NH NongHyup Financial Group will build a groupwide comprehensive financial support system to back strategic industries in North Jeolla province. In line with the government's "5 poles, 3 special zones" national balanced growth policy, it selected North Jeolla as its second theme region after the southeast and plans to support the agrifood, physical AI and renewable energy industries.

NH NongHyup Financial said on June 28 it will launch an "NH Finance Hub" in the third quarter, along with opening an NH-Amundi Asset Management Jeonju office, and begin full-scale financial support for North Jeolla.

The NH Finance Hub will be operated by adding asset management functions to existing NongHyup Financial infrastructure in North Jeolla, including banking, life insurance, non-life insurance and securities, to build a comprehensive financial services system.

The support will focus on North Jeolla's key industries of agrifood, physical AI and renewable energy. NongHyup Financial plans to link corporate finance, investment, insurance and asset management support through cooperation among key affiliates such as banking, insurance, securities, asset management and venture investment.

The bank will expand corporate finance support through special contributions to North Jeolla guarantee institutions. The non-life insurer will broaden corporate insurance, and the venture investment arm will work to discover innovative companies. Asset management will seek to boost synergies with affiliates in North Jeolla through the Jeonju office and also pursue participation in National Pension Service-related businesses.

It will also strengthen support for agrifood companies. Through its agrifood company support program, the "K-Food Scale Up Program", NongHyup Financial plans to expand related funds to 1 trillion won over the next 5 years and provide funding support and preferential interest rates.

Lee Chan-woo (이찬우), chairman of NH NongHyup Financial, said, "North Jeolla is a new hub of finance in South Korea," adding, "We will bring together the capabilities of our affiliates so that North Jeolla can leap forward to become a key center of finance and industry."