List of banks in North Korea

Banks in North Korea list: For anyone considering online banking, account opening, mobile banking, business transactions and investment, money transfers and exchange or a banking career in North Korea, this list of operational banks in North Korea is a helpful guide on where to start. List of banks in North Korea

This is a list of banks in North Korea.

Central bank

Central Bank of the Democratic People’s Republic of Korea

The Central Bank of the Democratic People’s Republic of Korea is North Korea’s central bank. Established on December 6, 1947, it issues the North Korean wŏn. The Bank is subordinated to the Cabinet of North Korea. Since 2014, the president of the bank is Kim Chon-gyun. He was preceded by Paek Ryong-chon since 2011.

On February 15, 1946, a central bank of North Korea was announced, which was to be under the control of the Soviet military. However, the bank failed to accomplish its objectives, being unable to meet its costs of operation, and the 100 million wŏn capitalisation was ineffective. The North Korean Interim People’s Committee did not look upon the bank favorably, and chose instead to work through the Farmers’ Bank, which also existed at the time. By late 1946, banking functions were consolidated into two main institutions, the Central Bank and Farmer’s Bank. In June 1947, around 1,000 million wŏn was concentrated in the Central Bank, allowing it to extend credits totalling 900 million wŏn for economic rehabilitation. The consolidation reflected a return to the original objectives of the People’s Committee, which wanted closer control over the economy; any banking people opposed to the changes within the system were removed from their posts. On December 6, 1947, a comprehensive program of currency reform was announced.

Governor – Kim Chon Gyun , Appointed in August 2012.

Vice Governors

Sin Chang Song
Han Dae Song
Jang Sam Yong

Departmental Heads

Kan

In 1959, the Central and Farmers’ banks were merged to form the Central Bank of the Democratic People’s Republic of Korea. The Foreign Trade Bank was established to handle the Central Bank’s international business.

The Central Bank has over 220 branches. It operates the Chŏnsŏng electronic cash card

List of Local banks in North Korea

Chinmyong Joint Bank

It is a North Korean financial institution

Civilian Cooperation Bank

It is a North Korean financial institution

Daedong Credit Bank

Daedong Credit Bank (DCB) is a North Korean bank, established in 1995, and based in the country’s capital, Pyongyang. DCB has been on the US Treasury sanctions list since June 2013, for “its role in supporting Pyongyang’s weapons of mass destruction program”.

Also sanctioned were DCB Financial Limited, and its representative, Kim Chol-sam, and Son Mun San, the external affairs bureau chief of North Korea’s Bureau of Atomic Energy

Daesong Bank

Korea Taesong Bank (Korean: 조선 대성 은행; sometimes called Daesong Bank, Dae-Sung Bank or Taesong General Trading Corporation; in Japan called Chosun Tae Seong-Unhan; Tae-bank, Choson Taesong Unhaeng) is a North Korean financial institution. The Korea Taesong Bank is reportedly controlled by Room 39.

The Golden Star Bank, founded as a corporation in Vienna, Austria, was the only North Korean bank in Europe but was closed in 2004, was a subsidiary of the Taesong Bank. Kwon Yong-nok was an auditor of the Golden Star Bank. “Taesong Bank, which received remittances from Mt. Kumgang tourism, is controlled by Room 39, and is also in charge of the exports of agricultural and fisheries products

Projects

• In 1989, it was to jointly develop the area around Mount Kumgang, on the eastern coast of North Korea, as a tourist site with Hyundai.
• The company has been implicated in the smuggling of arms into and out of North Korea and “Involved in facilitating proliferation financing projects.”

Members

• In 1989, Choe Su-gil, president of the Taesong Bank of North Korea and consultant to the Korean Association for the Promotion of Asian Trade.
• In 2014, Kim Yo-jong took control of Taesong Bank, the Reunification and Development Bank, and a number of tourism and railway projects
• In 2014, Yun Tae-hyong, a regional manager in the Russian Far East for the Taesong Bank, defected to Russia

Foreign Trade Bank of the Democratic People’s Republic of Korea

The Foreign Trade Bank of the Democratic People’s Republic of Korea (Joson Trade Bank) is North Korea’s primary foreign exchange bank, and is owned and run by the North Korean government.

On March 11, 2013, the United States designated the bank as falling under US executive order 13382, which applies to “proliferators of weapons of mass destruction and their supporters”. The order freezes all assets, and prohibits any transactions between US entities and the bank.

On May 7, 2013, the state-controlled Bank of China announced that they would stop all dealings with the Foreign Trade Bank. China has in the past been reluctant to sanction North Korea, even though China has been very unsatisfied with North Korea’s aggressive stance and pursuit of nuclear weapons. Stopping the dealing with the Foreign Trade Bank is seen as a significant signal by China to put pressure on North Korea.

On August 5, 2017 the UN Security Council adopted Resolution 2371 expanding financial sanctions to include the bank. After UN Security Council Resolution 2094 was adopted in March 2013, several Chinese banks will not deal with the Foreign Trade Bank.

The United States Department of the Treasury has designated Dandong Zhongsheng Industry & Trade Co Ltd and Korea Ungum Corporation as FTB front companies, and sanctioned the Moscow-based Agrosoyuz Commercial Bank for facilitating transactions for the FTB.

Kumgang Bank

• SWIFT/BIC: KMBKKPPY
• Location:
  • Address1: Kumgang Bank Building, Jungsong-don
  • City: Pyongyang
  • Area: Korea, North

List Banks overseas in North Korea

• Golden Star Bank (closed in June 2004)
• Joson Trade Bank
• Danchon Bank (formerly called Chang-Kwang Credit Bank)
• Koryo Bank

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