Gyeonggi-do, Next Primary Treasury Nonghyup and Secondary Treasury Hana Bank

On the 30th, Gyeonggi Province held the ‘Treasury Designation Deliberation Committee’ and selected NH Nonghyup Bank as the primary treasury and Hana Bank as the secondary treasury as the preferred negotiation candidates to operate the next Gyeonggi Province treasury.

According to the ‘Ordinance on the Designation and Operation of Gyeonggi Province Treasury,’ the financial institutions selected as preferred negotiation candidates by the Deliberation Committee will be designated as treasuries, notified, and then enter into agreements.

The banks designated as treasuries will sign treasury agreements with Gyeonggi Province in January next year and will be responsible for the provincial treasury for four years from April 1 to March 31, 2029.

During the agreement period, NH Nonghyup Bank, as the primary treasury, will manage 19 funds including the general account and regional development funds, while Hana Bank, as the secondary treasury, will manage 9 special accounts such as the metropolitan transportation facility special account and 8 funds including the disaster management fund.

Gyeonggi Provincial Government

The main duties of the provincial treasury include ▲ collection of various revenues and payment of expenditures ▲ operation and management of information systems to improve local tax collection ▲ collection and payment of cash outside revenue and expenditure ▲ handling and safekeeping of securities ▲ sales and redemption of regional development bonds ▲ contribution to the regional economy and community.

The Deliberation Committee, attended by nine financial experts, evaluated the participating financial institutions in the treasury designation process based on credit rating, deposit interest rates, convenience for residents, treasury operation management capability, contributions to the local community, and cooperative projects.

Meanwhile, as the treasury agreement period expires on March 31 next year, Gyeonggi Province received proposals from financial institutions through a public announcement in accordance with the ‘Ordinance on the Designation and Operation of Gyeonggi Province Treasury.’

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