Kroyo Bank

Kroyo Bank is a North Korean bank.[1] It was originally opened in July 1994.[2]

History

The bank has about thirty employees and has regional offices specializing in weapon sales in the Middle East, Myanmar, and Africa.[3]

It is controlled by Korean Workers Party Office 38 to control “the service industry, hotels and department stores that cater to foreigners”.[3]

According to a Business Insider article, Kroyo Bank is the financial institution used by the North Korean Office 38 "to repatriate and hold foreign currency accounts"[4] and, at one time, under the control of the Ministry of Defense.[2]


At one time, the bank's leader was Kim Yong-goo.[2] The bank use to belong to the Trade Bank.[2]

See also

References

  1. ↑ Joe Litt & Park Hyun Min (2008-01-15). "Bankruptcy of North Korean Foreign Currency Management System Due to "Royal Court" Economy". Daily NK. Retrieved 12 September 2017.
  2. 1 2 3 4 Korea North Doing Business for Everyone Guide: Practical Information and Contacts. Intl Business Pubns USA. 2012. p. 68. ISBN 1438772475.
  3. 1 2 Kim Kwang Jin. "The Defector's Tale: Inside North Korea's Secret Economy". World Affairs. Retrieved 12 September 2017.
  4. ↑ "How North Korea uses slaves to get around trade sanctions". Business Insider. July 2017. Retrieved 12 September 2017.
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