Sejong City to reshuffle its “financial guardians”... Bank of Hope to become No. 1 treasury bank, Nonghyup No. 2

[Financial News, Sejong = Kim Won-jun] The treasury banks that will manage Sejong City’s finances for the next four years have been selected. Bank of Hope will handle the general account, while Nonghyup Bank will handle the special accounts and funds.
Sejong City said on the 27th that it had begun the process last month by announcing the designation of its treasury banks and inviting proposals, and had made its final selection of financial institutions after an evaluation by the Treasury Bank Designation Review Committee on the 21st. The agreement period is four years, from January 1 next year to December 31, 2030.
The Treasury Bank Designation Review Committee comprised nine members in total, including outside experts such as university professors, lawyers, certified public accountants and tax accountants. The city said the committee conducted a fair and objective evaluation.
As a result of this selection, the order of Sejong City’s treasury banks will change. NH Nonghyup Bank currently serves as the first treasury bank and Bank of Hope as the second, with their agreements set to expire this December. When they were selected in 2018, Nonghyup Bank was responsible for the general account, worth 1.2 trillion won based on the main budget, while Bank of Hope handled special accounts and funds worth 600 billion won. The two banks are effectively switching places this time.
For four years starting next year, the two banks designated this time will handle the receipt of revenues and disbursement of expenditures, as well as the safekeeping and management of funds, including various funds.
Bank of Hope, the first treasury bank, will manage the general account, worth 1.9 trillion won based on this year’s main budget, and the Integrated Fiscal Stabilization Fund. Nonghyup Bank, the second treasury bank, will handle special accounts and funds worth 450 billion won, excluding the Integrated Fiscal Stabilization Fund.
Sejong City plans to sign treasury agreements sometime next month after consulting with the selected financial institutions.
Director General Lee Sang-ho of the Autonomous Administration Bureau said, “A city treasury bank is a partner that reliably manages the city’s valuable finances, makes it easier for citizens to pay taxes, and works alongside the city to advance city administration.” He added, “I hope the next city treasury bank will fulfill that role.”
[email protected] Kim Won-jun Reporter