NH NongHyup Financial Group announced a significant strategic partnership Thursday, formalizing an alliance with Mayapada Group, a formidable Indonesian conglomerate. Mayapada’s diverse business interests span key sectors including banking, healthcare, property development, retail, and media.
The landmark memorandum of understanding (MOU) was officially signed Wednesday at Mayapada’s headquarters in Jakarta, Indonesia. Dignitaries present included NH NongHyup Financial Group Chairman and CEO Lee Chan-woo, alongside Mayapada Group’s esteemed founder and Chairman, Dato Sri Tahir.
At the helm of Mayapada is Dato Sri Tahir, widely recognized as one of Indonesia’s most influential business magnates, with his wealth estimated at approximately $10.1 billion. His group’s banking division, Bank Mayapada, reported impressive total assets of 163.8 trillion rupiah ($9.31 billion) in 2025, underscoring its substantial financial footprint.
This comprehensive agreement outlines a robust framework for collaboration. NH NongHyup, serving as the financial holding arm of Korea’s prominent agricultural cooperative federation, will leverage its extensive financial expertise in Indonesia. The partnership aims to cultivate innovative, mutually beneficial business models with Mayapada. Key areas of cooperation include advancing digital transformation initiatives, enhancing risk management practices, exploring investment banking opportunities, expanding brokerage services, and developing sophisticated wealth management solutions. Both entities will also conduct joint market research to support NH NongHyup’s strategic exploration of further expansion within the dynamic Indonesian market.
NH NongHyup emphasized that this strategic alliance is crucial for deepening its engagement within Indonesia’s financial sector. Indonesia stands as ASEAN’s largest economy, boasting a population of approximately 280 million and consistent annual growth exceeding 5 percent, presenting immense opportunities. Notably, NH NongHyup’s brokerage subsidiary, NH Investment & Securities, already maintains a strong presence in the country through its 93 percent stake in PT NH Korindo Sekuritas Indonesia.
“We are confident that this MOU will significantly enhance NH NongHyup Financial Group’s global capabilities, particularly by strengthening our local networks and uncovering promising new business ventures across Indonesia,” stated Chairman Lee Chan-woo.
Following the signing ceremony, Chairman Lee further engaged in a productive meeting with Rosan Roeslani, CEO of Danantara, Indonesia’s sovereign wealth fund. During their discussions, Lee expressed a keen interest in forging concrete cooperation opportunities between Danantara and NH NongHyup affiliates, including potential joint investments in emerging climate tech funds.
jwc
