The Gaesong Industrial Complex in North Korea will have a branch office of a South Korean bank.

The Financial Supervisory Service said Saturday it will allow the opening of South Korean banking operation in the Gaesong complex. The agengy says guidelines for authorizing bank operations in the North will be similar to those for overseas bank branches.

The FSS says seven banks have applied to establish a branch office after consulting with the Unification Ministry. The state-run regulatory watchdog agency is expected to select a bank which will open operations in the North in September.

The seven banks that have shown interest in entering the Gaesong complex includes Kookmin, Woori, Shinhan, Hana, Korea Exchange Bank, Korea Development Bank and the Industrial Bank of Korea.

The selected bank in Gaesong is to provide money transfer and trade-related services to companies in the industrial park.