NH NongHyup Bank will expand preferential financing for companies moving into the Jeonnam-Gwangju Integrated Special City semiconductor cluster and step up efforts to foster local talent.

NH NongHyup Bank said on Sept. 22 it held talks with Mayor Min Hyung-bae (민형배) during a visit to the city’s Gwangju office on Sept. 21 and agreed to pursue comprehensive financial support for semiconductor cluster development and regional economic revitalisation.

The bank plans to introduce preferential financing measures for tenant firms in the cluster, including easing loan screening requirements and raising collateral recognition ratios. It also plans to provide tailored financial services for employees of tenant companies, including wealth management programmes.

It also delivered scholarships to foster local talent. The bank donated 300 million won in scholarships on the day to nurture future talent in semiconductors and artificial intelligence (AI).

The scholarships will be used to support the studies of local middle and high school students and university students. They will also be used to cultivate professional manpower in advanced industries such as semiconductors and AI.

NH NongHyup Bank President Kang Tae-young (강태영) said, "For the successful development of the semiconductor cluster and a leap forward for local industry, it is important to provide financial support to companies and foster local talent who will lead future industries." He added, "We will continue to expand support in finance and education."