Nonghyup Bank is a South Korean bank that was founded in 1961 as a cooperative bank for farmers. It has since grown into a major financial group.
The bank's name, Nonghyup, literally means "cooperative bank" in Korean. This name reflects the bank's origins as a cooperative organization for farmers.
Nonghyup Bank is headquartered in Seoul, South Korea, and has a large network of branches and ATMs across the country. It offers a wide range of financial services to its customers.
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History of Nonghyup Bank
Nonghyup Bank has a rich history that spans over a century. It was established in 1907 as a financial association.
In 1958, the Agricultural Bank was launched based on financial cooperatives. This marked a significant milestone in the bank's development.
The bank underwent a major transformation in 1961 when it merged with Nonghyup and separated its urban branch into the Small and Medium Business Bank.
Here's a brief timeline of the bank's major milestones:
In 2000, the bank underwent another significant change with the merger of three major agricultural cooperatives. This move further solidified the bank's position in the industry.
Nonghyup Bank Services
Nonghyup Bank offers a wide range of services to cater to the diverse needs of its customers. Its services include loans, deposits, and credit cards, making it a one-stop-shop for all financial needs.
With over 1,000 branches across South Korea, Nonghyup Bank provides convenient access to its services. Customers can easily visit a branch near them to open an account, apply for a loan, or make a deposit.
Nonghyup Bank also offers online banking services, allowing customers to manage their accounts and conduct transactions from the comfort of their own homes. This convenient service saves time and effort for customers.
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Mobile Banking
NH Nonghyup Bank's mobile banking service, All One Bank, has gained popularity with over 460,000 subscribers as of the end of 2016.
The service offers convenience features such as registration through another bank's account and a big letter remittance service for senior citizens.
One of the unique aspects of All One Bank is its openness through active partnership with fintech firms, allowing for a seamless user experience.
All One Bank also provides real-life products such as travel packages and auto loan packages, making banking more accessible and practical.
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In the second half of the year, NH Nonghyup Bank plans to release the global version of All One Bank, expanding its reach beyond Korea's borders.
The bank has already taken steps towards global expansion by opening a branch in Vietnam and exploring business tie-ups with local companies to launch the Vietnamese version of All One Bank service.
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Banking Fees
Banking fees can be a real headache, but don't worry, I've got the scoop on Nonghyup Bank's fees.
You'll be happy to know that the monthly service fee is always free, so you won't have to worry about any surprise charges.
Transferring money within the bank is also a breeze, as online and smartphone transfers to NH Nonghyup Bank accounts are free, regardless of the account holders and branches involved.
However, interbank transfers do come with a fee of 500 KRW, so be sure to plan accordingly.
Automatic interbank transfers are a bit cheaper, with a fee of 300 KRW.
If you're planning to send money internationally, be aware that there are fees for offline transfers, ranging from 5,000 KRW for transfers up to 500 USD, to 25,000 KRW for transfers over 20,000 USD.
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Nonghyup Bank Information
Nonghyup Bank is a subsidiary of NongHyup Financial Group. Nonghyup Bank is located at 120, Tongil-ro, Jung-gu, Seoul, 100-151, Korea.
You can visit the Nonghyup Bank website at banking.nonghyup.com for more information.
Nonghyup Financial Group
Nonghyup Financial Group is a significant player in the industry, with a long history dating back to 2012 when it separated operations for its NongHyup Financial and NongHyup Agri-business sectors.
As of June 30, 2017, the Group had total assets of 381.6 trillion won (US$333 billion). This impressive figure highlights the Group's financial stability and growth.
Nonghyup Financial Group has a diverse range of services, including deposit and loan products, mortgages, life, property, and casualty insurance, asset management, and more.
The Group acquired Woori Investment & Securities, Woori Aviva Life Insurance, and Woori Financial Savings Bank in April 2014, becoming the fourth-largest player in the industry.
Nonghyup Financial Group's subsidiaries include Nonghyup Bank, Nonghyup Life Insurance Co., Ltd, and NH-CA Asset Management Co., Ltd, among others.
The Group's main office is located at 16, Saemunan-ro, Jung-gu, Seoul, Korea, and can be reached at phone number 82 2 2080 5114 or 7114.
Nonghyup Financial Group Inc's website is www.nhfngroup.com, providing easy access to information and services.
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Frequently Asked Questions
What is the English name of NongHyup Bank?
The English name of NongHyup Bank is NongHyup Bank. It was previously known as the National Agricultural Cooperative Federation.
Who owns NongHyup Financial Group?
NongHyup Financial Group is owned by the National Agricultural Cooperative Federation, which holds 100% of its shares. This ownership structure allows for close ties with the government.
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