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NH Nonghyup Bank Spends Largest CSR Expenditures in Banking Industry
For 6 Straight Years
NH Nonghyup Bank Spends Largest CSR Expenditures in Banking Industry
  • By Lee Song-hoon
  • July 25, 2017, 02:30
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NH Nonghyup Bank President Lee Kyung-seop and its employees’ volunteer group are flying an airplanes of wishes with foreigners working at farming villages.
NH Nonghyup Bank President Lee Kyung-seop and its employees’ volunteer group are flying an airplanes of wishes with foreigners working at farming villages.

 

According to the 2016 Banks’ CSR Activities Report released by the Korea Federation of Banks (KFB) on July 24, NH Nonghyup Bank has spent 92.3 billion won (US$82.78 million) on corporate social responsibility (CSR) activities last year, the highest figure in the banking industry.

Despite difficult management conditions last year, including restructuring in the shipbuilding and shipping industries, NH Nonghyup Bank took the lead n the sharing management. Accordingly, the bank has topped the list for six years in a row from 2011.

By sector, NH Nonghyup Bank spent 57.1 billion won (US$51.21 million) in community and public service areas, 10.7 billion won (US$9.6 million) in small-loan finance, 16.8 billion won (US$15.07 million) in scholarship and education, 7.4 billion won (US$6.64 million) in mecenat and sports and 200 million won (US$179,372) in environment.

In addition, its employees’ volunteer services play a vital role in the bank’s sharing management. About 132,000 employees participated in 5,700 community service activities in 2016 alone and nearly 13,000 executives took part in community service activities more than once a month.

NH Nonghyup Bank has provided financial education programs for youth through “Happiness Fulfillment Finance Class” from 2012. The bank is also affiliated with 946 schools, the largest amount in the banking industry, as it has actively participated in affiliation with schools according to “One Company One School Affiliation” policy implemented by the Financial Supervisory Service (FSS) in 2015.