KFCC-assets-top W250-trillion-in-April
Korean Federation of Community Credit Cooperatives (KFCC) Chairman Park Cha-hoon, center, poses with the apex organization’s award winners in a ceremony timed with its 59th anniversary held at the KFCC head office in Seoul on May 25. Photo courtesy of KFCC

Korean financial entity celebrates 59th anniversary

The Korean Federation of Community Credit Cooperatives (KFCC) said on May 27 that its assets had surpassed the 250 trillion won ($200 billion) mark as of the end of last month.

The country’s top apex organization made the announcement in time with its 59th anniversary this month that its assets had stood at 257 trillion won ($204 billion) as of April 30.

The Seoul-based outfit, which reached the 200 trillion won plateau in assets in July 2020, saw the figures rise 25 percent in 20 months despite the virus pandemic.

The KFCC noted that its “grassroots financial model” had created a growth momentum _ it operates around 3,200 branches across the country, including rural areas.

Going forward, the outfit said that it would try to strengthen its status as the country’s representative apex organization.

“We appreciate our customers, who have loved the KFCC for the past 59 years,” KFCC Chairman Park Cha-hoon said in a ceremony of celebrating its anniversary on May 25.

“By beefing up the ESG management principles and our financial prowess, we will continue to chalk up solid growth.”

Brief for Environmental, Social, and corporate Governance, ESG refers to the three central factors in measuring the sustainability of a corporation or business.

A mounting number of companies or organizations are paying attention to ESG at home and abroad.

On top of making its presence felt in the domestic market, the KFCC has briskly tapped into the developing countries to share best practices and help them to embrace the banking system.

Over the past few years, it tapped into Myanmar, Uganda, and Laos. It also has operated in Fiji.