On track for 20 consecutive years managing city funds since 2007

Shinhan Bank's headquarters. [Shinhan Bank]
Shinhan Bank's headquarters. [Shinhan Bank]

Shinhan Bank has been selected as the preferred bidder to manage Incheon's primary municipal treasury for four years starting next year.

According to Incheon city officials, the city's treasury designation review committee convened Thursday and named Shinhan Bank as the preferred bidder for the No. 1 treasury post. Shinhan Bank is expected to finalize a contract with the city within 20 days of the selection, following negotiations over the proposed terms and detailed conditions.

Once the final contract is signed, Shinhan Bank will operate Incheon's primary treasury from 2027 through 2030. The bank first took on the role in 2007, meaning it will have managed the treasury for 20 consecutive years.

Incheon's primary treasury oversees the city's general accounts, public enterprise special accounts and funds, with an annual operating volume of about 17 trillion won ($12.4 billion). Both Shinhan Bank and Hana Bank submitted bids for the contract.

A review committee composed of professors, lawyers and city council members evaluated the candidates through bank presentations and question-and-answer sessions. The panel assessed each institution on criteria including creditworthiness, financial stability, loan and deposit interest rates offered to the city, treasury management capabilities and contributions to the local community.

NH NongHyup Bank, the sole applicant, was selected as the preferred bidder for the No. 2 treasury, which handles other special accounts.

Shinhan Bank was also chosen to operate both the No. 1 and No. 2 Seoul Metropolitan Government treasuries following a review conducted in May.


forest@heraldcorp.com