YANGJU — The city of Yangju in Gyeonggi Province has launched the selection of the bank that will manage its public funds for four years starting next year.
Yangju said on the 7th that it had posted its designation plan for the next city treasury bank on the municipal website and opened a competitive bidding process. The move follows the expiration of the city's contract with its current treasury bank this year. The new treasury bank will handle the city's revenue and expenditure operations from 2027 through 2030.
Eligible applicants are banks under the Banking Act that maintain a head office or branch in Yangju as of the date of the notice. Proposals will be accepted on the 29th and 30th of this month.
The city plans to operate under a single-bank model to ensure efficiency in revenue and expenditure operations and stable management of public funds. The selection will be made after review by the Treasury Designation Committee. Evaluation criteria include the financial institution's credit rating and financial structure, lending and deposit rates, convenience for residents, treasury management capacity and contributions to the local community.
The city aims to complete the designation and sign the contract by November, with the handover between the outgoing and incoming banks to take place in December.
"Above all, it is important to select a financial institution that can manage residents' hard-earned public finances safely and efficiently," Yangju Mayor Chung Duck-young said. "We will do our best to designate the next city treasury bank through a fair and transparent process."
