Shinhan Bank Retains Both Seoul City Treasury Accounts as Woori Bank Fails to Reclaim Position

Shinhan Bank Maintains Its Position in the Second Treasury Account
Despite Competition from KB Kookmin and Hana Banks

Shinhan Bank has once again secured the rights to operate Seoul City's first and second treasury accounts, which are valued at approximately 51 trillion won.

On May 12, Seoul City announced that both the first and second treasury accounts received the highest scores from Shinhan Bank during the 'Treasury Designation Evaluation Committee' meeting convened to select the next city treasury institution.

In this round of bidding, Shinhan Bank and Woori Bank submitted proposals for the first treasury account, while Shinhan Bank, Woori Bank, KB Kookmin Bank, and Hana Bank submitted proposals for the second treasury account. The first treasury account manages both Seoul City's general and special accounts, while the second treasury account is responsible for the city's funds. This year, Seoul City's budget totals 51.4778 trillion won.

After the presentation sessions by each bank, the Treasury Designation Evaluation Committee evaluated the proposals for both treasury accounts based on a total of six criteria as stipulated by ordinance. As a result, Shinhan Bank ranked first for the first treasury account with a total score of 973.904 points, making it the preferred candidate, and also ranked first for the second treasury account with a score of 925.760 points.

Woori Bank, which aimed to reclaim its treasury management role, faced disappointment once again after similar outcomes in 2018 and 2022. Since 1915, when the Seoul City Treasury was established during the Gyeongseongbu era, Woori Bank managed the treasury, but its 103-year monopoly ended in 2018 when Shinhan Bank won the operating rights, and in 2022, even the second treasury account was handed over to Shinhan Bank.