HUG Signs Entrusted Management Agreement with 9 Commercial Banks and Housing and Urban Fund

The Housing and Urban Guarantee Corporation (HUG) announced on the 3rd that it has signed the final 'Housing and Urban Fund Entrustment Contract' with nine commercial banks selected as qualified negotiators for the re-entrusted institutions of the Housing and Urban Fund.

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This entrustment contract is a follow-up measure after selecting the qualified negotiators for the re-entrusted institutions of the Housing and Urban Fund, and the respective banks will carry out the Housing and Urban Fund operations for five years starting from the 1st of this month.

The lead trustee bank is Woori Bank, and the nationwide general trustee banks are Kookmin Bank, NongHyup Bank, Shinhan Bank, and Hana Bank.

To enhance accessibility and convenience for local residents, two newly established regional general trustee banks, Daegu Bank and Busan Bank, are responsible. The subscription savings trustee banks are Gyeongnam Bank and Industrial Bank of Korea.

Under this contract, the lead trustee bank will handle demand loans (purchase and jeonse monthly rent fund loans), national housing bonds, subscription savings operations, as well as business loans, and will also serve as the coordinator among trustee banks.

The nationwide and regional general trustee banks will perform the same duties as the lead trustee bank except for business loans, while Gyeongnam Bank and Industrial Bank of Korea will only handle subscription savings-related tasks.

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