SEJONG — Sejong City is moving to select the financial institutions that will handle its municipal treasury accounts.
The city said it posted a public notice and detailed evaluation criteria in the municipal gazette and on its website on the 1st, seeking to designate the banks that will manage its treasury operations as its agreement with the current treasury banks expires on December 31.
Under the city ordinance on the designation and operation of the Sejong Special Self-Governing City treasury, the newly selected institutions will handle treasury operations, including the city's general account funds, for four years from 2027 through 2030.
Financial institutions may submit proposals over two days, on the 6th and 7th of October, without distinguishing between the first and second treasury designations. Applications are open to financial institutions with a head office or branch in Sejong.
The treasury designation review committee will assess six criteria, including the institution's domestic and international credit standing and the stability of its financial structure, its lending and deposit rates offered to the city, and the convenience of access for residents. The first and second treasury banks will be designated according to the evaluation rankings, and the city plans to complete the treasury agreements by November.
"We will conduct the process fairly and transparently in order to select capable financial institutions that can stably manage Sejong City's valuable finances and grow together with the local community," said Lee Sang-ho, director-general of the city's autonomous administration bureau.
The city will hold a briefing session for interested financial institutions on September 16 in the large conference room on the fifth floor of city hall.
