Korea Exchange Bank (KEB) is a specialized foreign exchange bank in South Korea. It is headquartered in Seoul, and was established in 1967. Korea Exchange Bank is the fifth largest bank in South Korea measured in assets (excluding IBK and KDB) and the largest foreign exchange bank in South Korea, providing the largest range of foreign exchange products.
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Acquisitions
Korea Exchange Bank was acquired in 2003 by Lone Star Funds, a private U.S. equity fund, as part of the general reorganization of the South Korean financial sector following the Asian financial crisis. In 2006, Lone Star tried to sell the company to the highest bidder, Kookmin Bank, but the plan was scrapped when it faced investigations by South Korean prosecutors and regulators.
In September 2007, HSBC agreed to purchase a controlling stake for $6 billion, but the sale was not approved by the South Korean government.
In September 2008, Kookmin Bank and Hana Bank were considered for a takeover of KEB after HSBC failed to acquire the bank in 2007.
Hana Financial Group Inc. completed its 4.4 trillion won ($3.9 billion) purchase of Korea Exchange Bank from Lone Star Funds and Export Import Bank of Korea, allowing Hana to narrow a gap with rivals and the U.S. fund to exit the investment after eight years.
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History
Korea Exchange Bank was established in 1967 as a government-owned bank specializing in foreign exchange. It was privatized in 1989 and was one of Korea's first commercial banks.
- January 1975:Started securities business
- April 1978:Launched Korea's first credit card service
- March 1983:Issued travelers cheques
- February 1985:Official sponsor bank for 1986 Asian Games & 1988 Seoul Olympic Games
- April 1994:Listed on Korean Stock Exchange
- December 1995:Opened foreign exchange research center
- November 1999:Opened a foreign exchange website offering exchange rate conversions and foreign exchange services
- April 2001:Opened the foreign exchange website FXKEB.COM
- June 2002:Introduced ATM services in foreign currency - a first for Korea
During the 2002 World Cup Games in Korea and Japan,KEB was the first Korean bank to export Korean won to another nation, by exporting bundles of 10000 won notes to Japan.
- Oct 2003: Acquired by Lone Star Funds
- Feb 2004: Merged Korea Exchange Bank Credit Service Co.
- Aug 2014: Korea Exchange Bank Credit Group Separated from Korea Exchange Bank
- Jan 2015: Launched 1QBank and the 1Q INSTA Card in Canada, becoming the first bank in Canada to offer a prepaid Interac card not linked to a bank account.
Foreign Exchange
Korea Exchange Bank is the largest and longest-running exchange bank in South Korea, with 40% of South Korea's foreign exchange market. Its exchange services include currency exchange and wire transfers.
KEB exchanges the following currencies:
1. Asia
- Hong Kong dollar | Singapore dollar
- India rupee | Bangladesh taka
- Brunei dollar | Japan yen
- Thailand baht | Pakistan rupee
- Malaysia ringgit | Taiwan new dollar
- Vietnam dong | Indonesia rupiah
- China renminbi | Philippines peso
- Mongolia Tugruk
2. North America & South America
- United States dollar | Canada dollar
- Brazil real | Mexico peso
- Chile peso
3. Oceania
- Australia dollar | New Zealand dollar
4. Middle Eastern & Africa
- Egypt pound | South Africa rand
- Bahrain dinar | Saudi Arabia riyal
- Israel new sheqel | Jordan dinar
- Kuwait dinar | United Arab Emirates dirham
- Oman riyal | Qatar Riyal
5. European
- Norway krone | United Kingdom pound
- Sweden krona | Russia ruble
- Hungary forint | Switzerland franc
- Denmark krone | Europe euro
- Poland zloty | Czech Republic Koruna
- Kazakhstan Tenge | Turkey Lira
All KEB branches in South Korea provide foreign exchange services. Some of the more common currencies, such as US Dollar, euro, and Japanese Yen are available at all KEB branches.
Travellers Cheques were first introduced in South Korea by Korea Exchange Bank, through Visa. Today, many Travellers Cheques companies offer travellers cheques through Korea Exchange Bank.
Korea Exchange Bank one of few specialized banks in South Korea that buys and sell foreign currency coinage. Foreign currency coinage exchangeable at KEB are:
- United States dollar
- euro
- Japanese yen
- Canadian dollar
- British pound
- Hong Kong dollar
- Swiss franc
- Australian dollar
Other commercial banks in South Korea that provide foreign exchange services include Kookmin Bank and Shinhan Bank.
Trademark/CI
Korea Exchange Bank's logo/CI (corporate identity) is "MY PARTNER KEB.
Source of the article : Wikipedia
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