Ulsan City Begins Designation of 'Geumgo'... Operation for 4 Years Starting Next Year

Pre-briefing on August 8, Registration from August 24 to 25

Ulsan City is set to begin the designation process for the ‘city treasury bank’ that will serve as the main banking institution for the next four years starting next year.

With the current contract period expiring at the end of this year, Ulsan City announced on the 27th that it will start the procedure to designate the financial institution to operate the next city treasury bank by announcing the ‘City Treasury Bank Designation Application’.

The ‘Ulsan City Treasury Bank’ will be designated through an open competition and will perform treasury bank duties for four years from January 1, 2024, to December 31, 2027.

The designation of the treasury bank will be conducted through an open competition divided into the 1st and 2nd treasury banks in accordance with the ‘Ordinance on the Designation and Operation of Ulsan Metropolitan City Treasury Banks’.

The 1st treasury bank is open to financial institutions that are banks under the Banking Act and have a head office or branch in Ulsan City.

For the 2nd treasury bank, financial institutions such as agricultural cooperatives and Saemaeul Geumgo that meet all relevant legal requirements, including total assets of 250 billion KRW or more and total capital of 25 billion KRW or more, are eligible to participate.

Proposals can be submitted in person to the Taxation Office from August 24 to 25 over two days.

Ulsan City will designate the 1st and 2nd treasury banks after review by the Ulsan City Treasury Bank Designation Deliberation Committee at the end of September.

An official from Ulsan City stated, “We hope many capable and excellent financial institutions that can manage city funds stably for four years will participate,” adding, “We will ensure that through objective and fair deliberation, financial institutions that can contribute to the local community and city administration development will be designated as treasury banks.”

Ulsan City will hold an explanatory session for interested financial institutions on August 8 at 2 p.m. in the International Conference Room on the 4th floor of the main building ahead of the proposal application submission.

Ulsan City Hall.

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