Woori Bank Selected as Custodian for National Pension Fund's $670 Billion Foreign Assets

Woori Bank has been appointed as the custodian bank for the National Pension Fund's foreign assets, a significant role involving the management of 931 trillion won (approximately $670 billion USD) in overseas investments. The contract, signed on July 14th, designates Woori Bank to oversee foreign exchange transactions and manage accounts related to the fund's international portfolio.

The National Pension Fund's overseas assets constitute about 56% of its total reserves, amounting to 931 trillion won as of the end of April. The new contract period is set for three years, starting August 1st, with the possibility of a two-year extension based on performance evaluations. This selection follows a bidding process that began in March, involving proposal evaluations and technical negotiations.

This appointment signifies Woori Bank's reappointment to the crucial role. The bank previously served as the custodian bank for the National Pension Fund's foreign assets since its initial selection in August 2021. The fund's decision to re-select Woori Bank underscores its confidence in the bank's capabilities and performance in managing such a substantial portfolio.

The custodian bank plays a vital function in ensuring the security and efficient management of a pension fund's international assets. Its responsibilities include handling all aspects of foreign exchange settlements and maintaining accurate records of overseas accounts, which are critical for the fund's investment strategy and overall financial health.

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Woori Bank has been confirmed as the foreign custodian bank for the National Pension Fund's 931 trillion won in foreign assets.