Tuesday, January 11, 2005

Standard Charter moves on Korea First Bank

by Brian Turner

In the biggest take-over of the Korean financial sector, UK bank Standard Chartered will spend $3.3bn (£1.8bn) to buy Korea First Bank (KFB).

According to the BBC in UK bank seals South Korean deal Korea First Bank has:

- 3.3 million retail customers
- 6% of the country’s banking market
- 404 branches
- 2,100 ATMs
- 1.1 million credit cards in use
- 68,000 corporate clients
- 2.6 million online clients
- 5,169 staff
Total assets: 44.1 trillion won ($42bn; £26bn)

South Korea’s banking market is a rich ground for investment, and is three times the size of Hong Kong’s, with annual revenues of $44bn represented within Asia’s third largest economy.

While Korea First Bank assets will make up around 22% of the Standard Chartered’s own assets, it expects 16% of future group revenue to come from KFB.

 

 

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