Lee Sung-hee (left, first row), chairman of National Agricultural Cooperative Federation, the parent company of NongHyup Financial Group, Chang Man-hee (right, first row), commissioner of the Korean Salvation Army and NongHyup Bank CEO Son Byung-hwan (left, second row) deliver agricultural products to low-income households in farm villages in Goyang, Gyeonggi Province, May. (NongHyup Bank)
As South Korea’s largest agricultural bank, NH NongHyup has played a key role in supporting local communities that have been hit hard by the prolonged coronavirus crisis with a series of vibrant social contribution activities throughout the year.
So far, the key affiliate of NH NongHyup Financial Group spent more than 1 trillion won ($903 million) on its social contribution activities and programs, the largest amount among major lenders here.
The lender has put more money than any other bank toward social contributions for seven years running, NH NongHyup officials said. It has spent an average of 100 billion won a year to support the local communities, they added.
Staying true to its identity, the bank has worked to help the virus-battered farms ever since the first spike of COVID-19 infections swept the nation in February. It launched a series of online campaigns to promote sales of farm products via social media platforms like Facebook and Instragram. Collaborating with the Salvation Army, it also purchased agricultural products from beleaguered farms and delivered them to low-income households.
At the same time, the agricultural bank spent more than 1.5 billion won on supplying emergency relief goods, including quarantine essentials such as face masks or hand sanitizers, groceries and household medicines, to both medical staff and vulnerable groups.
Along with its COVID-19 responses, the lender has ramped up its regular staff volunteering to short-handed farm villages as well as financial education programs for teenagers and senior citizens.
In recognition of its efforts, NH NongHyup won a grand prize at the 14th annual Social Contribution Awards last year from the Korean non-profit organization the Social Contribution Foundation.
By Choi Jae-hee (email@example.com