Kumgang resort getting a South Korean Bank

From Yonhap:

S. Korean lender Nonghyup plans to open branch on N. Korea’s Mt. Geumgang in September

SEOUL, June 22 (Yonhap) — South Korea’s National Agricultural Cooperative Federation(Nonghyup) said Thursday it plans to open a branch at the Mount Geumgang resort in North Korea in September.

Nonghyup will open the Mount Geumgang branch on September 15 with three South Korean employees and two North Korean employees, it told the National Assembly’s Agriculture, Forestry, Maritime Affairs and Fisheries Committee.

The state-run financial institution received approval on May 4 to open the branch at the resort from South Korea’s Unification Ministry.

Nonghyup plans to build a two-floor building for its branch and to operate it 365 days a year without holidays.

In 2004, Woori Bank launched a branch in an industrial complex in the North Korean city of Kaesong, the first case of a South Korean lender setting up a branch in the North.

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This entry was posted on Thursday, June 22nd, 2006 at 12:20 pm and is filed under Banking, International trade, Mt. Kumgang Tourist Special Zone, South Korea. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

2 Responses to “Kumgang resort getting a South Korean Bank”

  1. Dr. Carmine Salvatore LONGO says:
    July 11, 2007 at 5:53 am

    Dear Gentlemen,
    In the light of my trip in North Korea for turistic visit,
    I am interested to know the actual tool of the North Korean Won in respect to €uro and $ USD.
    Thanks for a your replay.
    Dr. Carmine Salvatore LONGO

  2. Curtis Melvin says:
    July 12, 2007 at 6:46 am

    Dear Dr. Salvatore,

    Are you inquiring about the exchange rate between the North Korean Won, €uro, and $ USD?