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NongHyup Bank sets sights on Vietnam, Indonesia as part of expansion strategy

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NongHyup Bank sets sights on Vietnam, Indonesia as part of expansion strategy

South Korea's NongHyup Bank has identified Vietnam and Indonesia as high-growth markets as part of its two-track strategy to further expand its presence in Southeast Asia, The Korea Times reported May 12, citing Lee Dae-hoon, the bank's CEO.

The bank is looking to set up a Southeast Asia base in Vietnam, where it has converted its representative office into a branch. The bank seems Indonesia as a long-term perspective and will pursue acquisitions there if it finds attractive targets, Lee said.

As part of the strategy, the bank has categorized Cambodia and Myanmar as its high-potential markets. The bank said it will boost its microfinancing operations in Cambodia and Myanmar. It acquired SAMIC Ltd. in 2018 and renamed it Nonghyup Finance Cambodia. Its plans to convert the company into an agricultural lender over the next five years, Lee noted.

Further, NongHyup Bank plans to build its presence in Indonesia amid high entry barriers. In October 2018, the bank was reported to be planning to launch investment banking operations in Indonesia in 2019 by acquiring a company or setting up a joint venture.

NongHyup Bank is a unit of NongHyup Financial Group Inc.