Shinhan Bank's Unexpected Loss of Yongsan District Treasury Operation After 12 Years... Why?

Yongsan-gu Selects Woori Bank as District Treasury & Responsible for Operating General, Special Accounts and Funds from January 1, 2023 to December 31, 2026 for 4 Years

[Asia Economy Reporter Park Jong-il] An unexpected event occurred as Shinhan Bank, which had managed the Yongsan-gu treasury for 12 years, was eliminated.

Yongsan-gu (District Mayor Park Hee-young) has selected Woori Bank as the preferred negotiation candidate for the next first and second treasury operation institutions for the next four years starting next year.

There were two applicants for the district treasury: Shinhan Bank and Woori Bank. The Yongsan-gu Treasury Designation Review Committee individually evaluated each treasury based on the banks' proposals, considering factors such as financial institution creditworthiness, financial structure stability, convenience for district residents, and treasury management capability. As a result, Woori Bank, which scored the highest, was selected as the preferred financial institution for designation.

Woori Bank will sign the final agreement with the district and operate the general and special accounts and funds of Yongsan-gu for four years from January 1, next year, to December 31, 2026, handling various revenue collections and expenditure payments, cash receipts and payments outside revenue and expenditure, and securities custody and management.

District Mayor Park Hee-young stated, “The treasury selection results were announced on the district website on the 7th,” and added, “We will continue to ensure the safety of district financial management through meticulous treasury management.”