Gyeongsangnam-do Selects NH Nonghyup Bank as Primary and BNK Kyongnam Bank as Secondary Depository Banks for Three Years Starting 2026

On December 5, Gyeongsangnam-do announced that it has selected NH Nonghyup Bank as the primary depository bank and BNK Kyongnam Bank as the secondary depository bank, entrusting them with the province’s finances for the next three years starting next year.

The provincial government issued a public notice in September inviting applications for the designation of depository banks, in preparation for the expiration of its current agreements with the existing primary and secondary depository banks at the end of this year.

Subsequently, the selection process for the next depository banks was carried out through the submission of proposals by financial institutions in October and the convening of the Depository Bank Selection Committee in November.

On November 12, the committee comprehensively reviewed and evaluated the proposals submitted by the financial institutions, considering factors such as financial stability, interest rate conditions, convenience for residents, operational capability in handling depository work, and contributions to the local community. Based on this evaluation, NH Nonghyup Bank was selected as the primary depository bank and BNK Kyongnam Bank as the secondary depository bank.

Gyeongnam Provincial Government Office. Photo by Se-ryeong Lee

The two selected institutions will sign depository agreements with Gyeongsangnam-do in December and will be responsible for the province’s depository operations for three years, from January 1, 2026, to December 31, 2028.

As the primary depository bank, NH Nonghyup Bank will manage the general account and eight specific funds, including Rural Promotion, Investment Attraction Promotion, Disaster Relief, Inter-Korean Exchange and Cooperation, Small and Medium Business Investment, Hometown Love, Self-Sufficiency, and Provincial Residents’ Pension.

As the secondary depository bank, BNK Kyongnam Bank will handle the special account and eight funds, including Regional Development, Integrated Fiscal Stabilization, Food Promotion, Disaster Management, Social Economy, and Gender Equality.

An official from Gyeongsangnam-do stated, “We prioritized the convenience of residents and the stability of fiscal management in selecting the depository banks. We look forward to furthering the development of the provincial administration and expanding contributions to the local community.”