TIANJIN, China, Aug. 13 /PRNewswire-Asia/ -- After recently obtaining the approval from the China Banking Regulatory Commission, Korea Exchange Bank (KEB) has officially commenced the preparation for the establishment of a legal representative in mainland China. The legal person headquarters, with an estimated registered capital of US$300 million (approximately RMB2.2 billion), will be temporarily located in the downtown area of Tianjin before finally settling in the Tianjin Economic-Technological Development Area (TEDA) following the completion of the Modern Services District (MSD) in TEDA. The headquarters, currently under intensive preparations, is expected to open at the end of 2009. Following the Industrial Bank of Korea, KEB will become the second foreign bank with an independent accounting system to be headquartered in Tianjin, China, and the first foreign bank to be headquartered in Tianjin's Binhai New District.
KEB was founded in 1967 as a government-owned bank specialized in foreign exchange and privatized in 1989. With 314 domestic branches, 18 foreign branches and 10 legal persons institutions, KEB is the first bank in South Korea that provides international settlement services. After the establishment of its Chinese legal person, the bank will comprehensively expand its business in corporate and personal finance, credit card, etc.
