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"Aims to improve pension services for expatriates through cooperation and personnel exchange


Korea Exchange Bank (President & CEO Larry Klane/www.keb.co.kr) announced on April 1 that the Bank has signed a strategic partnership agreement with the National Pension Service (NPS) to support financial services relating to the national pension system for expatriates.

About 1.2 million expatriates currently reside in Korea, of whom roughly 200,000 are enrolled in the national pension system. Normally, a lump-sum payment is paid to a foreigner covered by the pension when they apply for a refund before leaving Korea and their departure is confirmed. However, the refund process has been found to contain many inconveniences due mainly to the difficulties inherent in promoting the pension program to the expatriate community, language barriers, cultural differences, and a cumbersome refund procedure.

Under the latest partnership agreement, KEB will carry out promotional and public relations activities relating to the pension refund system in concert with the NPS and capitalize on the Bank�s �Easy One� foreign currency remittance service to streamline the refund process for expatriates. Through its involvement, KEB is expected to further solidify its status as a market leader among expatriates in Korea.



The NPS, for its part, will tap into the Bank�s strong overseas network and branches that stay open on Sundays for the convenience of expatriate customers. Pension service officials anticipate being better able to promote the national pension program and paying refunds more efficiently in the future.



KEB already provides special accounts for the payment and refund of accident insurance, travel insurance, and departure guarantee insurance. For expatriates who work in Korea, national pension coverage has been compulsory since the introduction of the foreign workers� work permit system in 2005. In addition, KEB operates a unit at its Head Office dedicated to foreign customers� needs, keeps 12 branches open on Sundays -the highest number at any domestic bank- and has an additional 28 branches catering to foreign workers and some 20 Global Desks up and running to serve foreign VIP customers.



Among the many products specially designed for expatriates, the Bank�s �Easy One� foreign currency remittance account allows for easy, 24-7, 365-day-a-year overseas remittance of funds from anywhere in the country via an ATM and is widely used by more than 200,000 foreign customers.



A KEB officer explained that through the new partnership with the National Pension Service and by utilizing KEB�s strong overseas network and convenient �Easy One� overseas remittance service expatriates in Korea will be able to receive their pension refunds faster and more securely than ever"

http://www.keb.co.kr/IBS/multi_lang/ncompany/eng/KBI1302P.jsp