11th Jan 2008 08:15
Standard Chartered PLC11 January 2008 Standard Chartered to acquire Yeahreum Mutual Savings Bank Standard Chartered has entered into an agreement to acquire Yeahreum MutualSavings Bank ("Yeahreum"). Yeahreum was established by the Korea Deposit Insurance Corporation in December2006 by transferring good assets and liabilities from three regional mutualsavings banks. The acquisition is a unique opportunity for Standard Chartered to enter themutual savings bank market in Korea ahead of the impending liberalisation of thefinancial sector through the Financial Investment Services and Capital MarketAct. With over 50,000 retail customers and over 800 corporate customers,Yeahreum will enhance Standard Chartered's existing Korean consumer financeoperations, broaden the current product offering and provide a presence in theeconomically important Jeonnam and Kyunggi provinces. The acquisition fits wellinto Standard Chartered's overall strategy to increase the breadth of itsfranchise in Korea as well its general intent to seek capability enhancingacquisitions. Mike DeNoma, Group Executive Director responsible for Consumer Banking, said: "The acquisition of Yeahreum is a further step in our continuous investmentprogramme in Korea and is a sign of our commitment following the acquisitions ofKorea First Bank in 2005 and A Brain Co., Ltd in 2007. This broadens StandardChartered's customer base in one of our largest markets into a business segmentwith strong revenue growth and returns". The acquisition, which is subject to certain conditions, including regulatoryapprovals, is expected to be completed in the first quarter of 2008. As at 30 September 2007, the gross assets of Yeahreum were approximately USD827million. For further details please contact: Standard Chartered Stephen Atkinson, Head of Investor Relations Tel: +44 (0) 20 7280 7245 [email protected] Arijit De, Head of Media Relations Tel: +44 (0) 20 7280 7163 [email protected] Note to Editors: Standard Chartered - leading the way in Asia, Africa and the Middle East Standard Chartered PLC, listed on both the London Stock Exchange and the HongKong Stock Exchange, ranks among the top 25 companies in the FTSE-100 by marketcapitalisation. The London-headquartered group has operated for over 150 yearsin some of the world's most dynamic markets, leading the way in Asia, Africa andthe Middle East. Its income and the number of employees have more than doubledover the last five years primarily as a result of organic growth andsupplemented by acquisitions. Standard Chartered aspires to be the best international bank in its markets bybeing the right partner for its stakeholders and leading by example. The groupnow employs over 60,000 people, representing some 100 nationalities, in morethan 1,400 branches located in over 50 countries. The bank generates more than90 per cent of its profits from Asia, Africa and the Middle East, with balancedincome derived from both Wholesale and Consumer Banking. The group is committed to building a sustainable business over the long term andis trusted worldwide for upholding high standards of corporate governance,social responsibility, environmental protection and employee diversity. For moreinformation, please visit: www.standardchartered.com Yeahreum Mutual Savings Bank Created on 28th December 2006, Yeahreum comprises the amalgamated operations ofthree existing regional mutual savings banks which were packaged together andrestructured by Korea Deposit Insurance Corporation ("KDIC"). This is thesecond such restructuring and sale by KDIC following the sale of Yegaram MutualSavings Bank to Goryo Mutual Savings Bank Consortium in April 2006. Employing 75 staff, Yeahreum operates through six branches located in twoeconomically important provinces (Jeonnam and Kyunggi). Yeahreum has over 50,000retail customers and over 800 corporate customers and currently provides a broadsuite of products including personal loans, mortgages and SME loans. -- ENDS -- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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