Question 1

What is Suhyup Bank?

Accepted Answer

Suhyup Bank is South Korea's specialized maritime and fishery bank, serving as the credit business unit of the National Federation of Fisheries Cooperatives. Established in 2016 through the spin-off of the Federation's credit division, Suhyup Bank provides financial services to fishermen, fishing communities, and the general public throughout South Korea.

The bank operates from its headquarters in Seoul with a network of branches and financial service points across coastal regions and major cities. Suhyup Bank combines traditional cooperative banking principles with modern financial services to support Korea's marine and fishery industry.

Question 2

When was Suhyup Bank founded?

Accepted Answer

Suhyup Bank was established on December 1, 2016, when the National Federation of Fisheries Cooperatives divided its credit business division into a separate banking entity. The parent organization, the National Federation of Fisheries Cooperatives, has a much longer history dating back to the 1960s.

Prior to 2016, the Federation operated banking services directly. The establishment of Suhyup Bank as a separate entity followed a similar restructuring pattern to the agricultural sector, where Nonghyup Bank was separated from the National Agricultural Cooperative Federation.

Question 3

Where is Suhyup Bank headquartered?

Accepted Answer

Suhyup Bank is headquartered at Ogeum-ro 62, Songpa-gu, Seoul 05510, South Korea. The headquarters is located in the Suhyup Central Federation Building, which also houses other operations of the National Federation of Fisheries Cooperatives.

The bank's central location in Seoul enables it to serve as the hub for coordinating financial services to fishing communities and maritime businesses throughout South Korea's extensive coastline and inland areas.

Question 4

Where does Suhyup Bank operate?

Accepted Answer

Suhyup Bank operates throughout South Korea with approximately 524 financial branches as of March 2020, including both Suhyup Bank branches and member cooperative locations. The bank has a particularly strong presence in coastal cities and maritime communities such as Yeosu, Mokpo, Busan, and other fishing ports.

The bank's network extends beyond coastal areas to serve customers in major inland cities including Seoul, providing financial services to anyone requiring banking products, though maintaining special focus on maritime and fishery industry participants.

Question 5

What services does Suhyup Bank offer?

Accepted Answer

Suhyup Bank provides comprehensive financial services including deposits, loans, foreign exchange services, insurance products, trust services, investment funds, and credit card services. The bank offers both conventional banking products and specialized financial support for the marine and fishery industry.

Specialized services include ship finance, shipping logistics financing, and port-related social overhead capital (SOC) business financing. The bank also provides working capital loans, equipment financing, and trade finance specifically designed for fishing businesses and maritime commerce.

Question 6

What makes Suhyup Bank unique?

Accepted Answer

Suhyup Bank is South Korea's only specialized bank focused on the maritime and fishery industry, positioning itself as "Korea's representative maritime and fishery bank." The bank maintains close ties to fishing cooperatives and maritime businesses while also serving the general public.

Unlike Nonghyup Bank which separated its computer systems from agricultural cooperatives, Suhyup Bank and its member cooperatives use the same computer network with common network code 007, enabling seamless transactions across the entire system. This integration reflects the smaller scale of the fisheries sector compared to agriculture in South Korea.

Question 7

What type of financial institution is Suhyup Bank?

Accepted Answer

Suhyup Bank operates as a specialized bank (특수은행) in South Korea, specifically focusing on the fisheries and maritime sectors. It functions as the banking subsidiary of the National Federation of Fisheries Cooperatives, similar to how Nonghyup Bank serves the agricultural sector.

As a member of the Korea Federation of Banks, Suhyup Bank is regulated by Korean banking authorities and operates under the same regulatory framework as other commercial banks. However, its specialized mandate focuses on supporting Korea's fishing industry while providing general banking services to all customers.

Suhyup Bank

in South Korea 🇰🇷

Crypto-Friendliness

All done!

About Suhyup Bank in South Korea