Woori Bank has opened a branch office in the North Korean city of Gaesong, where a large-scale industrial complex is currently under construction.

Woori Bank, South Korea's second-largest bank in terms of assets, is the first Southern bank to open a branch in the North.

More than one hundred-40 high-ranking officials from the two Koreas attended a ceremony marking the opening of the bank in the border city.

The Gaesong branch, with a capital of five million dollars, is staffed by a branch manager and two other employees.

It will provide loan and deposit as well as foreign exchange services for South Korean companies that move into the industrial complex.

Woori Bank was selected in September by the Unification Ministry as the lender to open a branch in North Korea. The Financial Supervisory Commission gave the final approval in November for Woori to implement the plan.