Gyeonggi Province Selects NH Nonghyup Bank and Shinhan Bank as Provincial Treasuries

Gyeonggi Province selected NH Nonghyup Bank as the General Account Treasury and Shinhan Bank as the Special Account Treasury on the 20th, choosing two financial institutions to serve as the province's next treasuries.

The province announced the selection of the next treasuries after holding the Gyeonggi Province Treasury Designation Review Committee meeting on the afternoon of the 20th at a conference room on the 4th floor of the Provincial Government's New Building.

These banks will serve as the province's treasuries for four years from April 1 next year through March 31, 2021.

The treasury's operations include ▲collection of various tax revenues including provincial taxes ▲payment of various expenditures and fund allocation ▲custody and management of idle funds ▲collection and payment of non-budget cash ▲receipts and custody of securities ▲receipts and custody of revenue stamps and others.

During the contract period, NH Nonghyup Bank will manage 14 funds including the general account and regional development fund, while Shinhan Bank will manage 9 special accounts including school site burden fees and 8 funds including disaster management funds.

Lee Sang-don, director of Gyeonggi Province's Revenue Management Team, said "The province established the Gyeonggi Province Treasury Designation Review Committee with a total of 9 members including financial experts and selected the provincial treasury after fairly reviewing the submitted proposals," and added "We hope the next provincial treasury will faithfully support diverse provincial administration tasks and regional development."

Meanwhile, the provincial treasury selection was conducted through open competition in accordance with the 'Ordinance on Designation and Operation of Gyeonggi Province Treasury.' From the 24th to 25th of last month, two financial institutions including NH Nonghyup Bank and Woori Bank submitted proposals for the general account, while three financial institutions including KB Kookmin Bank, Shinhan Bank, and Woori Bank submitted proposals for the special account.