Shinhan Bank Selected as Incheon's Primary Treasury Bank... Continuing 20-Year Legacy

Shinhan Bank has been selected as the preferred negotiating bidder for Incheon City's primary treasury, which will manage the city's funds for four years starting next year.

Incheon City announced that it held a treasury designation deliberation committee yesterday (September 17) and chose Shinhan Bank as the preferred bidder for the primary treasury.

With this decision, Shinhan Bank will extend its operation of Incheon's primary treasury to 20 consecutive years, a role it has held since 2007.

The selected preferred bidder will negotiate and verify the proposed contents and detailed conditions with the city, and sign a final agreement within 20 days from the selection date.

Once the final contract is signed, Shinhan Bank will manage Incheon's primary treasury for four years from 2027 to 2030.

Incheon's primary treasury manages general accounts, public enterprise special accounts, and funds, with an annual management scale of approximately 17 trillion won.

Previously, Shinhan Bank and Hana Bank competed for the primary treasury. Hana Bank challenged for the spot by highlighting its recent relocation of core group operations to Cheongna, Incheon.

On the other hand, Shinhan Bank emphasized its accumulated treasury operation experience, system stability, and operational continuity built over running Incheon's primary treasury for 20 years since 2007.

The city reached its conclusion by comprehensively evaluating credit ratings, the stability of financial structures, city loan and deposit interest rates, and treasury management capabilities.

Shinhan Bank stated, "We will do our utmost to continuously contribute to Incheon's economic growth and regional development."

NH Nonghyup Bank, which applied alone, was selected as the preferred bidder for Incheon's secondary treasury, which handles other special accounts.
(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.