May 12, 2021

Orascom shutters North Korean bank branch

Company owner says OFAC sanctions were behind the move

Egyptian telecommunications company Orascom announced on Sunday it will shutter its affiliate bank in North Korea due to U.S. Treasury Department sanctions, according to a note sent to the Egyptian Exchange and translated by local media.

Orabank set up shop in North Korea shortly after the setting up of Koryolink, North Korea’s wireless telecommunications provider, also run by Orascom, in 2008.