Woori Bank Secures National Pension Foreign Currency Depository, Solidifies Position as Institutional Banking Leader

Strength in Managing 886 Trillion Won in National Pension Service Foreign Currency Assets

Woori Bank is working to solidify its position as a powerhouse in institutional banking, aiming to become the main depository bank for the Seoul Metropolitan Government after successfully regaining the National Pension Service’s foreign currency depository business. Leveraging its transaction base built around local governments and public institutions, the bank is now actively competing to win the Seoul city government account.

According to the financial sector on May 12, Woori Bank has signed primary banking contracts with 14 out of 25 district offices in Seoul. It also currently does business with 207 out of 331 public institutions, including Korea Electric Power Corporation and Korea Land & Housing Corporation (LH).

Within the financial industry, there is an assessment that Woori Bank’s strong institutional banking network could provide a competitive edge in the current bid for the Seoul city government account.

Recently, Woori Bank was selected as the preferred bidder for the National Pension Service’s foreign currency depository business, which is valued at 886 trillion won, once again demonstrating its capabilities in managing large-scale institutional funds. With this re-selection, Woori Bank will continue to manage the National Pension Service’s foreign currency assets for up to five more years until July 2031, based on the partnership established since 2021. During the evaluation, the bank’s globally recognized risk management system and digital foreign exchange and payment infrastructure reportedly received high marks. In particular, analysis suggests that Woori Bank was acknowledged for its ability to reliably and efficiently manage large-scale public funds from the National Pension Service.

A Woori Bank official stated, "Through our experience operating the National Pension Service’s foreign currency depository, we have accumulated expertise in digital payment innovation and developed sophisticated fund management capabilities that balance profitability with stability." The official added, "This renewed mandate is further recognition of our operational know-how in handling remittance and payment services worth several hundred billion dollars annually." The official also emphasized, "Being selected by the National Pension Service symbolizes the highest level of trust and competitiveness in the financial sector."

There is analysis both inside and outside the financial sector that Woori Bank’s experience operating the National Pension Service’s foreign currency depository could serve as a significant strength in the competition to become Seoul’s depository bank.

For this bid, Woori Bank submitted proposals for both Seoul’s primary and secondary city treasury accounts. This sets up a direct competition with Shinhan Bank, which currently manages both accounts.

Based on the presentations by the banks taking place on this day, the Seoul Metropolitan Government is expected to announce the preferred bidder as early as this evening.