Senior officials of NH Investment & Security and GS Retail pump their fists after signing a memorandum of understanding on a two-way alliance. Photo courtesy of NH Investment & Securities

Financial and retail giants to expand cooperation

NH Investment & Securities has agreed to expand its collaboration with GS Retail so that the two companies come up with various services encompassing both online and offline customers.

Toward that end, NH Investment said on April 23 that the Seoul-based brokerage had signed a memorandum of understanding with GS Retail.

Observers point out that a mounting number of companies join hands to grapple with the economic downturn caused by COVID-19.

Under the two-way alliance, NH clients will be able to withdraw cash from around 12,000 automatic teller machines at the GS25 convenient stores, which is operated by GS Retail.

NH customers with high ratings will not have to pay any fees for the transactions.

Through the cooperation with GS Retail, which maintains the widest network across the country, we will be able to offer various services to our customers,” an NH official said.

We will continue to put forth efforts to make customer-oriented financial environments.”

NH Investment was launched in 2006 when Sejong Securities was incorporated into the National Agricultural Cooperate Federation, otherwise known as Nonghyup.

Currently, CEO Jeong Young-chae heads the Seoul-based brokerage, whose largest shareholder is NH Financial Group. Its stake is 76.09 percent.