Nonghyup
Encyclopedia
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.
It works in most agricultural sectors, but specializes in beef, pork and poultry products.
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
.
for consumers and individuals in South Korea, including KRW 102 trillion of loans.
The banking division also provides insurance services and is a member of BC Card
, the credit card company.
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
.
It delivers supply, processing, marketing, and banking services through more than 4000 branches. It is listed in the 2007 International Co-operative Alliance
International Co-operative Alliance
The International Co-operative Alliance is a non-governmental co-operative federation or, more precisely, a co-operative union representing co-operatives and the co-operative movement worldwide. It was founded in 1895. The ICA maintains the internationally recognised definition of a co-operative...
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
Cooperative banking
Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world....
organizations.
Agriculture
According to its own figures, Nonghyup provides 48% of rural food marketing in South Korea.It works in most agricultural sectors, but specializes in beef, pork and poultry products.
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
Agricultural Cooperative College
Agricultural Cooperative College is a private technical college located in Goyang City, Gyeonggi province, South Korea. It is operated by the National Agricultural Cooperative Federation, also known as Nonghyup...
, 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
Fishing industry of South Korea
Until the 1960s, agriculture and fishing were the dominant industries of the economy of South Korea.Organizations involved in the development of the fishing industry in South Korea include:...
.
In October 2008, Nonghyup purchased from ACX Pacific Northwest
ACX Pacific Northwest
ACX Pacific Northwest is a major leading American exporter of hay, forage, and roughage products to Asia and the Middle East. They are the only United States-based exporter with state-of-the-art hay processing and storage facilities in all major growing regions of the Western United States...
a straw processing plant located in Albany, Oregon
Albany, Oregon
Albany is the eleventh largest city in the U.S. state of Oregon, and is the county seat of Linn County. It is located in the Willamette Valley at the confluence of the Calapooia River and the Willamette River in both Linn and Benton counties, just east of Corvallis and south of Salem. It is...
.
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 bankingRetail banking
Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. Services offered include: savings and transactional accounts, mortgages, personal loans, debit cards, credit cards, and so forth.-Types of...
for consumers and individuals in South Korea, including KRW 102 trillion of loans.
The banking division also provides insurance services and is a member of BC Card
BC Card
BC Card is Korea's biggest credit card company. It is headquartered in Seoul, South Korea. It made up of 11 member companies. It is named "BC" for Bank & Credit.-Member companies:*Woori Bank*Nonghyup*SC First Bank...
, the credit card company.