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APRA grants new banking licence

APRA has granted South Korea’s NongHyup Bank a licence to operate as a foreign authorised deposit-taking institution.

NongHyup was established in 2012. It has a long-term issuer default rating of A from Moody’s, with a stable outlook.

It is a subsidiary of NongHyup Financial Group, which began life in 1961 as the National Agricultural Cooperative Federation. In addition to banking, the group’s current activities include life and general insurance, capital markets services, asset management and venture capital.

The group’s June half-year financial report shows net income of US$1.03 billion.

The bank has been expanding through Asia Pacific for the past decade.

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