Lee Seok-yong, president of NongHyup Bank, presented his management direction to fulfill the role of a cooperative profit center, calling on executives and employees' extraordinary determination to overcome internal and external crises.
At his inauguration ceremony on Jan. 4, President Lee also said he would put trust-based management before anything else, and emphasized that the bank should earn trust from customers.
First of all, Lee emphasized the five keywords that executives and employees should follow in order to overcome a crisis.
The five are customer satisfaction, a focus on the field, market situations, cost effectiveness and enterprise spirit. Lee asked employees to become an attractive bank that customers want to use through this.
In addition, Lee presented NongHyup Bank’s management focus points for 2023 in line with NongHyup Bank’s vision of “100 Years Together with NongHyup Bank and Number One Korean Bank Supported by Customers.”
The focus points are developing and advancing NongHyup Bank’s specialties; securing future competitiveness through digital innovation; strengthening responses to crises through sophisticated risk management; expanding profits in the non-interest sector by strengthening synergies between internal and external businesses; and management earning trust from customers.
Lee Seok-yong quoted a line from the popular Korean film “Myeongnyang,” saying “Big fear can turn into big courage.”
“All NongHyup Bank employees should unite while making every effort to accomplish something meaningful in order to make NongHyup Bank a sustainable ban,” he said.
After the inauguration ceremony, President Lee visited the sales department of NongHyup Bank’s Headquarters in Seoul.
President Lee’s Lecture and Visit
NongHyup Bank announced on Jan. 15 that President Lee gave a special lecture to new employees as his first step after taking office and visited the Gwangbok Agricultural Cooperative in Cheongju, North Chungcheong Province on Jan. 13.
In this special lecture at the NongHyup Cheongju Human Resources Development Center, Lee emphasized the importance of the keywords that employees should focus on.
Lee also requested them to work with the identity of NongHyup Bank.
Subsequently, Lee visited the Gwangbok Agricultural Cooperative in Cheongju, North Chungcheong Province and listened to the opinions of those in the field.
The Gwangbok Agricultural Cooperative is a small and medium-sized business recognized for outstanding technology. It was selected for a high-quality rice distribution activation project by the Ministry of Agriculture, Food and Rural Affairs in 2022.
“I support small and medium-sized enterprises that continue to grow based on differentiated technology despite difficult conditions at home and abroad,” Lee said.
Lee added that NongHyup Bank would ramp up support for agro-food companies and investment in the biotech and environmental industries.
MOU with Korea Forest Welfare Promotion Agency
NongHyup Bank announced that it signed a business agreement for mutual cooperation in ESG management for sustainable growth with the Korea Forest Welfare Promotion Agency on Jan. 19.
By inking this agreement, NongHyup Bank and the Korea Forest Welfare Promotion Agency will actively promote ESG management cooperation and projects to expand forest welfare services by utilizing networks by sharing their resources information and networks.
NongHyup Bank plans to run a forest healing program for the socially marginalized by utilizing the National Forest Healing Center and seven forest bath centers run by the Korea Forest Welfare Promotion Agency.
“I hope that the socially underprivileged will enjoy experiencing the natural elements of forests and heal their tired minds and bodies through this business agreement.” a NongHyup Bank official said.