Standard Chartered has scaled back its presence in South Korea by selling two of its businesses in order to increase its focus on wealth products and services.
Standard Chartered Korea has sold all of Standard Chartered Savings Bank and Standard Chartered Capital Korea to J Trust for $148 million.
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The move comes as part of the bank’s strategy to simplify its South Korean business after heavy losses in the country including the shutdown of at least 73 of its 350 branches in the country.
The transaction is expected to be completed by the end of the year.
Additionally, the bank has hired May Tan as its new CEO in Hong Kong on Monday, and also appointed former BP executive Byron Grote to join its board as a nonexecutive director.
Ajay Kanwal, chief executive of StanChart Korea, said: "These transactions are part of our strategy to reshape our business in Korea, as we improve returns by focusing on the client segments and products where we are competitively differentiated."
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