NH NongHyup Bank said on the 1st that it is launching the NH Gold Chaeum Trust (physical type), a product that manages and invests physical gold. Customers who deposit gold bars or gold rings with the bank have the metal managed by a partner institution. At maturity, customers receive pressed gold bars along with investment returns.
The bank's partner is Samsung Gold Exchange. In May, the two signed a business agreement for the physical gold trust business and worked out the product structure, operating procedures and computer systems. The product will be sold on a pilot basis at the head office banking department and the Central Headquarters sub-branch. The bank plans to expand the number of branches handling the product in stages.
NH NongHyup Bank CEO Kang Tae-young signed up as the first customer to mark the launch. "We designed this product so that customers can add new value to the physical gold they have been holding," Kang said. "We will continue to expand differentiated trust products and financial services to meet a wide range of wealth management needs."
