17th Jun 2014 05:51
LONDON (Alliance News) - Standard Chartered PLC Monday said it has agreed to sell two businesses in South Korea as it looks to scale back and improve returns in the region, where it has suffered from a downturn in performance.
The emerging markets-focused bank said that it has agreed to sell Standard Chartered Savings Bank and Standard Chartered Capital Korea to Tokyo Stock Exchange-listed financial services group J Trust for KRW151 billion, or approximately USD148 million, in cash.
The deals are expected to complete by the end of 2014.
Standard Chartered is trying to improve returns in South Korea by simplifying its operations and increase its focus on wealth products, as well as giving more attention to clients looking to utilise the bank's international trade network.
"These transactions are part of our strategy to reshape our business in Korea, as we improve returns by focusing on the client segments and products where we are competitively differentiated," Ajay Kanwal, the chief executive of Standard Chartered Korea, said in a statement.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Standard Chartered