South Korean banks intensify inter-Korean business preparations amidst peace talks

Banks have been studying how to forge closer economic ties with the North.

South Korean banks are ramping up efforts to capture possible business opportunities in North Korea amidst recent peace talks, insider sources told Yonhap News Agency.

The two Koreas held a historic summit in late April, adopting a joint declaration working toward the complete denuclearisation of the Korean Peninsula and ending the Korean War.

KEB Hana Bank is reportedly seeking the establishment of a task force which will study the politics, economics and society of North Korea to assess possible business opportunities that may arise from thawing economic relations.

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Woori Bank similarly launched a task force on support for inter-Korean financial cooperation which reportedly opened talks on reopening its branch in the now-shuttered industrial complex Kaesong in North Korea.

State-run Export-Import Bank of Korea is also doubling efforts to boost research on North Korea through the expansion of think tanks and formation of new research bodies.