Koryo teams up with British firm

Koryo teams up with British firm

SEOUL: A North Korean bank has launched a joint venture with a British financial company to help foreign firms invest in the communist country, according to news reports.

Koryo Global Credit Bank, a joint venture between Koryo Bank of North Korea and Britain's Global Group, opened over the weekend in the North Korean capital, Pyongyang, the North's official Korean Central News Agency said.

"This bank, the first product of cooperation in the field of finance between the DPRK and UK would promote the development of economic relations between the two countries," Pak Yong Chil, the Koryo Bank president. DPRK stands for Democratic People's Republic of Korea, North Korea's official name.

Koryo Global Credit Bank will help foreign companies looking to invest in the North, South Korea's Yonhap news agency reported. -- AP