Question 1

What is Koryo Credit Development Bank?

Accepted Answer

Koryo Credit Development Bank is a joint venture financial institution operating in the Democratic People's Republic of Korea. The bank functions as a collaborative entity within North Korea's specialized banking sector, partnering with Koryo Bank to provide financial services.

The institution has been subject to international sanctions for its operations within North Korea's financial system and alleged connections to weapons proliferation activities. The bank operates under multiple alternative names including Koryo Global Trust Bank, Koryo Global Credit Bank, and Daesong Credit Development Bank.

Question 2

When was Koryo Credit Development Bank founded?

Accepted Answer

[Information not publicly available]

The specific founding date of Koryo Credit Development Bank has not been disclosed in publicly available sources. The bank appears in North Korean financial institution listings from the 2000s, suggesting it was established as part of North Korea's development of specialized credit and joint venture banking institutions.

Question 3

Where is Koryo Credit Development Bank headquartered?

Accepted Answer

Koryo Credit Development Bank is headquartered in Pyongyang, the capital of the Democratic People's Republic of Korea. The bank operates from the Yanggakdo International Hotel in the RYUS area of Pyongyang.

This location within one of Pyongyang's prominent international hotels suggests the bank's focus on serving foreign clients and international business activities.

Question 4

Where does Koryo Credit Development Bank operate?

Accepted Answer

Koryo Credit Development Bank operates primarily from its headquarters in Pyongyang, with a focus on the capital's international business sector. The bank has maintained representatives abroad, including in Beijing, China, and Russia, to facilitate international operations.

Representative Song-hyok Ri has been identified as based in Beijing, while Kim Pong Hak has served as a representative in Russia, indicating the bank's international reach.

Question 5

What services does Koryo Credit Development Bank offer?

Accepted Answer

Koryo Credit Development Bank provides financial services including:

Development Finance: Credit and lending facilities designed to support economic development projects within North Korea's planned economy.

Joint Venture Banking: Financial services for joint venture enterprises and international business partnerships operating in North Korea.

International Transactions: The bank maintains a SWIFT/BIC code (KGCBKPPY) enabling international wire transfers and foreign exchange operations.

Commercial Banking: Deposit accounts, credit facilities, and financial services for approved entities within North Korea's restricted financial system.

The bank can be contacted at telephone numbers +850-2-3414013 and +850-2-3814100 for banking inquiries.

Question 6

What makes Koryo Credit Development Bank unique?

Accepted Answer

Koryo Credit Development Bank is distinctive as a joint venture entity partnering with Koryo Bank, one of North Korea's key foreign exchange banks controlled by Office 39 of the Korean Workers' Party. This partnership structure links it to North Korea's foreign currency generation apparatus.

The bank's location within the Yanggakdo International Hotel is notable, as this hotel serves as a major venue for foreign visitors and international business activities in Pyongyang. This positioning suggests the bank specializes in serving foreign clients and facilitating international transactions.

Koryo Credit Development Bank has been designated by numerous international sanctions authorities including the United States (OFAC), European Union, United Kingdom, Switzerland, France, Israel, and Monaco. These designations cite the bank's operations within North Korea's financial services industry and alleged contributions to weapons proliferation.

The bank operates under multiple alternative names, which has been noted by sanctions authorities as potentially serving to obscure its operations and facilitate transactions despite international restrictions.

Question 7

What type of financial institution is Koryo Credit Development Bank?

Accepted Answer

Koryo Credit Development Bank is a Joint Venture Development Bank. This classification indicates it operates as a specialized financial institution combining elements of development banking with joint venture partnership structures.

In North Korea's banking system, joint venture banks represent a limited opening to foreign participation while maintaining state control. Development banks focus on providing credit for specific economic development objectives determined by state planning authorities.

The combination of joint venture structure and development banking function allows Koryo Credit Development Bank to facilitate both domestic development finance and international business partnerships, serving as a bridge between North Korea's planned economy and limited foreign economic engagement.

Koryo Credit Development Bank

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About Koryo Credit Development Bank in North Korea