Former type finance Fate closed Defunct September, 1.2015 Number of employees 5,695 | Industry financial services Successor KEB Hana bank Founded 30 January 1967 | |
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Key people Yun Yong-Ro (President and CEO) Headquarters Jung District, Seoul, South Korea Parent organizations Hana Financial Group, KEB Hana Bank Indonesia | ||
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.
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.
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.
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.
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:
1. Asia
2. North America & South America
3. Oceania
4. Middle Eastern & Africa
5. European
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:
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.