Busan City Selects Busan Bank and Kookmin Bank as Next City Treasury Banks

Treasury Designation Committee at 10 a.m. on the 24th: BNK Busan Bank for Treasury 1, KB Kookmin Bank for Treasury 2 to be reviewed and decided

Final confirmation after internal procedures... Selected banks to manage city treasury for four years from 2025

On the morning of the 24th at 10 a.m., the city of Busan held the Treasury Designation Review Committee at Arpina and selected BNK Busan Bank for the first treasury and KB Kookmin Bank for the second treasury.

As the current treasury agreement period is set to expire on December 31, the city initiated an internal policy for treasury designation last July and introduced a competitive process to select the financial institutions that will manage the city’s treasury for the next term.

BNK Busan Bank, KB Kookmin Bank, and IBK Industrial Bank of Korea participated in the first treasury category, while KB Kookmin Bank and IBK Industrial Bank of Korea took part in the second treasury category.

After review and evaluation by the Busan City Treasury Designation Review Committee on the 24th, BNK Busan Bank, which received the highest evaluation score, was selected for the first treasury in charge of general accounting and funds. KB Kookmin Bank, which also received the highest score, was selected for the second treasury in charge of special accounting.

The review was attended by 10 committee members, including city council members and professors from various fields. Based on the treasury application proposals submitted by the participating banks, the committee evaluated the financial institutions’ credit ratings, loan and deposit interest rates, convenience for local residents, treasury management capabilities, contributions to the local community, cooperation projects with the city, and local reinvestment performance.

The city plans to finalize the next treasury designation through internal procedures. The selected banks will sign a treasury agreement with the city in October and will manage the city’s treasury for four years starting January 1, 2025.

Mayor Park Hyungjoon stated, “By designating the city’s treasury, we will not only strengthen the stability of fiscal management but also actively develop and promote various policies in close cooperation with the designated banks to provide broad benefits to financially marginalized groups as well as all Busan citizens. Through these efforts, we will do our utmost to create a prosperous and livable Busan that citizens can truly experience.”

Busan City Hall.

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