Daedong Credit Bank (DCB)

Joint venture commercial bank – majority (70%) foreign owned.

Established December 1995: profitable ever since.

Offers full range of high street commercial banking services: to resident & non-resident foreign individuals & companies, JV’s & relief agencies.

A reliable facility for freely repatriating sales proceeds & profits: for all foreign-invested enterprises, including itself

All business is (currently) in hard (foreign) currency: not allowed to service SOEs (therefore avoids currency risk & variety of real & perceived credit, political & other risks) .

Expatriate General Manager: with full resident status & freedom of movement – contrary to perceptions; this is normal & is available for all foreign-invested JVs.
Note: Same GM since 1995; – important to gain experience & relationships with the Koreans – takes time to build trust.