NH NongHyup Bank President Son Byung-hwan. (Photos: NH NongHyup Bank)

NH NongHyup Bank launched the Wealth Management (WM) Business Department this year by recognizing the customer WM business as a major segment in the future.

In particular, the NH All100 Advisory Center in the WM Business Department will be expanded and reorganized to closely support general WM consulting for “excellent” customers at branches.

The NH All100 Advisory Center consists of experts in asset management, including tax accountants, real estate experts and financial planning experts.

It provides VVIP customers across the country with one-on-one customized consulting such as comprehensive financial, tax and real estate consulting and retirement plans.

The spread of the COVID-19 virus has been giving banks great difficulties in promoting various businesses in 2020.

During this period, the NH All100 Advisory Center's financial experts who are WM specialists have been sharing and researching customer cases while making monthly presentations on consulting cases.
Such efforts have paid off handsomely.

The NH All100 Advisory Center secures expertise and conducts extensive customer consulting services, including WM consulting.

NH NongHyup Bank is running four WM-specialized branches in Seoul on a trial basis. In the future, the lender plans to expand its operations to nationwide branches to more actively support customers’ wealth management.

Currently, NH NongHyup Bank has been running the Daechi-dong Branch, the Seocho-dong Branch, Yeonshinnae Branch and Junggye-dong Branch as WM-specialized branches.

NH NongHyup Bank established a long-term group education course to train asset management experts, a key workforce for the future.

Currently, the Financial Training Institute provides various education programs. In order to secure the asset management competitiveness of non-face-to-face channels, the bank is also making all-out efforts to take a leap forward in the WM business by establishing an agile organization across the board.

NH All100 Advisory Center’s financial experts group designated regional managers and provided customized consulting to meet customer needs through collaboration with WM parts at branches and the headquarters.

Face-to-face and remote consult through video systems enhanced timely counseling and inflated customer satisfaction.

“We will actively utilize customized proposals that meet the needs of VVIP customers and make efforts to help the WM experts of the NH All100 Advisory Center sincerely service as a coordinator for customers,” said Sohn Byung-hwan, president of NH NongHyup Bank.

In September, NH NongHyup Bank held a launching ceremony for the Land Compensation Supporters, an organization dedicated to consulting on wealth management of customers who will receive land compensation, in September.

The organization is dedicated to consultation on land compensation within NH All100 Advisory Center. It offers all-in-one WM counseling in areas ranging from real estate and tax to financial products.

A total of 20 experts, including real estate experts, tax accountants and WM experts will provide financial solutions that can meet the diverse needs of customers receiving land compensation, ranging from the proper evaluation of land and land compensation and consulting on compensation and tax reduction strategies such as calculating and reducing expected capital gains tax, ways to utilize compensation funds after receiving them and recommending investment targets.

In addition, the bank plans to provide preferential interest rates to customers who deposit land compensation funds and provide benefits such as preferential bond discount rates in concert with NH Investment & Securities.

Meanwhile, NH NongHyup Bank announced on Nov. 10 that it signed a business agreement on financial support with the Korean Pharmaceutical Association at the Korean Pharmaceutical Association Building in Seocho-gu, Seoul on Nov. 9.

Through this agreement, NH NongHyup Bank will provide NH Medical Loan with a low interest rate and customized financial services exclusively for members of the Korean Pharmaceutical Association, while the Korean Pharmaceutical Association will post a message about NH Medical Loan on the Korean Pharmaceutical Association's website.

At the same time, NH NongHyup Bank agreed to form a strong cooperative relationship with the association.

NH Medical Loan targets hospitals, clinics, pharmacies and elderly care facilities among others.

NongHyup Bank holds an on-line seminar on the designing of retirement targeting its bank executives and staff memers who are going to retire from their career.