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🇰🇷 South Korea /Economy & Trade

IBK Bank Retains Suwon City Treasury Contract Through 2030

From Dong-A Ilbo · () Korean

Translated from Korean and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources New plan
  • IBK Industrial Bank of Korea has been reselected to operate Suwon’s municipal treasury from 2027 through 2030.
  • The bank will manage about 3.9 trillion won annually, including the city’s general account, special accounts and funds.
  • IBK has handled Suwon’s treasury functions since 1964, including revenue collection, expenditure payments and fund custody.

IBK Industrial Bank of Korea will continue managing Suwon’s municipal treasury through 2030 after the city reselected it for the next contract period.

Suwon Special City has been a partner that has worked with Industrial Bank of Korea for more than 60 years.

· Jang Min-youngThe IBK Bank president described the long relationship between the bank and Suwon.

The bank signed an agreement with Suwon Special City at city hall in Gyeonggi Province. Its current contract expires on December 31, but IBK will operate the treasury from 2027 through 2030 under the new four-year agreement.

The contract covers about 3.9 trillion won annually. IBK will manage Suwon’s general account, special accounts and funds as the city’s single treasury, while handling the collection of municipal revenue and payment of expenditures. The bank has performed Suwon’s treasury work for more than 60 years, dating back to 1964.

Based on our accumulated treasury-management experience and the policy-finance capabilities of a state-run bank, we will support Suwon’s transformation and the revitalization of the local economy.

· Jang Min-youngHe outlined IBK’s intended role under the renewed treasury contract.

IBK Bank President Jang Min-young described Suwon as a partner of more than six decades and said the bank would use its accumulated treasury-management experience and policy-finance capabilities to support the city’s transformation and regional economic development. Suwon Mayor Lee Jae-joon said the bank had contributed to the reliability of the city’s financial management and expressed hope for continued cooperation linked to policies supporting residents, small businesses and small and medium-sized enterprises.

Industrial Bank of Korea has operated Suwon’s municipal treasury stably for a long time and contributed to enhancing the reliability of the city’s financial management.

· Lee Jae-joonThe Suwon mayor praised IBK’s record managing the city’s finances.
About this summary

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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