Nonghyup (NH) Bank, with 100 percent South Korean capital, contributes its entire revenue to its customers, farmers, and local society, the bank said.
According to the “2013 banks social contribution report” published by the Korea Federation of Banks (KFB), NH Bank’s social contributions in 2013 were 100 million won (US$92,260), which is the largest in the banking sector, NH Bank said. Not only has NH Bank been ranked first since 2011, but also ranked first for the sum of social contributions for eight years from 2006 to last year, of which the sum is 930 billion won (US$858 million), the annual average of which is 116 billion won (US$107 million), it said.
Over 50 percent of NH Bank’s social contributions is focused on local communities, especially disadvantaged classes, the bank said. The bank also supports the education and culture sectors and local festivals, it said.
The volunteering groups of NH Bank staff, allocated to 157 counties, support foreign agricultural workers and social welfare institutions and provide rice, kimchi, and free food, the bank said.
A total of 669 employees of NH Bank also provide free finance education, called “NH being happy finance class,” to financially disadvantaged multicultural families, escapees from North Korea, adolescents, and old people over the whole country, the bank said. The class advises retirement planning to seniors as well as hobby activities, the bank said. The class provides financial education as well as leadership, career, and school violence prevention educations. For multicultural or disadvantaged families, it provides Korean language education, Korean culture, and etiquette, and financial education, the NH Bank said.
This year, the NH Bank plans to increase the number of volunteering staff to 1,000 and set up 17 NH Adolescent financial education centers throughout the country, having provided 1,314 tailored financial education courses in total to 79,000 people in 2014, the bank said.
Kim Ju-ha, CEO of NH Bank, said that the bank will continue to provide social contributions.