NH Financial aims to increase overseas assets to 6 trillion won by 2025

NongHyup Financial Group Chairman and CEO Kim Gwang-soo speaks during a 2020 global strategy meeting held at the headquarters in central Seoul, Tuesday. / Courtesy of NongHyup Financial Group

By Anna J. Park

NH NongHyup Financial Group aims to increase its overseas assets to 6 trillion won ($5.08 billion) by 2025 in a bid to become a leading financial player in Asia, the group said Wednesday.

It also set a goal of raising net profits to 160 billion won by expanding its overseas foothold, particularly in Asia.

Under the new plan, the group plans to expand the number of foreign branches to 28 in 13 countries, up from the current 16 branches it manages in 9 countries. Currently, the group's total overseas assets stand at 1.35 trillion won while annual net profits total 28.9 billion won.

The five-year plans were announced during the NongHyup Financial Group's 2020 global strategy meeting held at its headquarters in Seoul, Tuesday.

CEOs and key executive directors of the group's subsidiary institutions, including NongHyup Bank, NH Investment & Securities and NH-Amundi Asset Management, were all in attendance.

During the meeting, the leaders declared four key values that the financial group will focus on for the next 10 years to become Asia's leading co-op financial group ― namely, differentiation, glocalization, digital innovation, and social values.

With such values in mind, the group also announced three specific execution strategies to achieve its vision ― expanding Asia-centered networks; strengthening global IB; and innovative digital transformation.

NongHyup Financial Group Chairman Kim Gwang-soo said that the group will pursue sustainable growth in global expansion.

“NongHyup's global business should seek after solid and stable growth, rather than hasty expansion focusing on short-term outcomes,” Kim said.

“We should mark this year as a turning point for taking a giant step forward towards global growth,” he added.

NongHyup Financial Group CEO Kim Gwang-soo, center, poses with heads of the group's subsidiaries after a 2020 global strategy meeting held at the headquarters in central Seoul, Tuesday. From left, NH-Amundi Asset Management CEO Bae Young-hoon, NH Life Insurance CEO Hong Jae-eun, NH Bank CEO Lee Dae-hoon, NongHyup Financial Group CEO Kim Gwang-soo, NH Property & Casualty Insurance CEO Choi Chang-su, NH Investment & Securities CEO Jeong Young-chae, NH Capital CEO Lee Koo-chan, and NongHyup Financial's Business Strategy Group Head Kim Hyung-shin / Courtesy of NongHyup Financial Group