NongHyup and Hana Bank Selected as Cheonan City's Treasury Custodians for Annual 2 Trillion KRW Scale

Management of City Treasury from 2025 to 2028 for Four Years

NongHyup Bank and Hana Bank have been selected as the custodians to manage the annual budget of 2 trillion KRW for Cheonan City, Chungnam Province.

The city recently held a custodian designation review committee and announced on the 3rd that from 2025 to 2028, NongHyup Bank will serve as the primary custodian bank, and Hana Bank as the secondary custodian bank.

The custodian designation review committee evaluated and assessed necessary criteria for custodian operations, including the creditworthiness and financial stability of financial institutions, loan and deposit interest rates, convenience for local residents, custodian management capability, and contributions to the local community.

NongHyup Bank, designated as Cheonan City's primary custodian, will handle general and other special accounts, while Hana Bank, designated as the secondary custodian, will be responsible for public enterprise special accounts and fund accounts.

In particular, this custodian selection aimed to enhance fund management efficiency by choosing the bank that offered the highest fixed deposit interest rate for the Integrated Fiscal Stabilization Fund, which consolidates and manages surplus funds.

A Cheonan City official stated, "We selected the custodians fairly and transparently to ensure stable management of Cheonan City's funds," adding, "We ask the custodians to make every effort as local partners to strongly support Cheonan City's finances going forward."

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