Nonghyup Financial Group will make its debut on Friday as the fifth-largest out of the 11 finance holdings firms on the national market.
The new group is an entity which has been spun off from the National Agricultural Cooperative Federation, or Nonghyup.
Nonghyup has decided to separately operate its financial and its agricultural products businesses for the first time in 51 years.
Though Nonghyup Financial, also called NH Financial, lags behind the four major financial groups ― Woori, Hana, KB and Shinhan ― in total assets, it far surpasses six other players such as BS Financial and DGB Financial.
Financial Services Commission chairman Kim Seok-dong had worked as an outside director for Nonghyup and as head of the Nonghyup Economic Research Institute.
Shin Choong-shik, former senior vice president of the farm association, has been recommended as the first chairman of the financial group.
