On March 15, NH NongHyup Bank signs a business agreement on expanding the diffusion of electric vehicles with Jeju Special Self-Governing Province. From left are Kang Seung-pyo, head of NH NongHyup's Jeju Regional Headquarters, Won Hee-ryong, governor of Jeju Special Self-Governing Province, Kwon Joon-hak, president of NH NongHyup Bank and Moon Sang-chul, head of NH NongHyup Bank's Jeju Sales Division. (Photo: NH NongHyup Bank)

NH NongHyup Bank announced on March 19 that it will join the Equator Principles (EPs) to protect the environment and actively respond to climate change.

The Equator Principles (EPs) is a risk management framework adopted by financial institutions for determining, assessing and managing environmental and social risk in projects.

Financial institutions which signed up for the EPs do not provide funding for projects worth more than $10 million that do harm to the environment or violate human rights of local residents.

Currently, 116 major global banks from 37 countries around the world are participating in the EPs movement.

NH NongHyup Bank discussed matters related to joining the EPs in a meeting of the Environmental, Social and Governance (ESG) Promotion Committee on March 17. It will make an announcement for consulting as a follow-up measure in March.

The ESG Promotion Committee of NH NongHyup Bank was established as the control tower of NH NongHyup Bank's ESG management after a restructuring of ESG-related organizations in the second half of 2020. The participants also checked the status of NH NongHyup Bank’s ESG promotion.

NH NongHyup Bank has been making great strides in ESG management by participating in the K-RE100 for the use of 100 percent renewable energy and submitting an application for K-EV100 to the Ministry of Environment for a 100 percent conversion to electric vehicles and hydrogen cars.

“In 2021, the roles of banks really matter for carbon neutrality in 2050 as 2021 is the first year of Paris Agreement implementation,” said a representative of NH NongHyup Bank. “We will take the lead in creating a sustainable Korea through ESG management.”

In a related development, NH NongHyup Bank signed a business agreement on cooperating in the supply of electric vehicles with Jeju Special Self-Governing Province on March 15.

Under this agreement, NH NongHyup Bank will develop financial services to expand the supply of electric vehicles and induce a conversion to electric vehicles for business activities in Jeju.

NH NongHyup Bank has launched the “NH Simple Auto Loan,” which can give a 0.3 percent preferential interest rate to those who buy electric vehicles.

The lender also plans to gradually expand the use of electric vehicles by assigning the first electric vehicle to Jeju Court Branch of NH NongHyup Bank in Jeju.

In addition, NH NongHyup Bank is preparing measures to allow Jeju residents to receive additional financial benefits when purchasing electric vehicles.

Meanwhile, NH NongHyup Bank plans to implement various eco-friendly projects such as spearheading NH climate action campaigns, replacing old lights with eco-friendly LED lights, and realizing paperless offices in accordance with NongHyup Financial Group’s plan to promote ESG's management vision.

“We are happy to contribute to transforming Jeju Island into a carbon-free island, as a leading bank in green finance,” president Kwon said.

“NH NongHyup Bank will steadily make efforts to work with the Jeju Special Self-Governing Province in creating a clean and beautiful Jeju.”

Meanwhile, NH NongHyup Bank announced on March 22 that it will hold the “New Start, Hopeful New Semester” Event for subscribers of savings for apartment applications from Feb. 22 to April 30 to mark the 60th anniversary of NongHyup (the National Agricultural Cooperative Federation in Korea).

This event will give prizes to 2,021 applicants, wishing them happiness in the new year of 2021. It will be held in three ways.

 
The first is the Hopeful New Semester Event for those seven to 18 years old. Those between 19 and 34 years of age can apply for the Youth Support Event. NH NongHyup Bank will give a wide array of prizes such laptops and wireless earphones to those applied for the two events by drawing lots.

The third event is the Cheer Up! Korea Event which will give fried chicken gift certificates.

“We achieved five million subscriptions to savings for apartment applications in 2020 thanks to strong support from customers so we deeply appreciate it,” an NH NongHyup Bank official said.

“Many people are going through tough days due to COVID-19, but I hope that savings for apartment applications will help our customers buy their houses and overcome difficult times.”