates.

At the meeting, the participants reviewed the footprints of the NH Financial Group and suggested the group’s core values and strategic directions to prepare for the next decade.

NH Financial Group has established four core values to accelerate its global project for the next ten years by pursuing the vision of becoming Asia’s leading global cooperative financial group.

The four are differentiation which leverages the NH Financial Group’s strengths in agricultural finance; “glocalization” which emphasizes globalization and inclusive localization; digital innovation in response to the transformation of the financial ecosystem following the fourth industrial revolution; and social value which emphasized its position for public interest and its social responsibility.