Korea Exchange Bank
|Successor||KEB Hana bank|
|Headquarters||Seoul, Republic of Korea (South) + overseas branches|
|Yun Yong-Ro (President and CEO)|
|1,330.8 billion won (1H2011)|
Number of employees
|Korea Exchange Bank|
|Revised Romanization||Hanguk Wihwan Eunhaeng|
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.
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.
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.
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
- 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.
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:
- 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
- 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
- Norway krone | United Kingdom pound
- Sweden krona | Russia ruble
- Hungary forint | Switzerland franc
- Denmark krone | European Union euro
- Poland zloty | Czech Republic Koruna
- Kazakhstan Tenge | Turkey Lira
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
- Japanese yen
- Canadian dollar
- British pound
- Hong Kong dollar
- Swiss franc
- Australian dollar
Korea Exchange Bank's logo/CI (corporate identity) is "MY PARTNER KEB.
- List of foreign exchange companies
- Economy of South Korea
- List of South Korean companies
- List of Banks in South Korea
- List of Korea-related topics