Name

President

·  Supply of funds for operation and maintenance

·  State budget accounting, collection of state revenues

·  Control of wage payment

·  Settlement of payment concerning foreign trade

·  Issuance of coupons exchanged with foreign currencies

·  Transaction of precious metal and stone

Special Bank

Kumgang Bank

8/1978

Workers¡¯ Party

Kye Chang-ho

·  Settlement of payment concerning foreign transactions performed by Bonghwa Trade Co.

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Daesung Bank

11/1978

Workers¡¯ Party

Lee Hong

·  Settlement of payment concerning foreign transactions performed by General Bureau of Daesung.

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Gold Star Bank

7/1982

Workers¡¯ Party

Kim Yoon-shik

·  North Korea¡¯s only bank located overseas

·  Provision of financial support to business operating in Europe

·  A subsidiary of Daesung Bank

Located in Austria

Changkwang Credit Bank

8/1986

Workers¡¯ Party

Maeng Bong-shik

·  Settlement of payment concerning foreign transactions performed by Yongaksan Trading Co.

·  Fund management for the Second Economic Committee

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Koryo Bank

7/1994

Department of Defense

Kim Yong-goo

·  Financing, trade and joint venture with foreign countries

·  It used to belong to Trade Bank.

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Kumsung Bank

Mid-1994

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Kim Tae-sung

·  Fund management for Department of Defense

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Golden Triangle Bank

3/1996

Department of Post

Kim Jong-geun

·  Matters regarding investment in the Rajin-Seonbong region

·  It used to be the Rajin branch office of the Trade Bank

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International Postal Bank

6/1997

Workers¡¯ Party

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·  Communications service for international banking business, matters regarding import/export, investment and foreign exchange transaction

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Unification & Development Bank

11/1991

Government

Kim Se-ho

·  Settlement of payment concerning foreign countries

·  Fund management for the Workers¡¯ Party

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Koryo Commercial Bank

11/1988

Government

Oh Sung-il

·  Attraction of foreign investment, payment settlement concerning foreign countries

A joint venture with a Korean-American

Choson Joint Venture Bank

4/1989

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·  Settlement of payment for foreign transactions

·  Remittance in foreign currencies

·  Loans to, investment in, joint ventures

A joint venture with a Korean-Japanese

ING North East Bank

12/1995

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·  Matters regarding investment in the Rajin-Seonbong region

Withdrawn

Peregrine-Daesung Bank

2/1996

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·  Matters regarding investment in the Rajin-Seonbong region

Withdrawn

Hwaryo Bank

11/1997

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Koh Gwi-ja

·  Settle of payment concerning trade with China in North Korean currency or foreign currencies

·  Handling of remittance from South Korea

A joint venture with China

Non-bank Financial Institutions

Choson International Insurance Co.

2/1957

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Jeon Myung-hwi

·  International insurance

·  Non-life insurance for cargo, vessels, airplanes and fire

·  Re-insurance business with foreign insurance companies

A joint venture with a Korean-Japanese

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Cheil Trust Financial Co.

12/1992

Depart of Defense

Lee Dae-rim

·  Transactions in foreign currencies. Settlement of payment concerning foreign transactions

·  Foreign exchange management for subsidiary organization of Department of Defense

·  Transaction of precious metal and stones for Department of Defense

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