The Korea unit of Standard Chartered, SC First Bank, has renamed
itself Standard Chartered Bank Korea with the aim to strengthen the
link between the local unit and the parent group.
The SC First Bank name has been in use since Standard Chartered
acquired the First Bank of Korea in 2005.
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The South Korean unit was Standard Chartered’s only overseas
affiliate that had operated under its local name, as part of the
British bank’s efforts to fit into the Korean market.
Peter Sands, group chief executive of Standard Chartered, said,
“By uniting the businesses under one brand, we are reaffirming our
commitment to Korea and also sharing our aspiration to be Korea’s
best international bank”
Established in 1958, the First Bank was among the five major
lenders that led the economic development in South Korea in the 60s
and the 70s before it was hit by the Asian financial crisis in
1998.
The acquisition of the First Bank helped prop up the retail
banking business of Standard Chartered, which was previously
focused on corporate banking in South Korea.
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By GlobalDataStandard Chartered is the largest foreign
direct investor in the Korean financial sector with just under 400
branches and over 6,000 employees. At the half year 2011, the
bank’s profit was up 30% and income up 6% YoY.
Standard Chartered Bank Korea also recently
conducted a reorganisation and reshuffle by trimming down its
workforce.
