Battle for the '48 Trillion Won Seoul City Treasury'... KB, Shinhan, and Woori in a Three-Way Competition

[Asia Economy Reporter Jang Hyowon] Three banks, KB Kookmin Bank, Shinhan Bank, and Woori Bank, have submitted applications to manage Seoul City's budget and funds for the next four years.

According to the financial sector on the 11th, the deadline for submitting proposals for Seoul City's treasury, these three banks submitted applications for Seoul City's Primary Treasury and Secondary Treasury.

Seoul City's treasury has been managed continuously by Woori Bank since 1915, when its predecessor, Joseon Commercial Bank, signed the treasury contract. However, since 2019, Shinhan Bank has managed the Primary Treasury, which handles general and special accounts, while Woori Bank has managed the Secondary Treasury, which handles funds.

The next treasury contract period will be four years, from next year until 2026, and the scale of Seoul City's budget to be managed amounts to 47.7 trillion KRW as of this year.

If selected as the city treasury bank, the bank can generate profits by handling revenues and expenditures and also secure potential customers among city officials and their families.

Seoul City plans to announce the results within this month after a review committee deliberation.