Korea Exchange Bank
Encyclopedia
Korea Exchange Bank 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.
, 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.
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
.
, with 40% of South Korea's foreign exchange market. Its exchange services include currency exchange and wire transfers.
KEB exchanges the following currencies:
dollar |
Canada dollar real | 
Mexico peso dollar | 
New Zealand dollar pound | 
South Africa rand dollar | 
Bangladesh taka rupee | 
Japan yen baht | 
Pakistan rupee ringgit | 
Republic of China new dollar dollar | 
Indonesia rupiah renminbi | 
Philippines peso dollar | 
Vietnam dong zloty | 
Iran rial dinar | 
Saudi Arabia riyal new sheqel | 
Jordan dinar dinar | 
United Arab Emirates dirham krone | 
United Kingdom pound krona | 
Russia ruble forint | 
Switzerland franc 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:
Other commercial banks in South Korea
that provide foreign exchange services include Kookmin Bank
and Shinhan Bank
.
Foreign exchange reserves
Foreign-exchange reserves in a strict sense are 'only' the foreign currency deposits and bonds held by central banks and monetary authorities. However, the term in popular usage commonly includes foreign exchange and gold, Special Drawing Rights and International Monetary Fund reserve positions...
bank in South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
. It is headquartered in Seoul
Seoul
Seoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
, and was established in 1967.
Korea Exchange Bank is the fifth largest bank in South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
measured in assets and the largest foreign exchange bank in South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
, providing the largest range of foreign exchange products.
Acquisitions
Korea Exchange Bank was acquired in 2003 by Lone Star FundsLone Star Funds
Lone Star Funds is a worldwide private equity firm based in Dallas, Texas, that specializes in purchasing distressed companies and assets, often well-known consumer brands that have seen better times or gone through financial difficulties due to leveraged buy-outs...
, 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
Kookmin Bank
KB Kookmin Bank or KB is the largest bank by both asset value and market capitalization in South Korea.The bank is led by Kang Chung-Won who previously worked for Seoulbank and oversaw its sale to competitor Hana Bank before moving to Kookmin.Kookmin intended to take over Korea Exchange Bank, a...
, but the plan was scrapped when it faced investigations by South Korean prosecutors and regulators.
In September 2007, HSBC
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
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
Kookmin Bank
KB Kookmin Bank or KB is the largest bank by both asset value and market capitalization in South Korea.The bank is led by Kang Chung-Won who previously worked for Seoulbank and oversaw its sale to competitor Hana Bank before moving to Kookmin.Kookmin intended to take over Korea Exchange Bank, a...
and Hana Bank were considered for a takeover of KEB after HSBC failed to acquire the bank in 2007.
History
Korea Exchange Bank was established in 1967 as a government-owned bank specializingin foreign exchange
Foreign exchange reserves
Foreign-exchange reserves in a strict sense are 'only' the foreign currency deposits and bonds held by central banks and monetary authorities. However, the term in popular usage commonly includes foreign exchange and gold, Special Drawing Rights and International Monetary Fund reserve positions...
. 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 cardCredit cardA credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
service - March 1983:Issued travelers cheques
- February 1985:Official sponsor bank for 1986 Asian Games & 1988 SeoulSeoulSeoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
Olympic GamesOlympic GamesThe Olympic Games is a major international event featuring summer and winter sports, in which thousands of athletes participate in a variety of competitions. The Olympic Games have come to be regarded as the world’s foremost sports competition where more than 200 nations participate... - April 1994:Listed on Korean Stock Exchange
- December 1995:Opened foreign exchangeForeign exchange marketThe foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends...
research center - November 1999:Opened a foreign exchange websiteWebsiteA website, also written as Web site, web site, or simply site, is a collection of related web pages containing images, videos or other digital assets. A website is hosted on at least one web server, accessible via a network such as the Internet or a private local area network through an Internet...
offering exchange rateExchange rateIn finance, an exchange rate between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in terms of another currency...
conversions and foreign exchangeForeign exchange marketThe foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends...
services - April 2001:Opened the foreign exchange website FXKEB.COM
- June 2002:Introduced ATMAutomated teller machineAn automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
services in foreign currency - a first for Korea
During the 2002 World Cup
FIFA World Cup
The FIFA World Cup, often simply the World Cup, is an international association football competition contested by the senior men's national teams of the members of Fédération Internationale de Football Association , the sport's global governing body...
