Daedong Credit Bank Announces Tenth Anniversary

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Daedong Credit Bank is proud to announce that the 1st of December, 2005 marks its tenth year of business operations within the Democratic People’s Republic of Korea (DPRK).

Daedong Credit Bank is proud to announce that the 1st of December 2005 marks its tenth year of business operations within the Democratic People’s Republic of Korea (DPRK).

Daedong Credit Bank has a special position as the oldest foreign-invested joint venture bank in the DPRK, and provides banking services to all the major foreign-invested joint ventures.

It is proud to stand on its solid reputation, built up over the past ten years. It is acknowledged to be the DPRK’s leading bank in the adoption of internationally accepted best practices in every field.

It is worth noting that the Daedong Credit Bank announced earlier this year that it is the first bank operating in the Democratic People’s Republic of Korea (DPRK) to have a detailed set of written procedures against money laundering.

The bank was set up in 1995 under the stewardship of Nigel Cowie, who lives and works in Pyongyang (one of the few foreign expatriates to do so). Nigel Cowie is the General Manager of the bank and a director of Phoenix Commercial Ventures Ltd (http://www.pcvltd.com), a venture capital company that marries investors with investment opportunities in the DPRK.

The Daedong Credit Bank plans to celebrate its tenth anniversary in style, during the first quarter of 2006; details of this will be announced in due course.

The Daedong Credit Bank expects its second decade of operations to yield significant opportunities for growth and development that will be beneficial not just for the bank, but also for the DPRK.

The Daedong Credit Bank looks forward to playing a significant part in facilitating normal commercial relationships between the DPRK and the international business community.

For additional information, contact: Nigel Cowie (General Manager) at Daedong Credit Bank.

About Daedong Credit Bank

Daedong Credit Bank is a joint venture retail bank based in Pyongyang. It was established in 1995 as "Peregrine Daesong Development Bank".

The Bank underwent a change of name and foreign ownership in 2000. It is proudly preparing to celebrate its tenth anniversary.

Daedong Credit Bank is the first, by ten years, foreign majority held bank in the DPRK.

The bank’s principal function is to offer normal “high street” banking facilities in hard currency to: foreign companies, joint ventures, international relief agencies and individuals doing legitimate business in the DPRK.

The bank has a significantly strong position in relation to the future economic development of the DPRK, and it is the oldest established foreign invested commercial bank in the DPRK. It is the intention of the bank to capitalise on these advantages.

The wealth of experience garnered over Daedong Credit Bank’s 10 years of successful operation is unrivalled.

CONTACT INFORMATION:

Daedong Credit Bank

401, Potonggang Hotel

Ansan-dong

Pyongchon District

Pyongyang

DPRK

Phone

Switchboard +850 2 381 2228/9 ext 401

Direct line +850 2 381 4866

Mobile +850 193 801 8400*

*Note, the mobile number may not be obtainable from certain countries (eg UK and Hong Kong).

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Nigel Cowie