Ulsan signed an amended treasury agreement with its two designated treasury banks, Kyongnam Bank and NH NongHyup Bank, at a ceremony Tuesday morning at city hall, raising deposit interest rates at both institutions.
Under the revised agreement, Kyongnam Bank raised its average fixed-deposit rate by 0.38 percentage points to 2.65 percent, while NH NongHyup Bank raised its rate by 0.13 percentage points to 2.39 percent. The city said it expects the higher rates to increase interest income from deposits, helping to strengthen fiscal soundness and support key projects.
Mayor Kim Sang-uk said at the signing ceremony that the amendment was designed to ensure financial benefits reach Ulsan residents, including small business owners and vulnerable groups. "I would like to express my gratitude, on behalf of the citizens, to Kyongnam Bank and NH NongHyup Bank for readily joining us in this amendment for the benefit of our citizens," he said.
Kyongnam Bank and NH NongHyup Bank were designated as Ulsan's city treasury banks in 2024 and will continue managing the city's revenue and expenditure through next year.
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