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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.

2010's

  • Dec. 2012

    Mutual Insurance Asset reached KRW 3 trillion

  • Nov. 2012

    Corporate banking and open banking services

  • Sept. 2012

    Launched the Credit Union Mutual Insurance Protection Fund

  • Apr. 2012

    Began providing government policy fund for small traders and enterprisers

  • Jan. 2012

    Total Asset size 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 bills·checks image information exchange

  • Feb. 2011

    Mutual Insurance Asset reached KRW 2 trillion

  • Sept. 2010

    Vision Declaration ceremony commemorating the 50th anniversary and ACCU Forum & Annual General Meeting held in Seoul

  • Jul. 2010

    "Sunshine Loan” was launched for low income earners

  • Jun. 2010

    Issued credit union's own check card

  • Jan. 2010

    Reached KRW 40 trillion total assets
2020'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 check

  • Mar. 2008

    Moved the IT center to Daejeon

  • Oct. 2007

    Started to manage the governmental policy fund

  • Oct. 2006

    Enactment of Code of Ethics

  • May 2006

    Moved NACUFOK headquarters to Daejeon

  • Nov. 2005

    Created the New Credit Union Sign System

  • Oct. 2005

    Reached KRW1 trillion the asset of 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 Depositor 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