Woori Bank has successfully been reappointed as the foreign currency custodian for the National Pension Service (NPS), reaffirming its competitiveness in the domestic foreign exchange market.
On July 14, Woori Bank announced that it signed a 'Foreign Currency Custodian Service Agreement and Service Level Agreement (SLA)' with the NPS. This contract was finalized after Woori Bank was selected as the final contractor in the foreign currency custodian bidding conducted by the NPS in March.
Woori Bank was initially appointed as the foreign currency custodian in August 2021 and has maintained its partnership with the NPS through this reappointment.
Under this contract, Woori Bank will handle key foreign currency custodian tasks for the NPS from August until July 2029, including foreign currency disbursement, foreign currency account management, foreign exchange transaction support, fund settlement, and foreign currency fund management. Following performance evaluations, the contract may be extended for up to two additional years on an annual basis.
As of the end of April this year, the NPS's fund reserves amounted to approximately 1,670 trillion won, with 55.7% of that invested overseas. Woori Bank aims to enhance the NPS's overseas investment competitiveness through its extensive foreign exchange experience and global network.
Woori Bank CEO Jeong Jin-wan stated, "This is a meaningful outcome based on the long-standing trust and cooperation between the NPS and Woori Bank. We will serve as a reliable financial partner supporting the NPS's global asset management, ensuring the safety and growth of the public's valuable retirement funds."
* This article has been translated by AI.
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