SC to continue investing in Korea: new CEO

Standard Chartered will continue to expand investment in Korea and open more branches, the new chief executive of the U.K.-based group`s Korean unit said yesterday.

"Standard Chartered is the single largest foreign investor in Korea`s financial industry and we will continue to invest in people and business in 2010," Richard Hill told a press conference in Seoul.

Hill takes office today as president and CEO of Standard Chartered Korea and its banking arm SC First Bank. He replaces David Edwards, who retired yesterday.

SC First Bank has opened about 40 branches so far this year and plans to spend another $100 million to further expand its branch network, the new CEO said.



The bank, since its acquisition of Korea First Bank in 2005, has not paid dividends to its shareholders and re-invested the proceeds to grow its business, Hill said.

Standard Chartered was the first foreign company to establish a financial holding company in Korea. Standard Chartered Korea launched in July, putting under its wing the lender and four other units SC Mutual Savings Bank, Standard Chartered Capital, Standard Chartered Securities and Standard Chartered First Fund Services.

The group aims to further diversify its business portfolio, expanding into the insurance industry, said Standard Chartered Korea`s chairman Tim Miller.

Hill joined SC First Bank in January 2008 as chief financial officer, assisting Edwards in the establishment of the holding company.

The 45-year-old British national had worked for 19 years in the wine and spirits industry in sales, marketing, finance and general management roles, including a 10-year period working in Italy and Greece. He has been learning the Korean language since he arrived here and delivered a speech in Korean at yesterday`s press conference.

(milaya@heraldm.com)



By Lee Sun-young