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South Korea's NongHyup Bank gets initial authority to operate in India

India's financial authorities have given preliminary approval to South Korea’s NongHyup Bank for the establishment of a business entity in the City of Noida. The move is part of NongHyup’s plan to have more than 14 business entities in 12 nations across the world by 2025. It opened a branch in Hong Kong and an office in London last year and is planning to open branches in Sydney and Beijing by the end of this year. NongHyup Bank CEO Kwon Joon-hak said India is a key business hub for the South Asian region with some 1.3 billion consumers. It has been maintaining a strong partnership with the Indian Farmers Fertilizer Cooperative engaged in manufacturing and marketing of fertilizers with over 50 million farmers there as members.

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