Korean Exchange Bank
| finance | |
| Industry | financial services |
| Fate | closed |
| Successor | KEB Hana bank |
| Founded | 1967 |
| Defunct | September, 1.2015 |
| Headquarters | Seoul, Republic of Korea (South) + overseas branches |
|
Key people
|
Yun Yong-Ro (President and CEO) |
| Products | financial products |
| 1,330.8 billion won (1H2011) | |
|
Number of 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) 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.
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.
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.
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Wikipedia