Nonghyup (National Agricultural Cooperatives Federation or NACF) is an umbrella organization for Korean agricultural cooperatives. The 1,159 primary member cooperatives represent over 2.4 million member farmers in Korea. NACF was founded in 1961 and provides supply, processing, marketing, and banking services through more than 4,000 branches. The company works in most agricultural sectors, but specializes in beef, pork and poultry products. Nonghyup operates a number of retail grocery stores called "Nonghyup Hanaromart" that sell fresh produce, fruit, beef, pork, and other food products. According to its own figures, Nonghyup provides about 50% of rural food marketing in South Korea. Nonghyup is the sister organization to Su-hyeop (the National Federation of Fisheries Cooperatives), a similar cooperative federation. Nonghyup was ranked fourth among the 300 largest cooperative organizations in the world. Among marking & supplies organizations, Nonghyup is ranked No.2 after Jaspan's JEN-NOH.
In March 2012, NACF separated operations for its NongHyup Financial and NongHyup Agri-business sectors and NongHyup Financial Group (NHFG) and NongHyup Agribusiness Group were established. In April 2014, NongHyup Financial Group completed acquisition of the brokerage units of Woori Financial Group. By acquiring Woori Investment & Securities, Woori Aviva Life Insurance and Woori Financial Savings Bank, NHFG has become the fourth-largest player in industry. As of December 31, 2013, the Group had total assets of about $279 billion.
NongHyup Bank (NH Bank), founded in 2012, is a subsidiary of NongHyup Financial Group Inc, which, in turn, is wholly owned by NACF. The Bank has about 1,200 branches and offers commercial banking services for its member cooperatives as well as retail banking for consumers and individuals in South Korea. As of December 31, 2012, NH Bank had total assets of approximately $180 billion.
NongHyup Financial Group subsidiaries:
Nonghyup Life Insurance Co., Ltd
Nonghyup Property & Casualty Insurance Co., Ltd
NH-CA Asset Management Co., Ltd
NH Nonghyup Investment & Securities Co., Ltd.
NH Nonghyup Investment & Futures Co., Ltd.
NH Capital Co., Ltd.
Bldg. Saemunan-ro 16,
Chung-gu, Seoul, Korea
Nonghyup Bank head office:
120, Tongil-ro, Jung-gu
NongHyup Financial Group Inc
16, Saemunan-ro, Jung-gu
Seoul, South Korea
Phone: 82 2 2080 5114, 7114
|United States||USA Representative Office (Non-Banking Office)
17785 Center Court Drive Suite #360 Cerritos, CA 90703
New York Representative Office (Banking Office)
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