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 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.
Korea Exchange Bank was established in 1967 as a government-owned bank specializingin 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......