NH NongHyup Financial Group to Provide 500 Billion Won to Bank... "Expanding Productive Finance"

NH NongHyup Financial Group will provide 500 billion won to NH NongHyup Bank to support the bank's capital ratio management and expand productive financial support.

On May 29, NH NongHyup Bank announced that it had decided to conduct a paid-in capital increase, allocating all newly issued shares to NH NongHyup Financial Group, which owns 100% of the bank's shares, following a resolution by its board of directors.

The new shares consist of 9,615,384 common shares, with an issue price of 52,000 won per share. The record date for the allocation of new shares is June 15.

An official from NH NongHyup Bank stated, "The capital increase is aimed at establishing a foundation for sustainable growth by ensuring stable capital adequacy ratios," adding, "We expect it will strengthen our corporate lending competitiveness and expand the provision of productive financial funds."

Previously, the National Agricultural Cooperative Federation supported NH NongHyup Financial Group with 1.1709 trillion won through a paid-in capital increase.

It has been reported that NH NongHyup Financial Group is considering using the remaining funds to support other affiliates such as its securities firm.

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