Hanoi (VNA) - Kim Kwang-soo, chairman of the Republicof Korea-based Nonghyup Financial Group (NHFG), has proposed to supportAgribank in its equitisation.
The Vietnam Bank for Agriculture and Rural Development (Agribank)is preparing for equitisation in line with the Prime Minister’s decision.
The bank accounts for 50 percent of the rural credit marketin Vietnam with more than 43 billion USD worth of outstanding loans in 2018. Ithas 938 branches and 1,297 transaction offices along with 62 mobile banks and2,845 automated teller machines (ATM) in addition to 46 Autobank and 20,781point of sale (POS) locations nationwide.
Last year, it reached the highest-ever profit, at 330million USD, exceeding the yearly target by 32 percent.
Recently, Moody’s Investors Service has assigned first-timeBa3 deposit and issuer ratings to Agribank for its “significant progress incleaning up legacy problem assets in the last five years, with materialimprovements in the second half of 2018”.
NHFG, the fourth biggest financial institution in theRepublic of Korea, operates mainly in banking, investment, and insurance. Itconsists of seven subsidiaries, including the agricultural Nonghyup Bank, whichlaunched a representative office in Hanoi in 2013 and another in HCM City inNovember 2018. Its Hanoi branch was inaugurated in 2016.-VNA
VNA