The Bank of Russia has issued a license to limited liability company Korea Exchange Bank Rus (KEB Rus LLC) to conduct operations in rubles and foreign currencies with no right to attract retail deposits, data posted on the Bank of Russia’s website showed.
KEB Rus is a subsidiary of South Korea’s Korea Exchange Bank. The lending institution was registered in early June, but received its license after paying its charter capital (Rub 840,000,028.00).
The media previously reported that Korea Exchange Bank plans to open a Russian subsidiary in August. The bank’s representative office has operated in Moscow since 2008, but its business is broadly focused on South Korean concerns and clients from South Korea.