NH Financial chief tasked with tackling COVID-19 challenges

NongHyup Financial Group Chairman Kim Gwang-soo / Courtesy of NongHyup (NH) Financial Group

Kim reappointed to serve second term for one more year

By Anna J. Park

As NongHyup (NH) Financial Group's Chairman Kim Gwang-soo, 63, comes to serve another term, he faces a greater challenge of leading the group's growth in a difficult time of COVID-19.

To weather challenges triggered by the novel coronavirus pandemic and ensure sustainable growth, he is tasked with building speed and agility in the group's two key initiatives ― digitization and globalization.

The group's shareholders' meeting Friday approved Chairman Kim's consecutive term for one more year. His other term was much expected among financial pundits, as he has been leading an over 40-percent increase in the financial group's annual net profits for two consecutive years, since he took the helm in April 2018.

Under Kim's leadership, the group posted an all-time high net profit of 1.77 trillion won in 2019, up 46 percent from the previous year following net profits of 1.21 trillion won ($1.05 billion) in 2018.

He has also secured a solid foothold for the growth momentum of future generations, as he focused on strengthening digitalization and global expansion of the financial group.

“NongHyup Financial Group faces mounting tasks of improving financial soundness against the backdrop of the global pandemic crisis, as well as completing digitization and expanding global businesses,” the financial group said in a press release.

“The group decided that Chairman Kim Gwang-soo is the most qualified person to assume the tasks, as he has successfully led the group for the past two years with clear strategies and directions.”

As the profitability of the financial institutions in the nation is being threatened amid COVID-19 and low interest rates, Kim's risk management skills and excellent leadership is required more than ever to maintain sustainable growth of the group.

In particular, given that the group is controlled by the National Agricultural Cooperative Federation (NACF), which owns 100 percent of equities as the sole shareholder of the group, the group is tasked with actively supporting the agricultural households, which face difficulties due to the pandemic crisis.

Kim graduated from Seoul National University with a major in economics. He passed the Higher Civil Service Examination in 1983, assuming various key roles at the Financial Services Commission (FSC) as a financial expert. He also served as an advisor at Yulchon LLC before he became the Chairman at the NongHyup Financial Group in April 2018.