Effective from 1 September 2018, SAMIC Plc is renamed to NongHyup Finance (Cambodia) Plc. This name change reflects the transfer of 100% shares from the shareholders of SAMIC Plc to NongHyup Bank in South Korea which received a regulatory approval in the middle of August 2018.
NongHyup Bank was established in 1961; and it has been recognized as the safest bank in Korea and as the most advanced cooperative financial institution around the world thanks to its half-century proven track record in financial operations. At the end of 2017, NongHyup Bank has 1,151 branches and 111,682 employees, total assets of USD 247B and 30M borrowers in South Korea. Overseas networks include branches in the United States and Vietnam, a Micro Finance Institution in Myanmar, and representative offices in China and India.
Key changes include new Board and new Chief Executive Officer (CEO). New members of the Board of Directors have already been appointed; and Mr. Seo Joon Yong, an authorized representative from NongHyup Bank, will lead the newly renamed company as CEO. Effectively, NongHyup Finance (Cambodia) Plc is a subsidiary wholly owned by NongHyup Bank.
Although existing logos are in the process of being replaced by new ones, existing organization structures, staff and management will remain unchanged. In addition, NongHyup Finance will retain existing financial products and services, operational areas, and clients and loan portfolios together with related loan documents and conditions.
11 September 2018 witnesses the Grand Opening Ceremony of NongHyup Finance (Cambodia) Plc at Hotel Sofitel Phnom Penh Phokeethra, presided over by Mr. KITH Sovannarith, Deputy Director General and Director of NBC, and Mr. LEE Dae Houn, CEO of NH Bank. Over 140 participants, including regulators, management and staff of NongHyup Bank and of NongHyup Finance (Cambodia) Plc, business partners and other stakeholders, are expected to attend the event.