IBK wins reselection as Suwon's city treasury bank

The Industrial Bank of Korea announced Friday it has been reselected as the city treasury bank for Suwon Special City.

Under the arrangement, the bank will manage Suwon's city treasury from 2027 through 2030, handling approximately 3.9 trillion won ($2.87 billion) in funds annually over the four-year term.

The bank will serve as the sole treasury operator for the city's general accounts, special accounts and funds, handling the collection of tax revenues and the disbursement of expenditures.

Earlier, Suwon Special City convened a treasury designation review committee to select its next treasury bank. As a result, Industrial Bank of Korea ranked first and KB Kookmin Bank second.

"Suwon Special City has been a partner of Industrial Bank of Korea for more than 60 years," bank President Jang Min-young said. "Drawing on our accumulated treasury management experience and policy finance capabilities as a state-owned bank, we will support Suwon's transformation and the revitalization of its local economy."

Suwon Mayor Lee Jae-jun said the bank had contributed to the reliability of the city's fiscal management by operating the city treasury stably over many years. "I look forward to continued practical cooperation linked to key city policies, including improving convenience for residents and supporting small and medium-sized enterprises and small business owners," he said.