Shinhan Bank, the next phase of Seoul City Treasury's Vault 1 and Vault 2 both set new record high scores

In the Seoul City next-term treasury selection evaluation, Shinhan Bank received the highest scores in both the First Treasury and the Second Treasury, making it a strong candidate for managing Seoul City’s funds going forward.

On May 12, Seoul City convened a Treasury Designation Review Committee to review the proposal for the next-term treasury selection. The results showed that Shinhan Bank received the highest scores in both the First Treasury and Second Treasury evaluations. Seoul City plans to officially announce the final treasury designation results next week based on the outcome of this review. The city treasury is responsible for safeguarding and executing Seoul City’s budget and various funds, making it a core financial business directly tied to the fiscal operations of local autonomous bodies.

For this bidding process, Shinhan Bank and Woori Bank submitted proposals for the First Treasury, while Kookmin Bank, Shinhan Bank, Woori Bank, and Hana Bank submitted proposals for the Second Treasury. After Seoul City received the proposals from the 4th to the 6th of this month, it reviewed them using six evaluation criteria specified in the relevant regulations. Typically, such evaluations take into account factors including the financial soundness of financial institutions, fund management capabilities, public-interest orientation, convenience for citizens, the stability of computer systems, and the degree of contribution to the community.

Based on the evaluation results, Shinhan Bank scored 973.904 points in the First Treasury and 925.760 points in the Second Treasury, ranking first in both. The First Treasury generally handles major fiscal matters for Seoul City such as general accounting and special accounting, while the Second Treasury is responsible for sharing and managing specific funds or parts of the accounts, so both are equally important. A bank that leads in both treasury evaluations can be interpreted as having received high recognition for its fund operations capabilities, administrative support system, and digital financial infrastructure.

The designation of the city treasury is not only about choosing a transaction bank; it is also about determining who will be responsible for the stable management of large-scale public funds, which is why the financial sector is paying close attention. For banks, it means ensuring stable public deposits; for local governments, improving the efficiency and security of tax collection and expenditure execution is crucial. If Seoul City confirms the final results next week, the outline of the operational landscape for the next-term city treasury will also begin to take shape. In the future, this trend may lead local autonomous bodies, when designating treasuries, to consider not only profitability, but also system stability and public service capabilities.