Suwon City Designates Municipal Treasury Bank Through 'Open Competition'

Suwon City announced on the 21st that it will designate the municipal treasury bank through an open competitive bidding process to ensure sound and transparent fund management.

To this end, the city enacted and announced a municipal treasury designation ordinance last month containing details on the open competitive bidding method, designation criteria, and review procedures. The city plans to hold a briefing session regarding the municipal treasury designation on the 28th.

The city will receive proposals from banks wishing to be designated from the 30th to 31st of next month, and after deliberation by a review committee on 5 categories and 18 items including banks' creditworthiness and financial structure stability, it will decide on the priority-designated bank by early November.

The evaluation criteria consist of 5 categories and 18 items including banks' creditworthiness and financial structure stability. The review committee will be composed of 13 members including university professors, financial experts, lawyers, certified public accountants, and tax accountants.