Woori Bank tapped to manage National Pension Service's W930tr foreign currency vault

Woori Bank will manage the National Pension Service's foreign currency vault, which holds assets worth 930 trillion won ($618 billion).

Woori Bank signed a foreign currency vault service agreement with the National Pension Service on Tuesday, according to the financial industry.

The contract was finalized after the National Pension Service selected Woori Bank as the winning bidder in a competitive tender conducted in March.

Woori Bank was first designated as the National Pension Service's foreign currency vault bank in August 2021, and this reselection allows it to continue its foreign exchange partnership with the national pension fund.

Under the new contract, Woori Bank will exclusively handle all foreign currency vault operations for the national pension fund from August through July 2029 — a three-year mandate covering foreign currency receipts and disbursements, account management, foreign exchange transaction support, payment settlement and foreign currency fund management.

The contract may be extended by up to two additional years, in one-year increments, subject to performance reviews.

As of the end of April, the National Pension Service's accumulated fund reserves stood at approximately 1,670.7 trillion won, with 55.7 percent invested overseas.

As the pension fund's overseas investment share continues to grow, the importance of stable and swift foreign exchange management has never been greater.

Four of Woori Bank's overseas branches — including its London office — have independently issued foreign currency bonds totaling $275 million.

"As a trusted financial partner supporting the National Pension Service's global asset management, we will do our part to safeguard and grow the precious retirement savings of the Korean people," Woori Bank President Jeong Jin-wan said.