Date
14 November 2018

May take 2-3 years to get Korea unit into shape, StanChart says

Standard Chartered Plc. (02888.HK) believes it will take two to three years to get its South Korea business “into shape,” group finance director Richard Meddings told a media teleconference on Tuesday. The British lender is “actively shrinking” its operations in South Korea, which remains its most difficult market, Meddings said. StanChart’s headcount globally is 2,000 lower than a year ago, marking the first such yearly drop in a long while, the executive said. Earlier in the day, StanChart announced in a regulatory filing that its income in the quarter ended September was down by a “low single-digit percentage” from a year earlier. On Aug. 6, the bank reported a 24 percent drop in first-half net profit amid a US$1 billion write-down on its South Korea business.

– Contact HKEJ at [email protected]

YL/JP/RC

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