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Brief History

In Korea, the credit union movement started in May 1960 by an American nun, Sister Mary Gabriella (1900~1993), by launching the Holy Family Credit Union, comprised of 27 members, who were employees at Maryknoll Hospital and Catholic Relief Services in Busan. In June of the same year, Father Chang Dae-ik(1923~2008) established the Central Credit Union, comprised of Catholics in Seoul, thus setting the credit union movement earnestly in motion.

2020’s
  • Jul. 2023 Cancellation of Management Improvement order and MOU
  • Nov. 2022 Total assets reached KRW 140 trillion
  • Dec. 2020 Began CU open banking services
  • Dec. 2020 Achieved CU business area expansion
  • Dec. 2020 Total assets reached KRW 110 trillion
  • Jun. 2020 Finished construction of new training institute
  • Jan. 2020 Opened mobile banking application, ON-Bank
2010's
  • Nov. 2019 Total assets reached KRW 100 trillion
  • Jul. 2019 Implemented Target Funding
  • Sept. 2016 Chair & President of NACUFOK elected president of ACCU
  • Sept. 2016 Hosted ACCU Forum and 35th general assembly
  • Dec. 2014 Total assets reached KRW 60 trillion
  • Oct. 2014 Established the Credit Union Social Contribution Foundation
  • Jul. 2014 Mutual insurance assets reached KRW 4 trillion
  • Dec. 2012 Mutual insurance assets reached KRW 3 trillion
  • Nov. 2012 Corporate banking and open banking services
  • Sept. 2012 Launched Credit Union Mutual Insurance Protection Fund
  • Apr. 2012 Started providing government policy fund for small traders and entrepreneurs
  • Jan. 2012 Total assets reached KRW 50 trillion
  • Jul. 2011 Launched smart phone banking service
  • Apr. 2011 Started selling and receiving Onnuri Gift Certificates (used in traditional markets)
  • Apr. 2011 Started exchanging bill-check image information
  • Feb. 2011 Mutual insurance assets reached KRW 2 trillion
  • Sept. 2010 50th Anniversary Vision Declaration Ceremony and ACCU Forum & Annual General Meeting held in Seoul
  • Jul. 2010 Launched "Sunshine Loan" for low-income earners
  • Jun. 2010 Issued the credit union's own cheque card
  • Jan. 2010 Achieved KRW 40 trillion in total assets
2000's
  • Dec. 2008 Extended tax exemption savings up to 30 million KRW Dec. 2008: Launched a new IT financial system Sept. 2008: Reached KRW 30 trillion total assets Aug. 2008: Started to issue cashier’s checks Mar. 2008: Moved the IT center to Daejeon
  • Oct. 2007 Initiated management of the governmental policy fund
  • Oct. 2006 Enactment of Code of Ethics
  • May 2006: Relocation of NACUFOK headquarters to Daejeon
  • Nov. 2005 Implementation of the New Credit Union Sign System
  • Oct. 2005 Attained KRW1 trillion in assets for the mutual insurance business
  • Mar. 2005 Announced the plan to establish a new financial information system for the next generation.
  • Jan. 2005 Established to upgrade Credit Union Shopping Mall.
  • Nov. 2004 Commenced telemarketing service to introduce mutual insurance products to members.
  • Sept. 2004 NACUFOK & ACCU held ACCU Forum and Annual General Meeting.
  • Jan. 2004 Launched the Credit Union Deposit. The Korea Credit Union Protection Fund (KRW 500 billion)
  • Nov. 2003 Sponsored MBC’s Social Welfare Award in 2003
  • Nov. 2003 NACUFOK & WOCCU held the 2nd Asian Technical Congress
  • Sept. 2003 Business alliance with Hyundai card
  • Jan. 2003 Initiated tele-banking services
  • Oct. 2002 NACUFOK held ‘solidarity rally’ at the World Cup Stadium in Seoul
  • Sept. 2002 Commenced on-line insurance services
  • Jul. 2002 Launched on-line banking services
  • Nov. 2001 NACUFOK went into credit card partnership with the Industrial Bank of Korea, and initiated various types of credit card services
  • Sept. 2001 NACUFOK joined KFTCI (Korea Financial Telecommunications & Clearing Institute)
  • Oct. 2000 On-line system connecting all CUs was opened
  • Mar. 2000 The Intra-Network system in NACUFOK was established
1990's
  • May 1998 Reached KRW20trillion total assets
  • Dec. 1997 Structure was reshuffled into two tier system; Credit Union and NACUFOK
  • Aug. 1996 Reached KRW15trillion total assets
  • Oct. 1992 Affiliated with ICA
  • Sept. 1991 Asian credit union conference for 20th ACCU anniversary
1980's
  • Dec. 1988 Structure was changed into three-tier system from two-tier system ; Credit Union, Provincial League, and NACUFOK May ~ Jun. 1983 WOCCU Membership Council and World Credit Union Congress were held in Seoul, with more than 200 participants from 35 countries
  • Jun. 1981 NACUFOK Training Center was built
1970's
  • May 1974 Affiliated with the IRU
  • Mar. 1973 NACUFOK, former KCUL was organized according to the Act
  • Aug. 1972 The Korea Credit Union Act was promulgated
  • Apr. 1971 ACCU was founded in Seoul by 9 Asian countries
1960's
  • May 1965 Affiliated with the CUNA International, former WOCCU
  • Apr. 1964 The Korea Credit Union League, a trade association was founded with 63 member credit unions
  • Jun. 1960 "Catholic central credit union" was established by Father Chang, Dae-ik
  • May 1960 "Holy Family Credit Union" was firstly established by Sr. Mary Gabriella