Korea Exchange Bank changes name

MANILA, Philippines - Korea Exchange Bank (KEB) has renamed its branch in the Philippines to KEB Hana Bank to reflect its merger with another Korean lender last year.

Central bank deputy governor Nestor Espenilla Jr. announced the changes through Circular Letter 2016-056.

Espenilla said the bank registered its amended license to transact business in the Philippines bearing its new corporate name with the Securities and Exchange Commission (SEC) last March 28.

 The Hana Financial Group acquired KEB from Lone Star in 2012, paving the way for the integration of its subsidiaries that took around three years to complete.

 After the merger, KEB Hana Bank became the largest lender in South Korea in asset terms.

This was not the first time the bank changed its name. Upon its founding in 1967, the former KEB was known originally as Korea Exchange Bank.

KEB Hana Bank provides commercial banking, trust banking, foreign exchange, and merchant banking services to retail and corporate customers in South Korea and internationally.

The Seoul-based bank was among the first foreign lenders that took advantage of Republic Act 10641, enacted in 2014, which liberalized the country’s banking industry further.

The law allowed the entry of more international banks from previously only allowing 10. Under the original law, new lenders would only be accepted upon exit of any of the existing players.

Aside from KEB Hana Bank, other Korean lenders already operating in the Philippines are state-run Woori Bank, Shinhan Bank and Industrial Bank of Korea.