IBK Industrial Bank has been reappointed as the financial institution for Suwon Special City.
The bank announced on September 4 that it signed a 'Suwon City Financial Operations Agreement' with Suwon Special City on September 3.
Under this agreement, IBK will manage approximately 3.9 trillion won ($3.4 billion) annually for Suwon City from 2027 to 2030. The bank will oversee the city's general and special accounts, as well as funds, and will handle various revenue collections and expenditure payments.
IBK President Jang Min-young stated, "Suwon Special City has been a partner of IBK for over 60 years. We will leverage our extensive experience in financial operations and the policy financing capabilities of a national bank to support the city's transformation and boost the local economy."
Suwon Special City Mayor Lee Jae-jun remarked, "IBK has contributed to enhancing the reliability of the city's financial operations by managing the financial institution stably for a long time. I hope for practical cooperation linked to the city's key policies, such as improving citizen convenience and supporting small and medium-sized enterprises."
* This article has been translated by AI.
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