Politics · South Korea · 1 hr ago
NH Nonghyup and Gwangju Bank vie to manage Jeonnam-Gwangju city accounts
The Jeonnam-Gwangju integrated city will choose its treasury banks on Oct.
26 for a four-year term starting in 2027.
NH Nonghyup Bank and Gwangju Bank are competing to manage the main account, which handles the general budget.
The bank that loses that contest will manage the city's special account.
A committee will assess factors including financial stability, interest rates, customer access, service capacity and support for local communities.
The choice matters because the city expects a budget of about 25 trillion won next year, including added government support.
The decision could affect the banks' standing and leadership appointments, as well as which bank public employees and affiliated bodies use.
The two banks currently share the work under a temporary arrangement that runs through Dec.
31.
Jeonnam-Gwangju Integrated Special City will select banks to manage its general and special accounts on October 26.
NH Nonghyup Bank and Gwangju Bank are competing to manage the general account.
The selected banks will serve for four years starting in 2027.
A committee will assess factors including financial stability, interest rates, convenience for residents and regional contributions.
The accounts cover budgets that totalled 20.8 trillion won this year across Gwangju and South Jeolla Province.
- Who
- NH Nonghyup Bank and Gwangju Bank are competing for the general account.
- What
- Jeonnam-Gwangju Integrated Special City will select banks to manage its general and special accounts for four years.
- When
- October 26, with the four-year term starting in 2027.
- Where
- The selection meeting will be held at the city’s Muan office.
- Why
- The city is selecting financial institutions to operate its general and special accounts.
NH Nonghyup Bank
Gwangju Bank
General account
NH Nonghyup Bank
Seeks to manage the general account.
Gwangju Bank
Seeks to manage the general account.
NH Nonghyup Bank began managing the general account for a six-month period, while Gwangju Bank took the special account.
The city is scheduled to select banks for its general and special accounts.
The four-year operating term for the selected banks is due to begin.
- Selection meeting
- October 26 at 2 p.m.
- General account bidders
- NH Nonghyup Bank and Gwangju Bank
- Operating term
- Four years starting in 2027
- Combined 2026 budgets
- 20.8 trillion won
- Expected next-year city budget
- 25 trillion won