Ministry of Land, Infrastructure and Transport Selects 9 Qualified Banks for Housing and Urban Fund Trustee Negotiations

Woori Bank Selected as Trustee Bank for Kansah
New 'Regional General Trustee Bank' Category Established

[Asia Economy Reporter Noh Kyung-jo] The Ministry of Land, Infrastructure and Transport announced on the 17th that it has selected qualified candidates for negotiation as housing and urban fund re-entrusted institutions (trust banks) to carry out housing and urban fund operations for the next five years.

A loan consultation counter at a bank in downtown Seoul / Photo by Yonhap News

The Ministry of Land, Infrastructure and Transport held a fund management committee meeting the day before and selected Woori Bank as the secretary trust bank, and Kookmin, Nonghyup, Shinhan, and Hana Banks as nationwide general trust banks. Daegu and Busan Banks were named as qualified candidates for negotiation as regional general trust banks. Gyeongnam and Industrial Banks were assigned as subscription savings trust banks.

Nationwide and regional general trust banks perform demand loans (purchase and jeonse monthly rent loans), national housing bonds, and subscription savings operations. The secretary trust bank is also responsible for business loans in addition to these. Subscription savings trust banks handle subscription savings-related operations.

The banks selected as qualified candidates for negotiation will negotiate within this month and sign a consignment contract with the Housing and Urban Guarantee Corporation (HUG). The consignment period for housing and urban fund operations is from April 1, 2023, to March 31, 2028.

A Ministry of Land, Infrastructure and Transport official said, "We will do our best to strengthen the public nature and social responsibility of trust banks and to support stable housing for the people."

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