Korea Exchange Bank of Canada

The Korea Exchange Bank of Canada, brought to Canada, a decades long operation of successful foreign exchange services in Seoul, South Korea since 1967. It is the largest foreign exchange bank in South Korea, and obtained a Schedule II license in 1981, to do business in Canada, in Toronto, as a full service foreign bank. The Korea Exchange bank of Seoul, became privatized in 1989 after decades under national control, and developed into a full service commercial bank. The Korea Exchange Bank of Canada is a member of the CDIC and CBA.

HSBC recently attempted to purchase controlling shares of Korean Exchange Bank of Canada, from Lone Star, a U.S. buyout firm. The deal was allowed to expire in July 2008, due to an investigation by South Korea authorities into the sale and various legal problems experienced by Lone Star. The purchase is expected to be re-negotiated in the near future with South Korean government approval, and perhaps a lower purchase price offered to Lone Star by HSBC, due to declining markets worldwide.

Full Personal and Banking Services

Although the South Korean Bank of Canada has a rich history in foreign exchange, it offers full, personal direct deposit and business financial services to its Canadian customers. It now has seven branches in Toronto and Vancouver and close to 100 employees working in its offices. Its business services include investment services, export and import, remittance, commercial mortgages and business loans. Personal banking services include, checking and savings accounts, loans, mortgages and credit cards. Short and long term investment accounts, retirement accounts and online accounts are available. With the substantial income posted by the South Korean Bank in Korea of 960.9 billion and its 5,695 South Korean employees, the Canadian subsidiary looks to remain a major player in foreign exchange, remittance and full service banking for some time to come.

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