NH Nonghyup Financial Group said on March 16 it is pushing to establish the "Nonghyup Financial Marine and Aviation Industry Comprehensive Support Center" to strengthen support for the marine and aviation industries in the southeast region (Busan, Ulsan and South Gyeongsang) in line with the government's "five poles, three special" balanced national growth policy.

The center will be set up in Changwon, South Gyeongsang, in April as a group-wide base for financial support responding to the government's drive to foster the southeast's marine and aviation industries and related upstream and downstream industries.

NH Nonghyup Financial plans to build an affiliate cooperation system at the center, spanning banking, non-life insurance, securities, capital and venture capital, and provide integrated financial services. It aims to use the center as key infrastructure to support growth in the southeast's GRDP.

Under the plan, the bank will handle lending and foreign exchange, while the non-life insurer will provide ship and cargo insurance. The securities unit will support corporate bond issuance, IPO underwriting and corporate finance, while the capital unit will provide lending and industrial equipment leasing. The venture capital unit will make equity investments in innovative growth companies.

The group plans to provide 5 trillion won to the industries and the region over the next 5 years. It said it will review financial support models tailored to the characteristics of each region under the five poles, three special framework, starting with the establishment of this center, and aims to contribute to strengthening national industrial competitiveness.

Lee Chan-woo (이찬우), chairman of NH Nonghyup Financial Group, said the center is a pre-emptive and essential measure for the group to comprehensively realise not only the five poles, three special balanced development policy but also the fostering of advanced industries through productive finance.