NH NongHyup Bank opens 1st European branch to boost global biz

Kang Tae-young, CEO of NH NongHyup Bank, delivers a welcoming speech during the opening ceremony of the bank’s London branch, Friday. Courtesy of NH NongHyup Bank

NH NongHyup Bank opened a branch in London, marking its first location in Europe, the lender said Sunday.

The opening ceremony was held Friday with about 130 attendees, including company CEO Kang Tae-young, Lord Mayor of London Alastair King and Han Seung-ho, Korea’s acting consul general in the city.

The bank had been preparing for the branch since establishing a London office in 2021. It received regulatory approval in July this year and officially began operations on July 15.

The company said it aims to use its London branch as a gateway to expand corporate and investment banking services across Europe, the Middle East and Africa.

The branch will also serve Korean companies operating in Europe, as well as local firms seeking stronger financial ties with Asia.

“I deeply appreciate the dedication of our employees who contributed to the successful opening of the London branch,” Kang said. “We will grow it into a strategic hub for advancing NongHyup Bank’s global IB (investment banking) business.”

With the addition of the London branch, the bank now operates seven overseas branches, including in New York, Sydney, Hong Kong, Beijing, Hanoi and the Indian city of Noida.

It also runs subsidiaries in Cambodia and Myanmar.