Incheon City treasury selection faces political controversy

Incheon Metropolitan City is conducting a selection process for its next city treasury, which manages approximately 17 trillion won annually for its primary treasury. Shinhan Bank and Hana Bank are competing for the first treasury, while NH Nonghyup Bank is the sole bidder for the second treasury. The designated term will run for four years, from 2027 to 2030.

Controversy has emerged regarding the composition of the selection review committee. While the city recommended a pool of nine candidates to ensure balance between ruling and opposition parties, the final 12-member committee includes only Democratic Party city council members from the opposition, excluding all People Power Party representatives. This has led to accusations of unfairness and a lack of transparency from opposition lawmakers.

Hana Bank is leveraging its planned relocation of group headquarters to Cheongna to emphasize regional economic contributions, while Shinhan Bank is highlighting its extensive experience managing the city's treasury since 2007. The committee evaluates factors such as financial stability, interest rates, and contributions to the local community.