'National Credit Union Federation of Korea'

The information system department moved into the EDPS(electronic data processing system) center for the establishment of an efficient management system and a dependable electronic data processing system in Suwon city on May 25, 2002. It will also strengthen our service for credit union members by extending the information system department and expanding the twenty four hour service.

After NACUFOK joined KFTCI (Korea Financial Telecommunications & Clearing Institute) on Sept 20, 2001, it launched like other commercial banks, lots of financial network services. The financial network services include billing, CD network, joint banking network, CMS joint banking network, the billing settlement, CD deposit/withdrawal & money transfer, on-line remittance/receipt & transfer, VAN, ARS, giro, on-line banking and Telebanking. NACUFOK is growing out of the on-line services that previously relied upon a partnership with other commercial banks. Primary credit unions are expected to support their sound management with the diversification of earnings.

On 6th of October 2002, NACUFOK held 'Solidarity rally' and announced our vision at the World Cup Stadium in Seoul. Seventy thousand members and staff have shown a strong will for NACUFOK's new take-off with the motto "Our CU has the vision and our CU looks forward with it's members". For the last 42 years, particularly in the micro-finance sector, we have adapted to the changes in people's financial situation, and have through this vision established ourselves as the people's bank. The most important point is that the event made all of us like being 'ONE' as 'members of CU'. The event showed us what the CU truly is, the biggest nongovernmental and nonreligious campaign of people in the world.

Dr. Ki-Seok Lim, was elected the 28th president and chairman of the Board of NACUFOK on Dec. 16, 2002. In his inauguration speech, Dr. Lim stressed that NACUFOK would be structurally changed through an amendment to the Credit Union Act, and we would make every effort to actualize our ultimate goal, the promotion of union members' welfare. He also said that he would exchange much more information than before and would cooperate with international organizations.

NACUFOK puts the best effort for our life in today rapidly changing world with its many inherent dangers. There were many sufferers of workout for those 115 Credit Unions in Korea. As a result of workout in the end of 2002, there was a KRW 96.3 billion net profit, the rate of allowance for bad debts was 108%, and the rate of allowance for bad loans was 4.1%. We also expect the net profit in 2003 to be in the region of KRW 200 billions once all the circumstances are taken into consideration. This picture is CU's advertisement about the successful reorganization of the credit union.