Woori Bank, South Korea's third largest lender, will open a branch office on Tuesday in North Korea's Gaesong Industrial Complex.

The field office will be operated by two workers - a branch manager and an employee, mostly providing firms doing business in the complex with financial services of settlement and currency exchanges.

Woori Bank is the first South Korean bank to set up a branch in the communist North after beating out six other competitors, including the largest domestic lender, Kookmin. The Unification Ministry selected Woori on September 9th to serve South Korean companies operating in the Gaesong Industrial Complex area.