15th Apr 2005 09:33
Standard Chartered PLC15 April 2005 APRIL 15, 2005 Standard Chartered completes Korea First Bank acquisition Standard Chartered PLC ("Standard Chartered") has completed today theacquisition of the entire share capital of Korea First Bank, on the termsannounced on January 10, 2005. The amount paid was Korean Won (KRW) 3.4 trillion(US$3.3 billion), in cash. Bryan Sanderson, Chairman of Standard Chartered said: "I am delighted we have closed this transaction ahead of schedule and we arepleased to welcome the employees of Korea First Bank. It is a significantacquisition in the world's 10th largest economy. We see strong potential forgrowth which we believe will create good opportunities for Korea First Bankemployees and customers, as well as substantial value for our shareholders." Mervyn Davies, Group Chief Executive of Standard Chartered said: "Our plans are on track for integrating Korea First Bank and Standard Chartered.We will generate significant business growth by combining Korea First Bank'snationwide platform with our broad range of wholesale and consumer bankingproducts and by using our international network to help Korean companies. We areconfident that this acquisition will be earnings accretive in 2006." CONTACTS Investors Romy Murray Head of Investor Relations +44 (0)20 7280 7245/+44 (0)7917210801 [email protected] Betty Ku Head of Investor Relations, Asia Pacific +852 2821 1310/+852 93022770 [email protected] Press Cindy Tang Head of Media Relations +44 (0)20 7280 6170/+44 (0)7799868246 [email protected] Kay Oh Head of Corporate Affairs, Korea +82 2 750 6009/+82 11 9941 9273 [email protected] This announcement includes "forward-looking statements". All statements otherthan statements of historical facts included in this announcement, including,without limitation, those regarding the Company's financial position, businessstrategy, plans and objectives of management for future operations (includingdevelopment plans and objectives relating to the Company's products andservices), are forward-looking statements. Such forward-looking statementsinvolve known and unknown risks, uncertainties and other important factors whichcould cause the actual results, performance or achievements of the Company orthose markets and economies to be materially different from future results,performance or achievements expressed or implied by such forward-lookingstatements. Such forward-looking statements are based on numerous assumptionsregarding the Company's present and future business strategies and theenvironment in which the Company will operate in the future and such assumptionsmay or may not prove to be correct. These forward-looking statements speak onlyas at the date of this announcement. The Company expressly disclaims anyobligation (other than pursuant to the Listing Rules of the UKLA or the ListingRules of the Hong Kong Stock Exchange ) or undertaking to disseminate anyupdates or revisions to any forward-looking statements contained herein toreflect any change in the Company's expectations with regard thereto or anychange in events, conditions or circumstances on which any such statement isbased. Standard Chartered - leading the way in Asia, Africa and the Middle East Standard Chartered employs 33,000 people in over 550 locations in more than 50countries in the Asia Pacific Region, South Asia, the Middle East, Africa, theUnited Kingdom and the Americas. It is one of the world's most internationalbanks, with employees representing 80 nationalities. Standard Chartered PLC is listed on both the London Stock Exchange and the StockExchange of Hong Kong and is in the top 25 FTSE companies, by marketcapitalisation. It serves both Consumer and Wholesale Banking customers. Consumer Bankingprovides credit cards, personal loans, mortgages, deposit taking and wealthmanagement services to individuals and small to medium sized enterprises.Wholesale Banking provides corporate and institutional clients with services intrade finance, cash management, lending, securities services, foreign exchange,debt capital markets and corporate finance. Standard Chartered is well-established in growth markets and aims to be theright partner for its customers. The Bank combines deep local knowledge withglobal capability. The Bank is trusted across its network for its standard ofgovernance and its commitment to making a difference in the communities in whichit operates. Korea First Bank Established in 1929, Korea First Bank is broad based, serving customers acrossSouth Korea with both customer and commercial banking products as well as a widerange of trust and investment management services. Korea First Bank is the seventh largest banking group in Korea by assetstotaling US$42 billion. The Bank has strong track record of credit quality withone of the lowest ratios of non-performing loans (1.5%: December 2004). The Bankhas the 5th largest branch network of 406 branches, including one mobile bank,2,057 ATM and CD machines and three overseas units. Korea First Bank has 3.2million retail and 67,900 corporate customers with 1.2 million credit cards incirculation and 2.4 million e-Banking clients. The Bank's modern and efficientCustomer Service Centres are located in Busan and Seoul. Standard Chartered Bank in Korea Standard Chartered Bank is a long standing supporter of Korea. Its history inthe country can be traced to the 1880s, when it opened an agency in what is nowIncheon. Currently, it is engaged in consumer banking and wholesale banking andis a major provider of global market and banking service products to Koreancompanies and banks. A long-standing supporter of Korea, Standard Chartered Bankaims to expand its business and increase investment in consumer banking inparticular. The bank employs around 200 employees, almost entirely Koreans.Standard Chartered Bank is a leader in bank syndications, the country's No. 2provider of custody services, and a top 5 bank in Korean won trading. The bank entered the consumer banking sector in September 2003, and opened aPriority Banking Center in May 2004 in the Yeoksam-dong district of Seoul. It isthe first independent private banking branch established by a foreign bank inKorea and a demonstration of Standard Chartered's intention to be the rightpartner to Korean consumers based on global competence and an in-depth knowledgeof local market. Standard Chartered has sponsored a number of international conferences thatposition Korea as a financial services hub. For more information, visit www.standardchartered.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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