IBK Selected as Suwon City's Treasury Bank with 3.5 Trillion Won

[Asia Economy (Suwon) = Reporter Lee Young-gyu] IBK Industrial Bank of Korea has been selected as the city treasury bank to manage the 3.5 trillion KRW budget of Suwon City, Gyeonggi Province.

On the 19th, Suwon City announced that it had designated 'IBK Industrial Bank of Korea' as the preferred bank to operate the city treasury, worth 3.5 trillion KRW, for four years from 2023 to 2026.

As the current city treasury contract with IBK Industrial Bank of Korea expires on December 31 this year, the city held the 'Suwon City Treasury Designation Deliberation Committee' on the 18th in accordance with the Ministry of the Interior and Safety regulations and the 'Ordinance on the Designation of Suwon City Treasury' and made this decision.

Previously, the city treasury designation committee reviewed six areas and sixteen detailed items, including ▲ the internal and external creditworthiness of financial institutions ▲ financial structure stability ▲ loan and deposit interest rates for the city.

The city plans to sign the 'Treasury Business Handling Agreement' with IBK Industrial Bank of Korea soon.

From January 2023, IBK Industrial Bank of Korea will perform treasury duties for Suwon City for four years, including the collection of various revenues, payment of expenditures, and custody of funds and capital.

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