The Nonghyup Bank from South Korea commenced its commercial operations in India with the opening of the country’s first branch in Noida in July 2023. With this, Nonghyup Bank now operates 11 overseas branches in 8 countries. It opened its branches in Hong Kong, Beijing, and Sydney last year.
A grand opening ceremony was held at the Jaypee Greens Resorts in Greater Noida on 13 July, in the presence of Mr. Siddharth Nath Singh, Member of Parliament and former MSME Minister of Uttar Pradesh, Mr. Chang Jae-Bok, Ambassador of the Embassy of the Republic of Korea in India, Mr. Park Euy-don, Chairman of the United Korean Association in India, Mr. Kim Yong-Gi, Vice President of NH Nonghyup Financial Group, Dr. U.S. Awasthi, MD &CEO, Indian Farmers’ Fertilizer Cooperative (IFFCO), Mr. Sohn Myung-sik, CEO, KIA Motors, and Mr. Hong Sung-chang, MD, NH Nonghyup Bank, India.
In March 2022, the bank obtained in-principle approval from the Reserve Bank of India (RBI) for establishing its first branch in India – in Noida, Uttar Pradesh. According to the bank officials, the new branch was opened to prepare a foothold for entering the Southwest Asian market and to promote business expansion centred on corporate finance services.
Mr. Kim Yong-Gi said, “India is a market with unlimited development potential with a population of 1.3 billion people and infrastructure.”
From the ICA-AP Regional Office, Mr. Balu Iyer, Regional Director and Mr. Kukbhushan Kukreja, Director – Admin & Finance attended the opening ceremony. In his tweet, Mr. Iyer wrote, “Pleasure to attend the launch of first Nonghyup Bank #Korea in #India. Speaking at the opening @drusawasthi said @IFFCO_PR and NACF share much in common – top 300 #cooperatives, goal of farmer interest, passion for innovation, & part of @icacoop ICA! Wish NH Bank all success!”
Article source: https://www.asiancommunitynews.com/korean-nh-nonghyup-bank-commences-its-india-operations-opens-its-first-branch-in-gr-noida/
