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South Korea to allow one bank to open office in North industrial park.
(From BBC Monitoring International Reports)
Seoul, 21 August: The Financial Supervisory Service (FSS) said Saturday [21 August] that it will allow one branch office of a South Korean bank at an industrial complex to be built in North Korea for southern firms.
The regulatory agency said guidelines for authorizing bank operations in Kaesong, a city just north of the Demilitarized Zone, will be similar to those for bank branches abroad.
Seven banks have applied to establish the branch office and the FSS will select one after consultation with the Unification Ministry, the agency said.
Kookmin, Woori, …
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