NPS Reappoints Woori Bank as Foreign Currency Depository for KRW 931 Trillion in Overseas Assets

Three-Year Contract Starting in August; Can Be Extended for Up to Two Years
Responsible for Foreign Exchange Transactions and Account Management

The National Pension Service (NPS) has selected Woori Bank as its designated foreign currency vault bank to support overseas investments worth 931 trillion won. Beginning in August, Woori Bank will be responsible for carrying out work such as foreign exchange cash operations and management of foreign currency accounts.

On July 14, the NPS announced that it had signed a foreign currency vault bank contract with Woori Bank at its headquarters in Jeonju, North Jeolla Province.

On July 14, at the National Pension Service headquarters (Deokjin-gu, Jeonju), Kim Sungjoo, Chairman of the National Pension Service (left), signed a foreign currency vault bank contract with Jung Jinwan, President of Woori Bank, and took a commemorative photo. National Pension Service

The foreign currency vault bank is responsible for tasks such as foreign exchange cash operations, opening, closing, and managing of foreign currency accounts, as well as currency exchange and remittance, which occur as the NPS invests in overseas stocks, bonds, and alternative assets. While it does not determine investment targets or amounts, the bank serves as a critical financial infrastructure that ensures overseas investment funds can be transacted in a timely manner.

As of the end of April, the NPS fund had reached 1,671 trillion won, with overseas assets amounting to 931 trillion won, roughly 56% of the total. Overseas assets, valued at around 415 trillion won in 2021, have more than doubled in five years, underlining the growing importance of stable foreign currency liquidity and settlement management. However, the 931 trillion won represents the valuation of assets such as overseas stocks, bonds, and alternative investments; the foreign currency vault bank does not directly manage these assets or hold the entire amount in cash.

Since issuing a call for bids in March, the NPS evaluated proposals and conducted technical negotiations, ultimately selecting Woori Bank as the final foreign currency vault bank. The contract period runs for three years starting from August 1, 2026, and can be extended for up to two additional years through annual evaluations.

National Pension Service Fund Management Headquarters

Re-selected as the foreign currency vault bank following its appointment in 2021, Woori Bank plans to establish a new office dedicated to foreign exchange work near the NPS headquarters to enhance localized, on-site service. This move is expected to facilitate seamless in-person collaboration and swift field response.

Kim Sung-ju, Chairperson of the National Pension Service, stated, "The foreign currency vault bank is a key financial infrastructure supporting the NPS’s overseas investments. Having been selected again following 2021, we will endeavor—together with Woori Bank—to enhance the stability and efficiency of foreign currency transactions so that the fund's overseas investments can be carried out without disruption."

This content was produced with the assistance of AI translation services.