- Nonghyup
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Nonghyup
농협
Hanaromart is the federation's supermarket chain
Type Agricultural cooperative Founded 1961 Area served South Korea Revenue US$ 24.7 billion (2005) Total assets US$ 200 billion (2005) Website www.nonghyup.com (Korean) (English) National Agricultural Cooperative Federation Hangul 농협 / 농업협동조합 Hanja 農協 / 農業協同組合 Revised Romanization Nonghyeop / Nongeop Hyeopdong Johap McCune–Reischauer Nonghyŏp / Nongŏp Hyŏptong Chohap The National Agricultural Cooperative Federation (Korean: Nonghyup, 농협 or 농업협동조합) is a federation of agricultural cooperatives in South Korea.
It delivers supply, processing, marketing, and banking services through more than 4000 branches. It is listed in the 2007 International Co-operative Alliance Global 300 list of mutuals and cooperatives, ranked fourth by 2005 turnover, making it the second largest agricultural cooperative in the world, as well as one of the world's largest cooperative banking organizations.[1]
Contents
Agriculture
According to its own figures, Nonghyup provides 48% of rural food marketing in South Korea.[2] It works in most agricultural sectors, but specializes in beef, pork and poultry products.[3]
Nonghyup operates a number of retail grocery stores called "Nonghyup Hanaromart" that sell fresh produce, fruit, beef, pork, and other food products. Many products at Nonghyup Hanaromart were processed in Nonghyup factories and bear the Nonghyup brand.
It also owns the Agricultural Cooperative College, a private technical college located in Goyang City, Gyeonggi province.
Nonghyup is the sister organization to Suhyup (or Su-hyeop, the National Federation of Fisheries Cooperatives), a similar cooperative federation concerned with the fishing industry of South Korea.
In October 2008, Nonghyup purchased from ACX Pacific Northwest a straw processing plant located in Albany, Oregon.[4]
Banking and financial services
Nonghyup has two distinct banking operations. The first provides commercial banking transactions for its member cooperatives, including 108 trillion South Korean won (KRW) of loans outstanding at the end of 2007. The second provides retail banking for consumers and individuals in South Korea, including KRW 102 trillion of loans.[5] The banking division also provides insurance services and is a member of BC Card, the credit card company.
References
- ^ "The 2007 Global 300 Listing" (pdf). International Co-operative Alliance. http://www.global300.coop/sites/global300.coop/files/Global300List07.pdf.
- ^ "2007 Annual Report (English)" (pdf). Nonghyup. pp. 14. http://www.nonghyup.com/eng/file/ir/2007_annual.pdf.
- ^ "2007 Annual Report (English)" (pdf). Nonghyup. pp. 19. http://www.nonghyup.com/eng/file/ir/2007_annual.pdf.
- ^ Capital Press (Salem, OR), October 31, 2008: South Korean company buys Oregon straw plant
- ^ outstanding at end of 2007
External links
- 농협 하나로마트 Nonghyup Hanaromart
Categories:- Service companies of South Korea
- Agricultural cooperatives
- Financial services companies of South Korea
- Cooperative banking
- Banks of South Korea
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