Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
NH Bank to open Sydney branch in Q3 this year
NH Nonghyup Bank's global business head Kim Yong-ki, right, stands next to Investment NSW's Senior Trade and Investment Commissioner Michael Newman at the headquarters of the bank in Seoul, Monday. Courtesy of NH NongHyup Bank
By Anna J. Park
By Anna J. Park
NH Nonghyup Bank is planning to open a branch in Sydney, Australia, accelerating its overseas push as a part of an ambitious plan to operate in over 12 countries by 2025.
According to NH Nonghyup Bank, it is planning to open the Sydney branch in the third quarter of this year. Currently it is applying for a permit from the Australian government, after receiving preliminary authorization last March.
In order to discuss NH Nonghyup Bank's Sydney operation, Nonghyup Bank's global business chief Kim Yong-ki held a meeting at the bank's headquarters in central Seoul earlier this week with Michael Newman, senior trade and investment commissioner of the provincial government agency Investment NSW. The Australian Trade and Investment Commission's (Austrade) Seoul Trade Commissioner Ronald Green also attended the meeting.
During the meeting, Kim called for Investment NSW's close cooperation, so that the bank's Sydney branch could engage in various infrastructure investment opportunities later this year.
According to NH Nonghyup Bank, the Australian investment officials promised support for the bank's Sydney operation. They also discussed mutual cooperative measures in ESG-principled investments over diverse sectors, such as agriculture and renewable energy.
NH Nonghyup Bank plans to expand to over 12 countries by 2025. Currently, the bank has 10 branches in seven countries, such as the U.S., Myanmar and Cambodia. The bank also operates five regional offices, including in Beijing, New Delhi and London. The bank hopes that the successful establishment of the Sydney branch will accelerate the launch of branches in India, Vietnam and Hong Kong as well as other countries.
Despite the pandemic, local banks are turning their eyes overseas, focusing mostly on Southeast Asian countries. While the number of their overseas operations have been dropping in recent years, their profits from these operations have been growing steadily.