Gwangju Bank Signs Depository Agreement with Namdo Jangteo Foundation

Gwangju Bank is taking a commemorative photo after signing a safe deposit agreement with Namdo Jangteo Foundation. Photo by Gwangju Bank

Gwangju Bank announced on the 22nd that it has signed a financial business agreement with the Namdo Jangteo Foundation.

Namdo Jangteo is a public comprehensive distribution platform established by Jeollanam-do Province. The foundation operates an online shopping mall to expand the distribution and sales channels of local agricultural and specialty products, fosters related companies, and provides professional workforce training.

This designation as the official depository was conducted through an open competitive bidding process. Gwangju Bank was the sole participant and was selected as the final depository bank after a review by the Depository Designation Committee on July 18. As a result, Gwangju Bank will be responsible for the overall management of Namdo Jangteo's funds, including the collection of various revenues and the execution of expenditures, for the next three years.

With this agreement, Gwangju Bank and Namdo Jangteo plan to pursue a wide range of collaborative projects beyond simple depository operations, including joint promotional marketing to boost the consumption of local agricultural, fishery, and livestock products, as well as the implementation of sustainable ESG management practices.

Lee Sangchae, Vice President of Gwangju Bank, stated, "We are honored to be entrusted with the financial operations for Namdo Jangteo, the region's leading distribution platform. Through thorough fund management and practical cooperation such as joint marketing to promote the consumption of local agricultural, fishery, and livestock products, we will contribute to revitalizing the local economy and take the lead in realizing the value of mutual growth."

Kim Kyungho, CEO of Namdo Jangteo, also remarked, "This depository agreement means more than just financial management. We will actively strive to realize the value of mutual growth in the region and increase the income of farmers and fishers through our cooperation with Gwangju Bank."

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