Korea Exchange Bank said Thursday it opened a “Euro Trade Finance and Remittance Center,” or “Euro Center” for short, in Frankfurt.

It is the first such center to be established by a Korean bank, according to KEB.

KEB’s German arm which runs the Euro Center is a regular member of Europe’s integrated remittance system and wires money on a real-time basis to about 57,000 other member banks.

Korean officials at the Euro Center can confirm the receipt of remittance on the day Korean customers wire the euros and can fix errors in transactions.

The center also offers trade finance services including issuing letters of credit and accepting deferred payment letter of credit for Korean corporate clients.

“We revised the system so remittance service is available on Korean business days, even if it is a holiday in Germany. Through the Euro Center, we expect to upgrade KEB’s status as a foreign exchange-specialized bank,” said Kang Sung-ki, head of KEB’s German arm.

(sophie@heraldcorp.com)