Seoul's 25 Districts Compete for Custodian Banks: Shinhan Secures 2 New Districts Including Eunpyeong and Guro... Woori Bank Defends 3 Districts Yangcheon, Songpa, and Gwanak... KB Defends 1 District Nowon
[Asia Economy Reporter Park Jong-il] The battle for district treasury banks among Seoul's 25 autonomous districts is intensifying.
According to Seoul's autonomous districts, Shinhan Bank, which operates the Seoul city treasury, was selected as the district treasury bank for Eunpyeong-gu on the 7th and Guro-gu on the 8th.
Since being selected as the Seoul city treasury bank four years ago, Shinhan Bank demonstrated its strength by securing the Seoul city treasury again this May, as well as the treasuries for Eunpyeong-gu and Guro-gu.
However, at the district treasury bank selection held on the 29th for Yangcheon-gu and Songpa-gu, Woori Bank leveraged its advantage as the incumbent district treasury bank to win the competition.
Subsequently, at the selection for Nowon-gu treasury held on the morning of the 30th, the incumbent KB Bank was reselected. In the afternoon of the same day, Woori Bank defended its position as the incumbent in the Gwanak-gu treasury selection.
As such, commercial banks including Shinhan, Woori, and KB are engaged in fierce competition.
Shinhan Bank operates district treasuries in five districts: Yongsan, Seongdong, Gangbuk, Seocho, and Gangnam; Woori Bank manages 18 district treasuries including Jung-gu; and KB Bank operates two district treasuries including Gwangjin and Nowon-gu.
The winner of this contest will have the authority to operate the district treasury for four years starting from 2023.
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