NH Nonghyup Bank announced on Sept. 12 that it has officially launched Nonghyup Finance Cambodia, a subsidiary in Phnom Penh, Cambodia.
Nonghyup Finance Cambodia, which marks the bank‘s first overseas takeover, plans to expand its branch network based on the country’s three largest cities – Phnom Penh, Sihanoukville and Siem Reap – and begin extending mortgage loans and loans for small and medium enterprises in Cambodia.
At the inauguration ceremony, NH Bank CEO Lee Dae-hoon said, “Nonghyup Finance Cambodia will not only introduce an agricultural financial model to diversify products, like monthly installment plans for agricultural machines, but also carry out various projects to advance agriculture and microfinance in Cambodia, including agricultural and small business training programs. We will also make it a sound financial firm that mutually grows with the Cambodian community.” Lee met the governor of the National Bank of Cambodia to discuss collaboration plans before the ceremony.
At the meeting, Governor H.E. Chea Chanto expressed his hope that Nonghyup Finance Cambodia will be able to help the local agricultural and rural areas develop and farm households’ income increase in the future based on NH Bank’s expertise in agricultural finance as well as show a remarkable growth.