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SC First Bank to close 27 branches

Standard Chartered First Bank Korea, the local unit of Britain-based Standard Chartered Group, said Friday it plans to close 27 branches in the nation by June to improve efficiency.

Employees at the closed branches will be relocated to other operations, said the lender which operates 418 branches in the nation.

“SC First Bank plans to cut 27 small branches in a bid to boost efficiency and diversify banking channels,” a spokeswoman said.

The affected branches have small numbers of customers and no jobs will be cut in the process, SC First Bank said.

The move marks the lender’s second major branch reduction since it cut 37 branches in 2007.

SC First Bank, acquired by Standard Chartered Group in 2005, posted a net income of 322 billion won ($290 million) in 2010, down 110 billion won from the previous year.

(From news reports)
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