NH NongHyup Bank selected as treasury manager for South Jeolla-Gwangju integrated education office

NH NongHyup Bank has been selected to manage the treasury of the South Jeolla-Gwangju Integrated Special City Office of Education, an account worth 8 trillion won ($5.99 billion) annually.

The integrated education office held a treasury designation review committee Thursday and announced Friday that NH NongHyup Bank had been chosen following an evaluation of submitted proposals.

The bank, which applied as the sole candidate, will operate the education treasury from 2027 through 2030.

The review committee assessed applicants on creditworthiness, financial stability, loan and deposit interest rates offered to the education office, convenience and cooperative project plans.

The integrated office's annual budget totals 8 trillion won — 3 trillion won from the Gwangju office and 5 trillion won from the South Jeolla Province office.

NH NongHyup Bank had also been the sole applicant in the separate treasury selections for the Gwangju and South Jeolla Province education offices before their integration, managing special education accounts, general accounts and funds for both.

The integrated education office formally announced the final selection result Friday and plans to sign a treasury agreement next month.