NH NongHyup Financial Group has launched an 'NH Financial Hub' in North Jeolla Special Self-Governing Province, bringing together the financial capabilities of its affiliates including banking, insurance, securities and asset management.

NH NongHyup Financial said on Sept. 1 it launched the NH Financial Hub to strengthen support for North Jeolla Special Self-Governing Province in line with the government's '5 poles and 3 special zones' national balanced growth policy.

The NH Financial Hub will establish a cooperation system among NongHyup Financial affiliates including banking, insurance, securities, asset management, capital and venture investment. It plans to provide comprehensive financial services needed by future strategic industries and companies in the North Jeolla region.

NongHyup Bank will handle corporate lending and investment and consulting for agri-food companies. Insurance will handle corporate insurance, securities will handle corporate finance, and venture investment will handle identifying and investing in innovative companies. The plan is to link the capabilities of each affiliate to provide one-stop financial support for companies.

NH-Amundi Asset Management will open an office in Jeonju and expand cooperation with the National Pension Service. It will sign an industry-academia cooperation agreement with Jeonbuk National University and provide a 100 million won scholarship to foster advanced strategic industries and convergence talent. It also plans to run financial education and youth internship programmes.

It will also expand the supply of funds to local companies. NongHyup Bank plans special contributions of 1.7 billion won to the Jeonbuk Credit Guarantee Foundation and 1.0 billion won to the Korea Technology Finance Corporation following the launch of the NH Financial Hub.

NH NongHyup Financial plans to additionally review financial support models tailored to regional characteristics under the 5 poles and 3 special zones framework, starting with the North Jeolla NH Financial Hub.

Lee Chan-woo (이찬우), chairman of NH NongHyup Financial, said, "The NH Financial Hub is a comprehensive financial infrastructure that brings together the specialised capabilities of NongHyup Financial affiliates to provide financial solutions for North Jeolla Special Self-Governing Province's future strategic industries."