National Pension Service reselects Woori Bank as foreign currency depository

Woori Bank has been reselected as the foreign currency depository bank for the National Pension Service fund's overseas investments.

The National Pension Service signed a foreign currency depository contract with Woori Bank on Tuesday at its headquarters in Jeonju, North Jeolla Province.

The foreign currency depository bank handles all foreign exchange operations arising from the national pension fund's overseas investments, including foreign currency receipts and disbursements and the management of foreign currency accounts. As of the end of April, the fund's total reserves stood at 1,671 trillion won ($1.11 trillion), of which about 56 percent — 931 trillion won — is managed in overseas assets.

The National Pension Service launched a tender in March and selected Woori Bank as the final contractor following proposal evaluations and technical negotiations. The contract runs for three years from Aug. 1, with the option to extend for up to two additional years subject to annual reviews.

Woori Bank was also selected for the role in 2021. The service said the bank plans to open a dedicated foreign exchange office near its headquarters to strengthen in-person collaboration and provide faster support for overseas investment-related forex operations.

"The foreign currency depository bank is a core financial infrastructure underpinning the national pension fund's overseas investments," National Pension Service Chairman Kim Sung-joo said. "Together with Woori Bank, selected again following its 2021 appointment, we will enhance the stability and efficiency of foreign currency transactions to ensure the fund's overseas investments proceed without disruption."