"Authenticity Paid Off"... Shinhan Bank Retains Incheon’s Primary Treasury Bank

Shinhan Bank to Serve as Incheon City's Treasury Bank for 24 Years Through 2030

President Jung Sanghyuk Personally Delivers Presentation

Shinhan Bank Leads Hana in Number of Branches in Incheon

Shinhan Bank has succeeded in retaining its position as the primary treasury bank for Incheon Metropolitan City after a fierce competition with Hana Bank.

According to the financial sector on September 18, Incheon City held the 'Incheon Metropolitan City Treasury Selection Committee' the previous day and selected Shinhan Bank as the primary treasury bank and NH Nonghyup Bank as the secondary treasury bank.

The contract period is from January 1, 2027, to December 31, 2030. Having managed Incheon's primary treasury bank since 2007, Shinhan Bank will now hold the position for a total of 24 years until 2030.

This bid to serve as Incheon City's treasury bank drew attention as a contest between Shinhan Bank and Hana Bank. Hana Bank had moved the headquarters of Hana Financial Group to Cheongna International City in Incheon and announced various social contribution activities to strengthen its ties with the local community.

Shinhan Bank assessed that its authenticity was recognized. Shinhan Bank President Jung Sang-hyuk gave a direct presentation in front of the treasury selection committee, sharing the bank's vision for Incheon and its potential contributions. He reportedly remained for the entire Q&A session that followed, answering committee members' questions until the end. Originally, the schedule allocated 10 minutes for the presentation and 10 minutes for the Q&A, but in practice, both banks were given as much time as needed for questions from the committee members. Notably, Shinhan Bank also addressed its previous attempt to acquire Gyeonggi Bank. Gyeonggi Bank, which started as 'Incheon Bank' and grew with a focus on the Gyeongin region, was acquired by Hanmi Bank during the foreign exchange crisis in 1998.

A Shinhan Bank official in charge of institutional business stated, "Before we managed Incheon's treasury bank for 20 years, we always had a strong desire to contribute to Incheon, and we explained that history to the committee. By mentioning our attempt to acquire Gyeonggi Bank and describing our longstanding efforts for the city, we saw committee members nodding in agreement." This selection committee consisted of 11 people, including university professors, lawyers, certified public accountants, and local assembly members.

It also appears that Shinhan Bank received high marks in terms of citizen convenience. Shinhan Bank operates over 50 branches in Incheon, while Hana Bank has 32. Additionally, Shinhan Bank highlighted its strength in building and maintaining a stable accounting network for municipal revenue and expenditures through the 'Incheon ETAX' local tax payment system.

The selection of treasury banks is based on proposals and presentations submitted by financial institutions, evaluated under the Ministry of the Interior and Safety's regulations and the 'Ordinance on the Designation and Operation of the Treasury of Incheon Metropolitan City.' Incheon City presented the following evaluation criteria: credit rating and financial stability (25 points), loan and deposit interest rates offered to the city (18 points), convenience for citizens (24 points), treasury operation management ability (24 points), community contribution and cooperation projects with the city (7 points), and other factors (2 points).

Shinhan Bank stated, "We will strive to further enhance financial convenience for Incheon citizens based on our accumulated stable treasury management experience and top-tier financial expertise. We will do our utmost to continuously contribute to Incheon's economic growth and regional development."

NH Nonghyup Bank was the sole bidder for the secondary treasury bank and, after a reannouncement, no additional applications were received. Therefore, in accordance with the relevant regulations, NH Nonghyup Bank was selected.

The primary treasury bank, which handles the general accounts, special public enterprise accounts, and funds, oversees KRW 14.4527 trillion based on this year's original budget. The secondary treasury bank manages other special accounts totaling KRW 2.0199 trillion. Incheon City plans to conclude the next treasury agreement next month.

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