KEB approved to underwrite securities in Hong KongThe Hong Kong unit of Korea Exchange Bank (KEB), has been granted a license by the territory to act as an underwriter for securities, the first Korean bank permitted to do so here, it said yesterday. An underwriter administers the public issuance and distribution of securities from a corporation or another issuing body.
Under the license issued by Hong Kong’s Securities and Futures Commission, KEB Asia Finance can assume the responsibility of distributing securities issues to the public.
KEB Asia Finance will be able to receive underwriting fees from its issuing clients and earn profit when selling the underwritten shares to investors. The Hong Kong unit was established in July 2009 as part of the KEB’s efforts to expand its business.
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