Standard Chartered PLC
06 August 2003
6 August, 2003
Standard Chartered acquires 9.8 per cent stake in KorAm
Standard Chartered announces today that it has increased its stake in KorAm Bank
to 9.76 per cent. It has paid a total cash consideration of US$154 million for
the 9.76 per cent holding.
The stake of 19.82 million shares has been purchased in two tranches at an
average price of 9187 Korean won. An initial acquisition of 3.68 per cent was
followed by acquisition today of 6.08 per cent.
KorAm is the sixth largest bank in South Korea with total assets of US$35
billion. It has 224 branches, 42,000 corporate customers and 6.5 million retail
'KorAm is a well-run business with a good management team and a history of
foreign ownership,' said Standard Chartered Group Chief Executive Mervyn Davies.
'This provides Standard Chartered with another foothold in South Korea and gives
us further insight into the country's banking market. We have no immediate plans
to increase our stake further.'
Standard Chartered already operates a Wholesale Banking business in South Korea
and is committed to growing a Consumer Banking business in this market.
Standard Chartered first opened in Korea more than 100 years ago. It re-entered
the market in 1968 when it was the first European bank to be invited to open a
branch in South Korea.
NOTES TO EDITORS:
Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard Chartered employs 30,000 people in over 500 locations in more than 50
countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the
United Kingdom and the Americas. It is one of the world's most international
banks, with a management team comprising 70 nationalities.
Standard Chartered is listed on both the London Stock Exchange and the Stock
Exchange of Hong Kong and is in the top 25 FTSE-100 companies, by market
It serves both Consumer and Wholesale Banking customers. Consumer Banking
provides credit cards, personal loans, mortgages, deposit taking and wealth
management services to individuals and small to medium sized enterprises.
Wholesale Banking provides corporate and institutional clients with services in
trade finance, cash management, lending, custody, foreign exchange, debt capital
markets and corporate finance.
Standard Chartered is well-established in growth markets and aims to be the
right partner for its customers. The Bank combines deep local knowledge with
The Bank is trusted across its network for its standard of governance and its
commitment to making a difference in the communities in which it operates.
For further information, please contact:
Paul Marriage Ben Hung
Head of Media Relations Head of Investor Relations
+ 44 (0)20 7280 7163 + 44 (0)20 7280 7245
Lavina Chan Betty Ku
Senior Corporate Affairs Manager, Head of Investor Relations,
HK, China and NE Asia Asia Pacific
+ 852 2820 3075 + 852 2821 1310
This information is provided by RNS
The company news service from the London Stock Exchange