Tanchon Commercial Bank

Tanchon Commercial Bank
Chosŏn'gŭl	단천상업은행
Hancha	端川商業銀行
Revised Romanization	Dancheon sangeob eunhaeng
McCune–Reischauer	Tanch'ŏn sangŏb ŭnhaeng
Former name
Chosŏn'gŭl	창광신용은행
Hancha	蒼光信用銀行
Revised Romanization	Changgwang sinyong eunhaeng
McCune–Reischauer	Ch'anggwang sinyong ŭnhaeng
Former name
Chosŏn'gŭl	룡악산은행
Hancha	龍岳山銀行
Revised Romanization	Yongaksan eunhaeng
McCune–Reischauer	Ryongaksan ŭnhaeng

Tanchon Commercial Bank (formerly called Changgwang Credit Bank;[1][2] possibly called Danchon Bank) is a North Korean bank.[3] It was originally opened in August 1986.[4]

History

Tanchon Bank has about thirty employees and has regional offices specializing in weapon sales in the Middle East, Myanmar, and Africa.[5]

According to a Business Insider article, it is the financial institution used "to repatriate and hold foreign currency accounts" and under the control of the Ministry of Industry.[6]

The bank's purpose was to handle transactions concerning Yongaksan Trading Company and as a fund manager for the Second Economic Committee.[4] At one time, the bank's leader was Maeng Bong-shik.[4]

The bank's address is Saemul 1-Dong Pyongchon District, Pyongyang, North Korea.

Mun Chong-chol is a Tanchon Commercial Bank representative.[7]

See also

• List of banks in North Korea

References

1. Glenn Kessler (June 9, 2007). "U.S. Alleges North Korea Is Misusing Aid for Poor". The Washington Post.
2. 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.
3. "Sanctions List Search". US Department of the Treasury. Retrieved 13 September 2017.
4. Korea North Doing Business for Everyone Guide: Practical Information and Contacts. Intl Business Pubns USA. 2012. p. 68. ISBN 1438772475.
5. Kim Kwang Jin. "The Defector's Tale: Inside North Korea's Secret Economy". World Affairs. Archived from the original on October 20, 2011. Retrieved 12 September 2017.
6. "How North Korea uses slaves to get around trade sanctions". Business Insider. 11 July 2017. Retrieved 12 September 2017.
7. "Sanctions List Search - Mun". US Treasury. Retrieved 13 September 2017.