UK Bank Opens Joint Venture in North Korea

A London-based banking and investment group says it will open a bank in North Korea on Friday, making it the first joint venture bank between the communist state and a British company.

Pyongyang-based Koryo Global Credit Bank, backed by London's Global Group, will be joining about 150 other international companies now operating in North Korea. Specializing in banking, education and food retailing, Global Group will hold a 70-percent stake in the state-owned Koryo Global Credit Bank.

The bank will offer corporate loans and other services, which are becoming more of a necessity as more international businesses weigh investments into North Korea.

Arirang TV