September 20, 2014 6:26 PM ET

Banks

Company Overview of Standard Chartered Bank Korea Ltd

Company Overview

Standard Chartered Bank Korea Limited provides various financial services primarily in South Korea. The company offers deposit products, including demand deposits and instant-access savings products, regular savings products, time deposits, equity-linked deposits, and foreign currency deposits; loans and mortgages; funds and trusts services; insurance services; working capital management, business expansion, business protection, and yield enhancement solutions; and priority and private banking services. It also provides online, mobile, and other banking services; and cards. The company was formerly known as Standard Chartered First Bank Korea Limited and changed its name to Standard Chartere...

100 Kongpyung-dong

Chongro-gu

Seoul,  110-702

South Korea

Founded in 1929

Phone:

82 2 3702 3114

Fax:

82 2 3702 4965

Key Executives for Standard Chartered Bank Korea Ltd

Chief Executive Officer and President
Age: 48
Group Chief Executive
Age: 52
Chief Information Officer and Executive Vice President
Chief of Corporate Network and Executive Vice President
Chief Consumer Risk Officer and Executive Vice President
Compensation as of Fiscal Year 2014.

Standard Chartered Bank Korea Ltd Key Developments

Standard Chartered Bank Korea Announces Executive Changes

Ajay Chamanlal Kanwal, CEO and president of Standard Chartered Bank (Taiwan), will replace the Standard Chartered Bank Korea's current CEO and president, Richard Hill. The company recently applied for eligibility screening for Ajay Chamanlal Kanwal to appoint him CEO of the company. Richard Hill, CEO and president of Standard Chartered Bank Korea, will move to Standard Chartered's Indonesian subsidiary.

Standard Chartered Bank Korea Ltd Decides to Shut Down Retirement Pension Business

Standard Chartered Bank Korea Ltd. decided to shut down its retirement pension business due to its growing loss. The bank stopped selling retirement pension products and is now in the process of transferring the existing policies to other companies. The bank's board of directors came to a conclusion in July 2013 to close the business. The bank plans to return the business license to financial regulators soon. As the South Korean unit is operating within struggling market conditions, Standard Chartered plans to write off more than $1 billion in South Korean operations and sell its two subsidiaries in the country.

Standard Chartered Bank Pushes New Pay Plan Despite Strike

Standard Chartered Bank, South Korean unit voiced determination to adopt a performance-based pay system despite a month-long strike in protest at the move. The company appealed to union leaders to resume negotiations on the new pay system, which was essential to long-term growth. More than 2,500 unionised workers of the bank, which has about 6,500 staff in total, have been on strike since June 27, 2013 to protest at attempts to adopt the pay proposal. The lender shut 43 of its 392 branches this month.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
December 27, 2013
Cheongna IBT Co., Ltd.
 

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