Standard Chartered sells S.Korea units to J Trust for $148 mln

J Trust

16/06/2014 12:45

LONDON, June 16 (Reuters) - Standard Chartered  STAN.L  said 
it had sold two businesses in South Korea to Japanese lender J 
Trust  8508.T  for $148 million as part of the London-based 
bank's attempt to boost profitability and simplify its Korean 
business. 
    Standard Chartered Korea said it had agreed to sell all of 
Standard Chartered Savings Bank and Standard Chartered Capital 
Korea to J Trust for 151 billion Korean won ($148 million) in 
cash. 
    Standard Chartered's South Korean business has struggled for 
several years and it is shrinking the business and trying to 
boost profitability by focusing on specific client segments and 
products. 
    Standard Chartered said in a separate release it had 
appointed May Tan as its chief executive officer for Hong Kong, 
with effect from the start of July. She joined the bank in 2009 
and has since become vice chair, Asia. 
    ($1 = 1017.8000 South Korean Won) 
 
 (Reporting by Steve Slater; Editing by Clare Hutchison) 
 ((steve.slater@thomsonreuters.com; +44 (0) 20 7542 4367; 
Reuters Messaging: steve.slater.thomsonreuters.com@reuters.net 
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Keywords: STANCHART JTRUST/SOUTHKOREA