(image: Nonghyup Financial Group)
SEOUL, Nov. 24 (Korea Bizwire) — Nonghyup Financial Group Inc., a major South Korean financial holding firm, said Friday it will ramp up efforts to expand its presence in Indonesia and other Southeast Asian countries.
Nonghyup Financial Group said it will actively push to make forays into Indonesia in an effort to secure a foothold in banking and consumer finance services in the large potential market.
In Vietnam, Nonghyup Financial plans to join with local financial groups and cooperatives as part of efforts to start nonbanking services, such as nonlife insurance, farm machinery leasing and microfinancing.
The financial group said it will zero in on microfinancing and farm machinery leasing in Myanmar and Cambodia. In China, it will expand cooperation with Gongxiao Group into banking, nonlife insurance and microfinancing.
With its push into Southeast Asia and China, Nonghyup Financial said it is aiming to raise the portion of its overseas business to around 10 percent in 2022 from the current 3 percent.
Nonghyup is an agricultural cooperative whose key stakeholders include farms and other agricultural businesses. In addition to its flagship banking unit Nonghyup Bank, the group also has securities firms and asset managers under its wing.
(Yonhap)
