The Board of Daedong Credit Bank is pleased to announce that the foreign shareholding in Daedong Credit Bank has been sold to a Chinese based corporate entity, the “Nice Group”.
The foreign-appointed directors on the Board of Daedong Credit Bank have resigned with immediate effect, and have no further interests (financial or fiduciary) in the company.
Outgoing CEO of Daedong Credit Bank, Nigel Cowie noted:
“I am now heavily involved with a second joint venture company in the DPRK, Hana Electronics JVC. Established in 2003, this company has enjoyed solid commercial success and has recently opened its new headquarters building, together with the expansion of its business lines.
The success of both ventures has been such as to necessitate a decision to focus on one or the other, and a commercial decision had to be made.
The bank is continuing to enjoy the commercial success it has seen for the past 16 years, but ironically the decision has been made easier by the general sanctions-laden environment in which financial business here is framed these days.
As to the possibility of ever re-entering the bank, any decision we make will be based purely on commercial considerations.”
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