Standard Chartered Korea has agreed to sell its capital and savings unit to Japan-based finance company J Trust, the firm announced Monday.
The 100 percent stake in two of its affiliates -- SC Savings Bank and SC Capital -- will be sold for 151 billion won ($148 million), the bank said in a statement.
The deal still requires approval from financial regulators from both South Korea and Japan but is expected to go through at the end of 2014. If it does, it would be the first time a Japanese lender has acquired a Korean-based savings bank.
As of December 2013, SC Savings Bank has 580 billion won in assets. SC Capital has some 1.09 trillion won in assets.
J-Trust group is a finance company listed on the Tokyo Stock Exchange’s Second Section.
By Oh Kyu-wook (firstname.lastname@example.org)