16th Oct 2007 11:00
Standard Chartered PLC16 October 2007 Standard Chartered First Bank Korea Limited to acquire 80 per cent of a Koreanfund administration company Standard Chartered PLC announces that its subsidiary company, Standard CharteredFirst Bank Korea Limited ("SC First Bank") has entered into an agreement toacquire 80 per cent of A Brain Co., Ltd. ("ABL"), a Korean fund administrationcompany. As part of the transaction, SC First Bank and ABL will enter into a putand call option under which ABL can sell and SC First Bank can buy the remaining20 per cent from January 2008. ABL is one of the top fund administration companies in Korea, focusingexclusively on fund accounting services. Its clients include many of the leadinginternational and domestic asset management companies and institutions in Korea.The management and employees of ABL are highly respected in the industry andbring with them a wealth of experience and a strong client base. This acquisition is part of SC First Bank's strategy to grow its WholesaleBanking business in Korea by adding new services and new customers. It fitswell with the services Standard Chartered offers institutional clients in othermarkets. David Edwards, President and CEO, SC First Bank said: "ABL is a great fit withSC First Bank and a positive step forward in growing our Wholesale Bankingbusiness. Bringing ABL into the SC First Bank family highlights ourdetermination to be the leading bank for Korean businesses and financialinstitutions by enhancing the comprehensive financial solutions we tailor foreach of our clients. As one of Korea's top employers in 2007, SC First Bank alsoeagerly looks forward to providing ABL employees further career opportunities aspart of the larger SC First Bank and Standard Chartered global network." Lee, Soon-Hak, CEO, ABL, said: "We are excited at the prospect of becoming partof the SC First Bank family. Combining our specialised expertise and technologywith the support and international network of Standard Chartered puts us in astrong position to provide enhanced service to our customers. " The acquisition, which is subject to certain conditions, including regulatoryapprovals, is expected to be completed by the end of 2007. As at 31 March 2007, the gross assets that are the subject of the transactionwere approximately USD8 million and ABL's total gross assets were approximatelyUSD10 million. For further details please contact: Standard Chartered Stephen Atkinson, Head of Investor RelationsTel: +44 20 7280 [email protected] Ruth Naderer, Head of Investor Relations, Asia PacificTel: + 852 2820 [email protected] Tim Baxter, Head of External CommunicationsTel: +44 (0)20 7457 [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 Standard Chartered First Bank Korea Limited SC First Bank was formed by the merger of Korea First Bank and StandardChartered's existing business in April 2005. SC First Bank has 368 outlets in128 cities, having a combined customer base of over 3.5 million in retailbanking and over 1,200 corporate relationships. Key businesses include ConsumerBanking, primarily credit cards, mortgages, personal loans and wealth managementand, Wholesale Banking, where the Bank specialises in the provision of cashmanagement, trade finance, treasury and custody services. A Brain Co., Ltd First established in 1999, ABL has become one of the top fund administrationfirms in Korea and has a team of highly dedicated professionals that strive toprovide an unparalleled quality of service to its clients. ABL has approximately USD50 billion assets under administration. -- ENDS -- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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