Shinhan Bank has successfully retained its role in managing Incheon City’s primary treasury, a position it has held for nearly 20 years, overseeing approximately 15 trillion won in city funds for the next four years.
On September 17, Incheon City announced the selection of Shinhan Bank as its primary treasury manager during a treasury designation review committee meeting. The selection process saw Shinhan Bank and Hana Bank compete for the role. Despite Hana Financial Group recently relocating its headquarters to Incheon’s Cheongna area to strengthen its local presence, Shinhan Bank maintained its position as the incumbent treasury manager.
Shinhan Bank has managed Incheon City’s primary treasury since 2007. With this selection, it will continue in this role until the end of 2030. The funds managed by the primary treasury are estimated at 14.4527 trillion won based on the 2026 budget, which includes general accounts, special accounts for public enterprises, and various funds.
The review committee, composed of 11 members including university professors, lawyers, certified public accountants, tax accountants, and city council members, evaluated the proposals and presentations from the applying financial institutions.
Evaluation criteria included the financial institution's creditworthiness and financial stability, interest rates for loans and deposits to the city, convenience for citizens, treasury management capabilities, contributions to the local community, and collaborative projects with the city, across six categories with 20 specific items. Shinhan Bank received the highest score in this evaluation.
NH Nonghyup Bank was selected as the secondary treasury manager. In this case, Nonghyup Bank applied alone after Incheon City reissued the call for applications, but no additional applicants came forward. Consequently, the review committee evaluated and ultimately selected Nonghyup Bank according to relevant regulations.
Incheon City plans to notify the financial institutions of the selection results and finalize the next treasury management agreement next month. The new treasury management period will run from January 1, 2027, to December 31, 2030.
A Shinhan Bank representative stated, "Based on our stable treasury management experience and financial capabilities, we will further enhance financial convenience for Incheon citizens and continue to contribute to the economic growth and regional development of Incheon."
* This article has been translated by AI.
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