KEB takes lead in expat banking
By Kim Da-ye
Living in a foreign country may require overcoming a number of obstacles.
One of them is the banking services available to ex-pats are usually limited and English-speaking staff members are not always accessible. That’s where Korea Exchange Bank (KEB) has found a niche.
In order to provide convenient financial services for foreign firms and their employees based in Korea, KEB says it has launched a foreign customer support department to offer diversified products tailored to their needs and worked with local communities and the government.
In August 2008, the commercial bank, which specializes in foreign exchange services, opened the Foreign Customer Marketing Support Department to assist with foreign direct investment (FDI) registration, selects and manages branches focusing on foreign customer service and more importantly communicates directly with non-Korean customers.
KEB says, “FDI registration support is an area where KEB has unmatched competence compared to other local lenders.” It adds that out of 1,500 FDI registrations completed in the first half of 2010, 675, or 45%, were done through the company.
The bank also has a diverse portfolio of products for expatriates and other foreign residents in Korea. It includes an Expat Savings Account, an English-language bank account, KEB Global Deposit, EXPAT Leader’s Loan, EXPAT Mortgage Loan, and the Expat Signature Card, a credit card exclusively made for foreigners.
It recently added to the portfolio a special package for foreign retail customers. The Rainbow Account and Rainbow Debit Card offers benefits including exemptions from fees for mobile and online transactions and from fees for transferring money to another KEB account and withdrawing at automated teller machines (ATMs).
Other services catering to foreigners’ needs are dedicated managers who understand the culture and the financial transaction methods of each foreign company, English-language online banking services that work on Mac computers and English-language call centers.
And importantly, KEB has chosen 22 branches as “KEB Foreign VIP Centers” and operates “KEB Global Desks” where foreigners can have full access to various services and benefits.
The KEB Foreign VIP Centers are located in Star Tower near Yeoksam Station, Itaewon and Hannamdong while the Global Desks are scattered across the country. They are located near Gangnam Station, Seolleung Station and Dogok Station as well as in Busan, Daejeon and Daegu.
Such efforts by the bank to serve foreign customers in particular are now reaping recognition, says the bank. It was selected in July by Gyeonggi Province as the private financial organization to support the local government’s businesses with foreign investors. In the same month, it signed a ‘Partnership Agreement to Stimulate Foreigners’ Enterprise Establishment and Investment in Korea’ with the Seoul Business Agency.
In November 2009, the bank received the Industrial Service Medal at the 2009 Foreign Company Day organized by the Ministry of Knowledge Economy.
The bank with 49 overseas offices spanning 21 nations said in a statement, “The biggest difference of KEB from other banks is that every KEB employee is prepared to wholeheartedly welcome foreign customers. KEB is determined to do its best until the day arrives, when all foreign customers feel at home while receiving financial services.”