POHANG — Pohang in North Gyeongsang Province said on the 15th that it had signed operating agreements with iM Bank and NH NongHyup Bank, the two lenders selected to manage the city's treasury from next year through 2029.
The city earlier convened a treasury designation review committee last month under its ordinance on the designation and operation of city funds, designating iM Bank as the primary depository bank, handling the general budget, and NH NongHyup Bank as the secondary depository bank, handling special accounts and funds.
Under the agreements, the two institutions will carry out treasury operations for three years starting next year, including collecting and disbursing city revenue and expenditures and managing securities.
"I hope the city and both financial institutions will pool their strengths for regional development based on mutual trust," Pohang Mayor Park Yong-sun said.