Games in Korea
Korea
Korea ) is an East Asian geographic region that is currently divided into two separate sovereign states — North Korea and South Korea. Located on the Korean Peninsula, Korea is bordered by the People's Republic of China to the northwest, Russia to the northeast, and is separated from Japan to the...
and Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
,KEB was the first Korean bank to export Korean won
Korean won
The won was the currency of Korea between 1902 and 1910. It was subdivided into 100 chon .-Etymology:Won is a cognate of the Chinese yuan and Japanese yen.-History:...
to another nation, by exporting bundles of 10000 won notes to Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
.
Foreign Exchange
Korea Exchange Bank is the largest and longest-running exchange bank in South KoreaSouth Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
, with 40% of South Korea's foreign exchange market. Its exchange services include currency exchange and wire transfers.
KEB exchanges the following currencies:
dollar |
Canada dollar real | Mexico peso dollar | New Zealand dollar pound | South Africa rand dollar | Bangladesh taka rupee | Japan yen baht | Pakistan rupee ringgit | Republic of China new dollar dollar | Indonesia rupiah renminbi | Philippines peso dollar | Vietnam dong zloty | Iran rial dinar | Saudi Arabia riyal new sheqel | Jordan dinar dinar | United Arab Emirates dirham krone | United Kingdom pound krona | Russia ruble forint | Switzerland franc krone | European Union euroAll KEB branches in South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
provide foreign exchange services. Some of the more common currencies, such as US Dollar, euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
, and Japanese Yen
Japanese yen
The is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling...
are available at all KEB branches.
Travellers Cheques were first introduced in South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
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
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
that buys and sell foreign currency coinage.
Foreign currency coinage exchangeable at KEB are:
- United States dollarUnited States dollarThe United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
- euroEuroThe euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
- Japanese yenJapanese yenThe is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling...
- Canadian dollarCanadian dollarThe Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
- British pound
- Hong Kong dollarHong Kong dollarThe Hong Kong dollar is the currency of the jurisdiction. It is the eighth most traded currency in the world. In English, it is normally abbreviated with the dollar sign $, or alternatively HK$ to distinguish it from other dollar-denominated currencies...
- Swiss francSwiss francThe franc is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia. Although not formally legal tender in the German exclave Büsingen , it is in wide daily use there...
- Australian dollarAustralian dollarThe Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu...
Other commercial banks in South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
that provide foreign exchange services include Kookmin Bank
Kookmin Bank
KB Kookmin Bank or KB is the largest bank by both asset value and market capitalization in South Korea.The bank is led by Kang Chung-Won who previously worked for Seoulbank and oversaw its sale to competitor Hana Bank before moving to Kookmin.Kookmin intended to take over Korea Exchange Bank, a...
and Shinhan Bank
Shinhan Bank
Shinhan Bank , is a bank, headquartered in Seoul, Korea. Historically it was the first bank in Korea, established under the name Hanseong Bank in 1897. The bank was reestablished in 1982. It is part of the Shinhan Financial Group, along with Jeju Bank...
.
See also
- Economy of South KoreaEconomy of South KoreaSouth Korea has a market economy which ranks 15th in the world by nominal GDP and 12th by purchasing power parity , identifying it as one of the G-20 major economies. It is a high-income developed country, with a developed market, and is a member of OECD...
- List of South Korean companies
- List of Banks in South Korea
- List of Korea-related topics