APRA grants South Korea’s NongHyup Bank an ADI licence

  • By Zilla Efrat

South Korea’s NongHyup Bank, which specialises in agricultural and commercial credit and banking services, has been granted a licence to operate as a foreign authorised deposit-taking institution in Australia by the Australian Prudential Regulation Authority.

Headquartered in Seoul, the bank has reportedly been planning to open a branch in Sydney in order to speed up its overseas expansion as a part of an ambitious plan to operate in over 12 countries by 2025.

It already operates in the United States, India, Vietnam, China, Cambodia and Myanmar.

In May 2021, NH NongHyup Bank was granted a license to operate a branch in Hong Kong. And in August last year, the bank opened a branch office in London.

It also has a representative office in Beijing.

The bank started out in 1961 as the integrated national agricultural cooperative association, formed via a union between an agricultural bank and an agriculture cooperative. It is now one of South Korea’s five major banks.