Announcement By Citadel Advantage Ltd, Daedong Credit Bank and Phoenix Commercial Ventures Ltd
Subject - Best Practice Banking Advice Offered To The DPRK
Pyongyang, July 22nd 2005
We note the recent invitation by the Bank for International Settlements (BIS) extended to the Central Bank of the DPRK to attend the BIS annual meeting.
Kim Myong Su deputy Director of the International Department at the DPRK Central Bank told Reuters: "Yes. We talked about the banking system. We would like to know about the structure of the BIS and we would like to study the international banking system."
The DPRK has been implementing economic reforms since July 2002.
In view of the economic reforms taking place in the DPRK, and the desire expressed by the DPRK to learn more about the international banking system, Citadel Advantage Ltd, Daedong Credit Bank and Phoenix Commercial Ventures Ltd have agreed to work together to provide the DPRK with resources and advice; whereby banks and commercial organisations operating within the DPRK can learn more about the international banking system, and best practices within the international banking community.
Citadel Advantage Ltd are subject matter experts in both Operations Risk and Payments, two key BIS focus points which have been incorporated into the BIS "Core Principles for Systematically Important Payment Systems" (CIPS) and Basel II.
Citadel Advantage Ltd cover the operational areas from top (policy and standards), right down to the bottom (operational risk assessment and risk mitigation which incorporate procedures and flows in the business lines & systems).
Citadel Advantage Ltd, in co-operation with Daedong Credit Bank and Phoenix Commercial Ventures Ltd, are prepared to adapt the materials that they have for training and education to provide suitable distance learning resources. These materials, although limited to introductory topics, would be readily absorbed and retained by the reader.
Additionally, Citadel Advantage Ltd are prepared to:
● Give advice and answers based on specific questions (via e-mail)
● Participate in teleconferences with the DPRK
● Hold face to face meetings in the DPRK
Phoenix Commercial Ventures Ltd and Daedong Credit Bank (both based in Pyongyang DPRK) will work with Citadel Advantage Ltd to ensure that the advice and resources offered by Citadel are disseminated as widely, and as effectively, as possible within the DPRK.
Phoenix Commercial Ventures Ltd and Daedong Credit Bank will facilitate introductions between Citadel Advantage Ltd and interested parties within the DPRK. Citadel, Daedong and Phoenix will work with the European Business Association, based in Pyongyang, to ensure that this initiative is a success.
Additional information can be obtained from Phoenix Commercial Ventures Ltd www.pcvltd.com.
About Citadel Advantage Ltd
Citadel Advantage Ltd are back office system specialists, specifically covering payments, liquidity and treasury systems. They provide services relating to the design, functionality, risk mitigation, and operation (including payment flow control and liquidity management) of Payment Systems and associated Back Office activities.
They innovate, develop, design, integrate and implement all activities concerning payment systems. In short they handle the whole process from Concept to Completion.
● They operate across all system streams and issues covering; wholesale, retail, international
● SWIFT, RTGS, ACH, ATM, EFTPOS, Credit Card, Micro-payments, CUGs (Closed User groups), Payment Clubs
● Regulatory and Supervision issues; Basel II Operational Risk
Citadel's senior staff are skilled bankers with a full understanding of banking and bank operations from the strategic policy making level, right through to detailed daily operations. They are highly specialized in the fields of front and back office bank operations, RTGS systems, correspondent banking, wholesale and retail payments in the domestic and international arenas, trade finance, treasury management and related areas.
About Daedong Credit Bank
The 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.
The 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 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 the Daedong Credit Bank's 10 years of successful operation is unrivalled.
About Phoenix Commercial Ventures Ltd
Phoenix offers investors business and investment opportunities in the Democratic People's Republic of Korea (DPRK), enabling them to take advantage of the economic reforms that are taking place there.
Phoenix Commercial Ventures Ltd is owned and run by four experienced professionals, who are based in London, Paris and the DPRK.
The Board has between them many years of international business experience, and an invaluable network of well placed contacts.
Phoenix Commercial Ventures Ltd offers a unique service, by being able to offer direct access to the DPRK.
Phoenix Commercial Ventures Ltd specialises in project finance in the Democratic People's Republic of Korea (DPRK). As is well known, the business environment is difficult, and the company targets very specific investment projects; these are small enough to manage and have the capacity to generate foreign currency, either through export or import substitution.
Phoenix Commercial Ventures Ltd maintains an office in Pyongyang, almost the only European company to do so, and operates with the following specific aims:
● Identify commercially viable investment projects in the DPRK, on a case by case basis
● Identify reliable local partners for all forms of business in the DPRK, either trade or investment
● Seek overseas investment sources for such projects
● Minimise the risk in such projects, by taking responsibility for supervision of the local set-up procedures and management of the projects
The Board of Phoenix Commercial Ventures Ltd consists of nationals of the UK, France and the DPRK. The European flavour is enhanced by the fact that most of the counterparties and suppliers in the various projects are also European, and the DPRK government views Phoenix Commercial Ventures as a prime conduit for European business and investment in the DPRK.
Phoenix Commercial Ventures is unique in having this connection with a reliable, locally-based financial institution. The synergy benefits include a wider exposure to local business contacts in differing fields; as well as an additional degree of control, made possible by the fact that the various joint venture projects have to maintain their accounts with the bank.
CONTACT INFORMATION:
Citadel Advantage Ltd
Citadel Advantage Limited
P.O. Box 4044
73142 Shoham
Israel
+ 972-9-774-1572
Website www.citadeladvantage.com
Daedong Credit Bank
The Daedong Credit Bank
401, Potonggang Hotel
Ansan-dong
Pyongchon District
Pyongyang
DPRK
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).
Phoenix Commercial Ventures Ltd
Phoenix Commercial Ventures Limited
No. 901, International House of Culture
Ryonhwa-dong
Central District
Pyongyang
Democratic People's Republic of Korea
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).
Website www.pcvltd.com
