Daegu Office of Education Selects NongHyup Bank as Main Depository... 4.3 Trillion Won Annual Budget Deposited

iMBank Submits Solo Bid After Opting Out of Joint Participation

The Daegu Metropolitan Office of Education (Superintendent Kang Eunhee) announced on the 29th that it recently held a Treasury Designation Review Committee meeting and selected NongHyup Bank as the financial institution to operate the office's treasury for four years starting in 2025.

As a result of the bidding and re-announcement process for treasury selection, NongHyup Bank was the sole bidder in both rounds. Through the eligibility evaluation and deliberation by the Treasury Designation Review Committee, NongHyup Bank was selected as the treasury bank.

Daegu Metropolitan Office of Education

To ensure transparency and fairness in the treasury selection process, members of the Treasury Designation Review Committee were randomly selected the day before the meeting in the presence of a police officer, from a pool of pre-nominated candidates that included Daegu city council members, university professors, tax accountants, certified public accountants, and lawyers, at a ratio of two to five times the number of committee seats.

Additionally, to ensure economic viability, stability, and efficiency in treasury operations, the committee evaluated 17 sub-items across five categories: internal and external credit ratings and financial stability, loan and deposit interest rates for the Office of Education, convenience for education consumers and institutions, treasury management capability, and contributions to educational institutions and collaborative projects with the Office of Education.

The Daegu Office of Education plans to sign a treasury agreement with NongHyup Bank following the treasury designation announcement, and NongHyup Bank will operate the Daegu Office of Education's treasury for four years from January 1, 2025, to December 31, 2028.

A representative from the Daegu Office of Education stated, "NongHyup Bank was the sole bidder. iM Bank, a local bank in Daegu, did not participate. Except for Busan, all education offices nationwide have NongHyup Bank as their treasury bank. The Daegu Office of Education will entrust NongHyup Bank with an annual budget of 4.3 trillion won, with an average balance exceeding 210 billion won."