- Korea Exchange Bank
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For other uses, see KEB (disambiguation).
Korean Exchange Bank / KEB File:KEB Ci.jpg Type finance Industry financial services Founded 1967 Headquarters Republic of Korea (South) + overseas branches Key people Larry A. Klane (Chairman and CEO) Products financial products Net income 1,330.8 billion won (1H2011) Employees 5,695 (2007) Website KEB online Korea Exchange Bank Hangul 한국외환은행 Hanja 韓國外換銀行 Revised Romanization Hanguk Wihwan 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
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.[1]
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.
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:
United States dollar | 
Canada dollar
Brazil real | 
Mexico peso
Australia dollar | 
New Zealand dollar
Egypt pound | 
South Africa rand
Brunei dollar | 
Bangladesh taka
India rupee | 
Japan yen
Thailand baht | 
Pakistan rupee
Malaysia ringgit | 
Taiwan new dollar
Singapore dollar | 
Indonesia rupiah
China renminbi | 
Philippines peso
Hong Kong dollar | 
Vietnam dong
Poland zloty | 
Iran rial
Bahrain dinar | 
Saudi Arabia riyal
Israel new sheqel | 
Jordan dinar
Kuwait dinar | 
United Arab Emirates dirham
Norway krone | 
United Kingdom pound
Sweden krona | 
Russia ruble
Hungary forint | 
Switzerland franc
Denmark krone | 
European Union euro
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.
See also
- Economy of South Korea
- List of South Korean companies
- List of Banks in South Korea
- List of Korea-related topics
References
External links
- KEB Homepage
- FX114 (Korean)
- Lone Star Funds
Categories:- Companies listed on the Korea Stock Exchange
- Banks of South Korea
- Companies based in Seoul
- Banks established in 1967
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