The Export-Import Bank of Korea is set to have a bill submitted to the 19th National Assembly, scheduled to open this Wednesday, to change its name to reflect its expanded role beyond export financing support.

The state-run bank plans to rename itself the Korea Bank for International Cooperation to better represent its capacities as an investment bank, supporter of small-and medium-sized companies, manager of funds to support developing countries and supporter of economic cooperation with North Korea.

As the name change requires revising the Korea Eximbank law, Kim Yong-hwan, chairman and chief executive of the bank, is in discussions with lawmakers and the Finance Ministry to have a revised bill brought before the 19th National Assembly.

“Since the CEO is very determined to have the name changed, we believe it will take place soon within this year,” an official at the Korea Eximbank said.

“Survey results showed that most of our employees agree on the new name KBIC.”

The Export-Import Bank of Japan changed its name in 1999 to Japan Bank for International Cooperation after merging with the overseas economic cooperation fund.

The Korean bank’s envisioned name change is expected to be followed by a sweeping reorganization of the bank’s structure to concentrate more on managing the Economic Development Cooperation Fund and project financing.

The Korea Eximbank was established in 1976 to support financing of exporters, but has diversified its business over the past decade to overseas resource development projects and inter-Korean economic cooperation.

Recently, the bank recruited experts from global investment banks as part of efforts to bolster its investment banking business such as financial advisory services.

With European investment banks cutting back on project financing amid the eurozone debt crisis, Eximbank, with its knowhow in overseas project financing, has risen as a key financial partner for Korean companies’ overseas projects.

Ever since it opened a financial advisory division in July last year, the state-run bank has inked seven deals worth a total of $7.5 billion including serving as a financial advisor for a petrochemical plant project in Kazakhstan and financial arranger for a thermal power plant project in Jordan.

Eximbank has the largest global network, which is essential for financial advisory services, among Korean financial institutions. It has signed business agreements with 92 international development organizations, overseas financial companies and governments of developing nations across 41 nations.

By Kim So-hyun (sophie@heraldcorp.com)