LG CNS (064400.KS) has won a 291 billion won ($204 million) contract to modernize the core banking system of the Korean Federation of Community Credit Cooperatives.
LG CNS said in a regulatory filing on the 15th that it signed a 291.045 billion won contract for the "modernization of the MG Community Credit Cooperatives' core banking system." The contract runs from that day through Feb. 14, 2029, a period of about two years and four months.
Under the contract, LG CNS will serve as the prime contractor and oversee the entire project to upgrade the federation's existing core banking system. A core banking system is the central IT platform that processes a financial institution's main transactions, including deposits, loans, and withdrawals.
LG CNS also won a contract in December last year to build a next-generation core banking system for NH NongHyup Bank.