Gwangju Bank Selected as First Priority for Gwangju City Treasury

KB Kookmin Bank in Second Place... Will Perform Treasury Duties for Four Years Starting Next Year

Gwangju City Hall

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 7th that at the treasury designation review committee held on the 6th, Gwangju Bank was selected as the first priority and KB Kookmin Bank as the second priority.

As the treasury contract period expires on December 31, Gwangju City adopted a competitive method through the revision of the Gwangju City Treasury Designation and Operation Ordinance and internal policies, and invited financial institutions to apply for the next city treasury.

In this recruitment, Gwangju Bank, KB Kookmin Bank, NH Nonghyup Bank, and Hana Bank each participated, and the process was conducted through a general public competitive method.

The Treasury Designation Review Committee, composed of city council members, professors, and experts from various fields, evaluated the proposals submitted by each bank based on the Ministry of the Interior and Safety's treasury designation standards (regulations) and the provisions of the Gwangju City Treasury Designation and Operation Ordinance. The evaluation criteria included the internal and external creditworthiness and financial stability of the financial institutions, loan and deposit interest rates for the city, convenience for citizens, treasury management capabilities, contributions to the local community, and cooperative projects with the city.

Through this process, Gwangju Bank was reviewed and resolved as the first priority, and KB Kookmin Bank as the second priority. Gwangju City plans to finalize the first priority financial institution as the primary treasury and the second priority financial institution as the secondary treasury after internal procedures.

The bank designated as the primary treasury will be responsible for 10 accounts including the general account and special accounts such as water supply and sewage, as well as the regional development fund. The bank designated as the secondary treasury will handle 4 special accounts including water quality improvement and 17 funds including the integrated management fund.

The 2020 budget scale of Gwangju City was a total of 6.1407 trillion KRW, including 4.5673 trillion KRW for the general account, 1.1345 trillion KRW for special accounts, and 428.3 billion KRW for funds.

Based on the review results submitted by the Treasury Designation Review Committee, Gwangju City plans to designate the treasury and conclude the treasury contract within this month.

The designated financial institutions will be in charge of the city treasury for four years starting from January 1 of next year.

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