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Article: London-Based Bank Announces Move into South Korea.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- August 6, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Evening Standard, London Knight Ridder/Tribune Business News
Aug. 6--Standard Chartered today garnished forecast-busting profits with the announcement of a two-pronged advance into South Korea.
While reporting a 17 percent rise in first-half profits to $741 million (UKpound 459 million), the London-based bank paid $154 million for a 9.8 percent stake in KorAm Bank, which has six and a half million customers and 224 branches.
Standard also said it planned to launch its own consumer banking business in Korea this ...uarter. Chief executive Mervyn Davies said Korea was a huge economy with a very advanced credit card culture.
He said ...