Pohang selects iM Bank, NH NongHyup Bank as next municipal treasury banks

Pohang in North Gyeongsang Province has selected iM Bank for its general account treasury and NH NongHyup Bank for its special accounts and funds treasury, following a review by the city's treasury designation committee.

The city said Wednesday that it had opened applications for the next treasury designation on July 30, after the current treasury contract was set to expire Dec. 31, in accordance with the city's ordinance on treasury designation and operations.

iM Bank and NH NongHyup Bank both submitted proposals in response to the announcement.

To evaluate the proposals objectively and fairly, the city formed a treasury designation review committee composed of private-sector experts from various fields.

Following the review, iM Bank was selected for the first treasury position, covering the general account, while NH NongHyup Bank was chosen for the second treasury position, which handles special accounts and funds.

The two institutions will manage Pohang's finances and treasury operations for three years, from 2027 through 2029.

A city official said the results would be announced in the city bulletin and on the city's website, and that the relevant financial institutions would be notified. The city plans to finalize the treasury agreements in October, within 20 days of the official notification date, the official added.