Who Will Manage the 26 Trillion Won Gwangju Integrated Special City Treasury? Gwangju Bank and Nonghyup Face Off

Proposal Submission Deadline Approaches...

Final Selection of Treasury Banks on the 22nd

Record-High Fiscal Resources Under Management Draw Attention

Including Special Government Support Funds

As the launch of the Jeonnam-Gwangju Integrated Special City approaches in July, competition among local financial institutions to be selected as the city's first treasury bank is heating up. Attention is focused on which financial institution will be entrusted with managing the massive fiscal resources, including special government support funds.

According to local financial industry sources on May 8, the deadline for submitting proposals to be designated as the treasury bank for the Jeonnam-Gwangju Integrated Special City is this week. Gwangju City and Jeollanam-do will form a joint review committee to conduct evaluations and will announce the final selections for the first and second treasury banks on May 22.

This competition has effectively become a two-way race between Gwangju Bank and NH Nonghyup Bank, which currently manage the treasury functions for Gwangju City and Jeonnam Province, respectively. Only the current treasury-operating banks were eligible to apply, based on fiscal stability requirements, excluding other commercial banks from participating in the competition.

Provided by Gwangju City

Gwangju Bank currently operates as the primary treasury bank for Gwangju City. As a regional bank headquartered in Gwangju, it is leveraging its experience in managing local public funds as a key strength. NH Nonghyup Bank manages the primary treasury for Jeonnam Province and is relying on its regional branch network and experience in public finance management to compete for selection.

Local financial institutions are paying close attention to this selection process because the size of the treasury is expected to be the largest ever. With the addition of 5 trillion won in special government integration support to the existing budgets of Gwangju City and Jeonnam Province, the total managed fiscal resources are expected to reach approximately 26 trillion won.

Although the designation period for this selection is only about six months, lasting until the end of this year, it is considered significant as it marks the first time the treasury system will be operated under the integrated special city structure. From next year, a new, long-term treasury designation process based on revised criteria will take place.

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