Gwangju Bank plans to open branches in Gokseong-gun, Gurye-gun and Jindo-gun — three counties in South Jeolla Province where it currently has no presence — following the launch of the Jeonnam-Gwangju Integrated Special City.
In a recent round of personnel appointments, the bank assigned one branch establishment preparation committee chair (equivalent to Grade 3) each for Gokseong-gun, Gurye-gun and Jindo-gun, all under its business planning division.
The three committee chairs are tasked with opening branches in each of those counties by the end of this year.
Of the 22 cities and counties in South Jeolla Province, Gokseong-gun, Gurye-gun and Jindo-gun were the only three without a Gwangju Bank branch.
The need to open branches in those areas arose as the bank seeks to become the primary treasury bank of the Jeonnam-Gwangju Integrated Special City.
Financial institutions bidding to serve as a local government's primary treasury bank must handle regional development fund bond issuance, which requires them to maintain a branch or sub-office in every jurisdiction covered.
Gwangju Bank had competed against NH NongHyup Bank for the primary treasury contract for the Jeonnam-Gwangju Integrated Special City — valid through the end of December — but lost the bid.
The Jeonnam-Gwangju Integrated Special City plans to select a financial institution in September or October to operate its primary treasury for four years starting next year.
Gwangju Bank is preparing to make another bid for the primary treasury contract.
sij@heraldcorp.com
