Korea Exchange Bank

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This article is about the Korean Exchange Bank (KEB). For the mythical place in Egyptian mythology see Kheb.
Korean Exchange Bank / KEB
Type finance
Founded 1967
Headquarters Republic of Korea (South) + overseas branches
Key people Richard F. Wacker (chairman and CEO)
Industry financial services
Products financial products
Net income 960.9 billion won (2007)
Employees 5,695 (2007)
Website KEB online
Korea Exchange Bank
Hangul 한국외환은행
Hanja 韓國外換銀行
Revised
Romanization		 Oehwan Eunhaeng
McCune-
Reischauer		 Oehwan Ŭnhaeng

Korea Exchange Bank (KEB) (KRX: 004940) 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 and the largest foreign exchange bank in South Korea, providing the largest range of foreign exchange products.

Contents

[edit] 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 to approved by the South Korean government.

In September 2008, Kookmin Bank and Hana Bank considered for a takeover of KEB after HSBC failed to acquire the bank in 2007.[1]

[edit] 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 best foreign exchange website in Korea:FXKEB.COM(www.fxkeb.co.kr)
  • February 2002:Selected as the "Best Foreign Exchange Bank in Korea for 2002" by the Global Finance
  • June 2002:Introduced ATM services in foreign currency first in Korea

During the 2002 World Cup Games in Korea and Japan,KEB was the first bank in Korea to export Korean won to another nation, by exporting bundles of 10000 won notes to Japan.

[edit] Foreign Exchange

Korea Exchange Bank has been the longest running exchange bank in South Korea. It has been the only bank providing foreign exchange services before other banks were authorized to do so. Nevertheless, it is still the largest and the most popular foreign exchange bank in South Korea, sharing 40% of South Korea's foreign exchange size. KEB provides Currency Exchange, Foreign Exchange Wire Transfers, Trade Services, etc.

KEB currently provides more than 37 currencies for foreign exchange. The currencies KEB provide include:

All KEB branches in South Korea provide foreign exchange services-as it is one of the primary sources of income for them. Currencies that are exchanged at a large daily basis such as US Dollar, euro, and Japanese Yen are available at all KEB branches along a selection of others.

Travellers Cheques were also first introduced in South Korea by Korea Exchange Bank, which were issued by Visa. Today, many Travellers Cheques companies offer travellers cheques through Korea Exchange Bank.

Korea Exchange Bank is one of the very few specialized banks in South Korea that buys and sell foreign currency coins. Foreign currencies of coins exchangeable at KEB are:

Even though, South Korea is an economically-free area and many other commercial banks in South Korea such as Kookmin Bank and Shinhan Bank provide foreign exchange services, Korea Exchange Bank still occupied the largest income from foreign exchange products, as many people still think Korea Exchange Bank as the only foreign exchange bank, or that their services are very convenient. 40% of South Korea's foreign exchange income is held by Korea Exchange Bank. [2]

[edit] Trademark/CI

Korea Exchange Bank's logo/CI (corporate identity) is "MY PARTNER KEB which brings the ties between their clients and the bank together more closely by showing how KEB is a bank that meets their client's specific needs.

[edit] See also

[edit] References

  1. ^ http://www.koreatimes.co.kr/www/news/biz/2008/09/123_31295.html
  2. ^ www.keb.co.kr

[edit] External links

Retrieved from "http://en.wikipedia.org/wiki/Korea_Exchange_Bank"
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