Gwangju City Selects Gwangju Bank as Primary Bank and Nonghyup Bank as Secondary Bank

Safe Deposit Designation Review Committee Evaluates Five Areas Including Stability

Gwangju City Hall exterior view. [Photo provided by Gwangju City]

Gwangju City announced on the 7th that it held the Treasury Designation Deliberation Committee to select the city treasury for the next term (2025-2028), designating Gwangju Bank as the first treasury and NongHyup Bank as the second treasury.

The Treasury Selection Deliberation Committee held a meeting attended by 12 experts from various fields, including Gwangju city council members and professors, to evaluate five areas: the internal and external creditworthiness and financial structure stability of financial institutions (27 points), Gwangju City's loan and deposit interest rates (20 points), convenience for citizens (24 points), treasury management capability (22 points), and contributions to the local community and cooperative projects with Gwangju City (7 points).

The treasury designation method this time was a separate bidding process designating the first and second treasuries independently. One financial institution could participate in either the first or second treasury. Gwangju Bank and Kookmin Bank participated for the first treasury, while Kookmin Bank, NongHyup Bank, Woori Bank, and Industrial Bank of Korea participated for the second treasury.

Gwangju City plans to announce the final selection results within this month after completing internal administrative procedures and to sign the city treasury operation agreement next month.