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Korea Exchange Bank steps up

Korea Exchange Bank received an authority this week to carry on its banking business in Australia as a foreign bank branch.The bank has been trading in the manner of an old-style merchant bank until now, as KEB Australia.In the year to December 2012, KEB earned a net profit of A$7.5 million on receivables of $260 million.The bank's target market is Korean businesses and families in Australia.

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