Standard Chartered Bank Korea Limited (Hangul/Romanization: 한국스탠다드차타드은행/Hankook Standard Chartered Eunhaeng), formerly SC First Bank or Standard Chartered-First Bank of Korea (SC제일은행/SC-Jeil Eunhaeng) is a banking and financial services company headquartered at 47 Jongno, Gongpyeong-dong 100-beonji, Seoul Jongno-gu - a wholly owned subsidiary of Standard Chartered PLC which is headquartered in the United Kingdom. It was created by the acquisition of the former Korea First Bank by Standard Chartered in 2005. StanChart first opened in Korea in the late nineteenth century and was the first European bank to be invited back into the country in 1968.
The foundation of Standard Chartered Korea traced back to 1929 under Chosun Savings Bank (조선저축은행/Joseon Jeochuk Eunhaeng). The company introduced an installment deposit product, first in Korea. A month before Korean War erupted in June 1950, Chosun Savings Bank changed its name into Korea Savings Bank (한국저축은행/Hankook Jeochuk Eunhaeng).
In December 1958, the company changed its name into First Bank of Korea (제일은행/第一銀行/Jeil Eunhaeng), which is known until the acquisition made by StanChart in 2005. Under the terms of the share purchase agreement dated 10 January 2005 between Standard Chartered Bank and KFB Newbridge, KFB Newbridge exercised its rights to require the other shareholders of Korea First Bank to accede to the share purchase agreement and sell to Standard Chartered 100 per cent. of the shares in Korea First Bank. KFB Newbridge is a company established to hold the investment of private equity investors in Korea First Bank.
Standard Chartered has agreed, after arm's length negotiations with KFB Newbridge, to pay approximately 3.4 trillion won (US$3.3 billion) for a 100% interest in Korea First Bank. The agreed purchase price represents approximately 1.87x the net asset value of Korea First Bank as at 30 September 2004.
The consideration will be met by an institutional placing of new Standard Chartered shares of approximately 10% of Standard Chartered's existing shares in issue, together with other funding resources. Assuming the acquisition and placing had completed as at 30 June 2004, Standard Chartered's tier 1 ratio would have been in the range of 7.4% to 7.7% and its core equity ratio would have been in the range of 5.7% to 6.0%. Based on Standard Chartered's forecasts for business growth and transaction benefits, the acquisition is expected to be earnings accretive in 2006.
StanChart Korea primarily engages in the corporate and retail banking, investment, and foreign exchange and trust businesses in South Korea. The company operates through Retail, Corporate and Institutional, Commercial, and Other segments. It offers deposit products, including demand and savings deposits, regular savings, time deposits, equity-linked deposits, and foreign currency deposits; loans; funds and trusts services; cards; insurance products; working capital management, business expansion, business protection, and yield enhancement solutions; and priority and private banking services. The company also provides online, mobile, and other banking services.
As of June 30th 2015, it had 300 branches. The company was formerly known as Standard Chartered First Bank Korea Limited and changed its name to Standard Chartered Bank Korea Limited in January 2012.