Seize the 6 Trillion Won 'Gyeongbuk Education Treasury'... Will Nonghyup's Monopoly Be Broken This Time?

Gyeongbuk Office of Education Announces Open Competition for Treasury Designation
Four-Year Treasury Management... Average Balance Exceeds 400 Billion Won

The Gyeongbuk Office of Education (Superintendent Lim Jong-sik) announced on October 14 that it has posted a notice on its website to designate a financial institution, through an open competitive process, to handle the provincial office’s treasury work for the next four years.

This announcement comes as the current contract with NH Nonghyup Bank (Gyeongbuk Business Headquarters), which serves as the education treasury, is set to expire on December 31. The new designation aims to select a financial institution to manage the treasury work for the Gyeongbuk Office of Education-including the receipt and custody of cash and securities, as well as the collection of various revenues-from January 1, 2026, to December 31, 2029.

Gyeongbuk Office of Education

Eligible applicants for the next treasury designation are financial institutions with a headquarters or branch in the Gyeongbuk region. Institutions wishing to apply must submit a treasury designation application, a proposal, and other related documents to the Financial Information Division of the Gyeongbuk Office of Education between the 23rd and 28th.

The Gyeongbuk Office of Education plans to establish a Treasury Designation Review Committee in November. After reviewing and evaluating the proposals submitted by financial institutions, the institution with the highest score will be designated as the next education treasury.

The review committee will consist of Gyeongbuk provincial council members, university professors, tax accountants, lawyers, certified public accountants, and other external experts, ensuring a fair and transparent evaluation process.

The evaluation criteria and their respective scores are as follows: △Internal and external creditworthiness and financial stability of the institution (27 points) △Loan and deposit interest rates offered to the Office of Education (23 points) △Convenience for education consumers and institutions (21 points) △Treasury work management capabilities (22 points) △Contribution to educational institutions and collaborative projects with the Office of Education (7 points).

The Gyeongbuk Education Treasury manages an annual budget of 6 trillion won for the Gyeongbuk Office of Education, with an average balance exceeding 400 billion won. A representative from the Gyeongbuk Office of Education stated, "For decades, Nonghyup has managed the Gyeongbuk Education Treasury, but this time, we hope other financial institutions will also participate in the open competition."

Lim Jong-sik, Superintendent of the Gyeongbuk Office of Education, said, "We plan to select the education treasury, which will be responsible for the Office’s funds for the next four years, through a fair and transparent process," adding, "We will provide even stronger support to schools through stable and efficient financial management."

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