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April 2023
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Korea’s Nonghyup Bank seeks custodian for 180 billion won of assets

Nonghyup Bank
By Hui Ching-hoo   
January 19, 2023

South Korean agricultural lender Nonghyup Bank is seeking applications from custodian banks to provide custody services for a pool of assets worth 180 billion won (US$145.4 million).

The winning bidder will provide trustee and custody services for the assets, which comprise 100 billion won of bonds, 30 billion won of equities and 50 billion won of mixed investments.

The chosen firm will be appointed for a one-year term, Nonghyup Bank says in its request for proposal on January 17.

Bidders must have experience in collective investment and discretionary investment businesses. Applications are open until January 31.

Local investment consulting firm KG Zeroin has been appointed to evaluate the applicants.

Nonghyup Bank, a unit of the National Agricultural Cooperative Federation, primarily provides banking, foreign exchange and card services to domestic corporate and retail clients.