Gwangju Bank Opens Gwangsan-gu Office... Entrusted with 1st and 2nd Treasury for the First Time in 33 Years

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 16th that it held the opening ceremony of the Gwangsan-gu Office branch of Gwangju Bank and a business agreement ceremony to support inclusive finance for small business owners at the Gwangsan-gu Office in Gwangju Metropolitan City.

At the opening ceremony of the Gwangsan-gu Office branch, Song Jong-wook, President of Gwangju Bank, Kim Sam-ho, Mayor of Gwangsan-gu, Bae Hong-seok, Chairman of the Gwangsan District Council, Moon Ki-sik, Chief of Gwangsan Fire Station, and other key institution heads and prominent local CEOs attended to celebrate the new start of the Gwangsan-gu Office branch together.

Since 1988, the position of the first treasury of Gwangsan-gu, which had been handled by commercial (Nonghyup) banks, was acquired for the first time by Gwangju Bank, a local regional bank.

Accordingly, Gwangju Bank will operate as the first treasury responsible for the general accounting of Gwangsan-gu with KRW 668.6 billion and as the second treasury with KRW 11.2 billion for three years from this year to 2022, fulfilling the role of treasury keeper.

With no investment from commercial banks except national policy banks (Industrial and Corporate Banks), Gwangju Bank, as the only local regional bank, invested KRW 26 billion and became the third largest shareholder of Gwangju Global Motors Co., Ltd., which will be established in the Bitgreen Industrial Complex in Gwangsan-gu, Gwangju.

Due to Gwangju Bank’s active investment, the payment of investment funds by other investors has been accelerated, giving more momentum to the establishment of the joint venture, which is highly evaluated for playing a significant role in regional economic development, including the expected creation of 10,000 jobs.

At the opening ceremony, Gwangju Bank pledged to do its best in the role of treasury keeper to ensure that public funds raised from local residents’ taxes circulate virtuously throughout the local economy and that the local government’s public treasury operates smoothly, while providing the best financial services to related institutions and local residents.

Last year, Gwangju Bank successfully secured the public treasuries of Gwangsan-gu, Gwangju, and Mokpo City, and retained those of Dong, Seo, and Buk districts in Gwangju. It newly established and upgraded five branches (Mokpo City, Dong, Seo, Buk, and Gwangsan districts of Gwangju Metropolitan City) that perform the role of the local government’s first treasury, and opened the Mokpo City Hall branch on the 14th.

Song Jong-wook, President of Gwangju Bank, said, “I sincerely thank Gwangsan-gu, Gwangju, and local residents who trusted and entrusted Gwangju Bank with local finances, and I will do my best as the representative bank of Gwangju and Jeonnam to fulfill the role of treasury keeper to repay the love and support given. In particular, through sincere financial consultations and support, we will share the difficulties of local residents and actively lead regional social development and economic revitalization.”

After the opening ceremony, Gwangju Bank signed a business agreement with Gwangsan-gu to support inclusive finance for small business owners.

According to this business agreement, Gwangju Bank plans to provide free management consulting, education, and financial support to small business owners in the Gwangsan-gu area of Gwangju through professional consultants at the Inclusive Finance Center until December.

Any small business owner located in Gwangsan-gu, Gwangju, who is experiencing difficulties in business operations can apply through the Gwangsan-gu Office branch of Gwangju Bank and the Corporate Economy Division of Gwangsan-gu Office to receive free professional management consulting and group education.

Additionally, those who have completed small business management consulting or graduated from the ‘Small Business Academy’ conducted by Gwangsan-gu Office can receive financial support of up to KRW 30 million depending on their credit rating with Gwangju Bank, with a maximum interest rate discount of 0.5 percentage points (p) provided.

This content was produced with the assistance of AI translation services.