Kang Ho-dong, chair of the National Agricultural Cooperative Federation — South Korea’s largest cooperative and the parent of NongHyup Financial Group — visited New York this week to inspect the group’s financial operations, signaling renewed efforts to expand its global footprint.
The trip on Wednesday marked Kang’s first overseas inspection since taking office in January 2024. He received performance briefings at NongHyup Bank’s New York branch and NH Investment & Securities’ local unit, the group said in a statement.
New York is a key foothold for the group’s US strategy. NongHyup Bank’s branch, opened in 2013, has focused on corporate and trade finance and now plans to diversify into blue-chip assets and broaden its local funding base. NH Investment & Securities’ New York operation, active since 1992, is also seeking growth by acquiring new licenses and enhancing its brokerage infrastructure to tap deeper into the US market.
The visit reflects NongHyup’s ambition to transform its New York units into a profit center for global business. The group is weighing the entry of additional financial subsidiaries into the city as it further accelerates US expansion.
During his visit, Kang called on local employees to strengthen collaboration between banking and securities units, while expanding on regional networks and business models to drive stable, profitable growth.
Meanwhile, NongHyup Bank, the group’s flagship unit and Korea’s fifth-largest commercial lender, has been accelerating its global push lately. It aims to generate 100 billion won ($70 million) in annual net profit from overseas operations by 2030. Though still lagging behind peers in total offshore earnings, in 2024, it posted the fastest on-year growth among the top five, with overseas profit soaring 80 percent to 27.7 billion won.
