News

FOR IMMEDIATE RELEASE:

Nigel Cowie Appointed President of the European Business Association Pyongyang

Pyongyang/London, September 2nd 2008

Phoenix Commercial Ventures Ltd and Daedong Credit Bank are proud to announce that Nigel Cowie, CEO of Phoenix Commercial Ventures and CEO/General Manager of Daedong Credit Bank has been appointed President of the European Business Association (EBA) in Pyongyang.

The EBA represents European businesses that are resident, or have commercial interests, in Pyongyang. The EBA’s objective is to promote economic and trade relations between Europe and the DPRK.

Nigel has been based in Pyongyang for the last 13 years; he is one of only a small handful of Western businessmen working in the DPRK with full residence status. Nigel set up and runs the Daedong Credit Bank (DPRK’s most successful foreign invested joint venture bank). He has over twenty years experience of international banking and finance in organisations such as HSBC. As well as being CEO of Phoenix and CEO/General Manager of Daedong Credit Bank, he is also Chairman of Hana Electronics JVC and Chairman of Sinji JVC (two joint ventures with Phoenix).

The appointment was made through a vote by the committee members of the EBA, and will last for three years.

Nigel Cowie said:

"I am honoured to be appointed President of the EBA. The EBA provides the opportunity for members to network and to establish new contacts for trade relationships and investment opportunities.

Notwithstanding the common misconception about doing business in the DPRK, it is in fact perfectly possible to create and run successful joint ventures in the DPRK.

We have shown this with Daedong Credit Bank, which has been operating successfully for 13 years, and with Hana Electronics, which has been doing the same for five years, and are in the process of repeating the process with Sinji JVC, our youngest joint venture."

The Boards of Phoenix Commercial Ventures Ltd and Daedong Credit Bank would like to congratulate Nigel on his appointment.

For additional information, contact Phoenix Commercial Ventures Ltd.

About Phoenix Commercial Ventures Ltd

Phoenix Commercial Ventures Ltd 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 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

About Daedong Credit Bank

Since 2000 the 70% foreign held stake in Daedong Credit Bank has been owned and managed by the same company, which is run by professional fund managers (Nigel Cowie being one of the shareholders).

DCB'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 permitted activities of the bank are:

- Foreign currency deposits - Foreign currency lending - Settlement of export/import proceeds - Guarantees - Trusts - Foreign exchange - Credit analysis and consulting - Foreign currency remittance - Trading of foreign marketable securities - Credit cards - All other services customarily provided by banks operating in international finance centres

DCB is the first bank in the DPRK to introduce a comprehensive, written, anti-money laundering procedure manual, which is regularly updated and read and understood by all bank staff.

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.

Nigel Cowie is one of only a small handful of Western businessmen working in the DPRK with full residence status. The bank is the only bank in the DPRK with an expatriate manager.

DCB will grow and flourish as the economy grows and flourishes, whether as an independent bank or as part of an international banking group.

CONTACT INFORMATION:

Phoenix Commercial Ventures Ltd office address in Pyongyang is:

Phoenix Commercial Ventures Limited
No. 901
International House of Culture
Ryonhwa-dong
Central District
Pyongyang
Democratic People's Republic of Korea

Phone

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).

London Contact

Direct line     +44 208 681 1413

Corporate Website www.pcvltd.com

Daedong Credit Bank office address in Pyongyang is:

Daedong Credit Bank 401, Potonggang Hotel Ansan-dong Pyongchon District Pyongyang DPRK

Direct line +850 2 381 4866

DCB Corporate Website www.daedongcreditbank.com

EBA Website www.eba-pyongyang.org

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