Woori Bank Selected as Preferred Negotiation Partner for National Pension Service's 886 Trillion Won Foreign Currency Depository Bank

Contract to Be Signed Next Month After Due Diligence and Negotiations

Three-Year Base Term, Extendable by Up to Two Years

Woori Bank has taken the lead in the competition to be selected as the depository bank responsible for managing the National Pension Service’s foreign currency assets, which exceed 800 trillion won.

On May 7, the National Pension Service announced that it has selected Woori Bank as the first-priority preferred negotiation partner for its foreign currency depository bank.

Previously, in March, the National Pension Service issued a tender notice and proceeded with the selection process for the foreign currency depository bank. This marks the first time in five years since 2021 that the National Pension Service has selected a foreign currency depository bank.

After completing on-site due diligence and technical negotiations with the preferred negotiation partner, the National Pension Service plans to sign the final contract next month. The basic contract period is three years, and it may be extended for up to two additional years through annual evaluations. The foreign currency depository bank, established in accordance with the Enforcement Decree of the National Pension Act, is responsible for work such as safely handling foreign exchange transactions for overseas investments, opening and closing foreign currency accounts, and conducting bulk currency exchanges.

As of the end of February this year, the National Pension Service’s fund reserves stood at 1,610 trillion won, with overseas assets accounting for approximately 55%, or 886 trillion won.

Sungjoo Kim, Chairman of the National Pension Service, said, “As the scale of the fund’s overseas investments has grown, stable foreign exchange transactions have become extremely important,” and added, “We will ensure the selection of the foreign currency depository bank is successfully completed so that the fund’s foreign currency transactions and cash management are carried out smoothly.”

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