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Nonghyup Financial Group to merge 50 outlets, streamline in 2H

Collected: 2016.07.15

Distributed: 2016.07.18

Source: Go Direct

South Korea’s national agricultural cooperatives Nonghyup Financial Group with deteriorating balance sheet because of exposures to financially-stressed shipping and shipbuilding companies plans to merge 50 outlets and cut other costs in the second half while reinforcing risk management.

Kim Yong-hwan, chief executive officer of Nonghyup Financial Group said on Tuesday at its corporate strategy meeting in Seoul that the management will embark on emergency management and cost-cutting endeavors. He will carry out “radical streamlining” to rationalize organization and manpower, and strengthen performance review.

Nonghyup plans to capitalize on it merits of a financial institution with retail business across the nation.

Kim lauded feat from equity investment and the pursuit of other resources for revenue in the first half. Nonghyup Financial Group together with its subsidiaries invested 270 billion won ($237 million) in a gas power plant in the United States, and acquired an office building within the Times Square shopping and office complex in southeastern Seoul.

By Park Yoon-ye

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