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Finance

Woori Bank reselected as NPS foreign currency treasury bank for three years

Woori Bank was reselected as the National Pension Service’s foreign currency treasury bank and will handle foreign-currency cash disbursement and foreign-currency account management for the National Pension Fund for the next three years. The bank said it signed a contract and a service level agreement with the NPS on July 14. The deal followed a tender held in March, with Woori chosen as the final operator.

Finance

President Lee says KOSPI 5,000 means Korean firms properly valued

President Lee Jae-myung (이재명) said on Jan. 23 that the KOSPI’s first-ever move above 5,000 points means South Korean companies are being properly valued and that this increases the wealth of all citizens. He said some people feel stock gains do not affect them and others suffered losses investing in inverse products. Lee reiterated that a rising index is positive because it boosts national wealth. He said the value of shares held by the national pension fund has risen to 250 trillion won, easing concerns about the fund running out.