Woori Bank to Manage 886 Trillion Won of National Pension Fund's Foreign Assets

Woori Bank has been selected as the preferred bidder to manage the National Pension Service's (NPS) foreign assets, totaling 886 trillion won. The announcement was made on May 8, marking the first selection of a foreign currency custodian bank since 2021. The contract will run from August 2026 to July 2031.

The foreign currency custodian bank will oversee foreign exchange transactions, the opening and closing of foreign currency accounts, and the management of foreign funds during the NPS's overseas investments. The NPS, one of the world's largest pension funds alongside Japan's GPIF and Norway's GPFG, manages a total fund of 1,610 trillion won, with 886 trillion won allocated to foreign assets. When Woori Bank was selected in 2021, the NPS's foreign assets were valued at 415 trillion won.

Woori Bank and KB Kookmin Bank were the two contenders in this bidding process. The selection criteria included the bank's financial stability, operational capabilities, experience in foreign fund management, service quality, risk management, and liquidity assurance.

Woori Bank received high marks for its global risk management system and digital foreign exchange and payment systems. Woori Bank CEO Jeong Jin-wan stated, "We will enhance our risk management system and innovate digital payments to support the stable asset management of the National Pension Fund."

Additionally, Woori Bank is competing for the Seoul City Treasury contract, which manages an annual budget of approximately 51 trillion won. The bank previously held this position for 104 years before ceding it to Shinhan Bank in 2018. The city plans to evaluate proposals through a committee of financial experts and certified public accountants, with a decision expected by the end of this month. The selected bank will manage the city's funds from next year through 2030. Woori Bank currently oversees treasury functions for 14 of Seoul's 25 districts, which could create synergies with the city treasury.