ID :
66385
Thu, 06/18/2009 - 13:47
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https://oananews.org//node/66385
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Standard Chartered eyes possible takeovers in Asia
By Kim Soo-yeon
SEOUL, June 18 (Yonhap) -- British banking giant Standard Chartered Plc will continue to invest in Asia and may seek for possible takeover opportunities in the region for its strategic growth, its head said Thursday.
"We will look at acquisition opportunities to support our organic growth. But we
assess them very rigorously. They have to be both financially compelling and
strategically attractive enough to help us achieve all strategic objectives,"
Peter Sands, chief executive of Standard Chartered, told a press conference.
Sands said the group may find potential acquisition opportunities across Asia and
the Middle East. "We will be looking at them."
His remarks came one day after South Korea's financial watchdog gave regulatory
approval to the Korean banking unit of Standard Chartered to set up a financial
holding company, making it the first foreign lender to become a financial
services firm in Korea.
"It is an important step for us, but it is also, I think, an important step for
Korea. It is a good demonstration of the openness (of Korea)," David Edwards,
president of SC First Bank Ltd. in South Korea, told reporters. The bank is
seeking to launch a holding firm by the end of this month.
The envisioned holding company would have three affiliates, including a banking
and savings bank unit, as well as the securities unit under its wing.
There has been market speculation that SC First Bank is interested in buying
Kumho Life Insurance to beef up its business after creating a financial services
firm.
But Edwards declined to confirm such talk, though he added that the bank would
seek to make inroads into insurance operations under its umbrella in due course.
Currently, South Korea has five financial services companies, including Woori
Finance Holdings Co. Under a holding firm system, it is easier for financial
companies to seek further takeovers and to develop and sell a wide range of
financial products.
South Korea began permitting foreign financial companies to establish holding
companies here after a related law was revised in August 2007.
Standard Chartered Bank acquired Korea First Bank in April 2005 for 3.4 trillion
won (US$2.7 billion), the largest-ever takeover by the British banking giant, and
renamed it SC First Bank in September the same year.
SEOUL, June 18 (Yonhap) -- British banking giant Standard Chartered Plc will continue to invest in Asia and may seek for possible takeover opportunities in the region for its strategic growth, its head said Thursday.
"We will look at acquisition opportunities to support our organic growth. But we
assess them very rigorously. They have to be both financially compelling and
strategically attractive enough to help us achieve all strategic objectives,"
Peter Sands, chief executive of Standard Chartered, told a press conference.
Sands said the group may find potential acquisition opportunities across Asia and
the Middle East. "We will be looking at them."
His remarks came one day after South Korea's financial watchdog gave regulatory
approval to the Korean banking unit of Standard Chartered to set up a financial
holding company, making it the first foreign lender to become a financial
services firm in Korea.
"It is an important step for us, but it is also, I think, an important step for
Korea. It is a good demonstration of the openness (of Korea)," David Edwards,
president of SC First Bank Ltd. in South Korea, told reporters. The bank is
seeking to launch a holding firm by the end of this month.
The envisioned holding company would have three affiliates, including a banking
and savings bank unit, as well as the securities unit under its wing.
There has been market speculation that SC First Bank is interested in buying
Kumho Life Insurance to beef up its business after creating a financial services
firm.
But Edwards declined to confirm such talk, though he added that the bank would
seek to make inroads into insurance operations under its umbrella in due course.
Currently, South Korea has five financial services companies, including Woori
Finance Holdings Co. Under a holding firm system, it is easier for financial
companies to seek further takeovers and to develop and sell a wide range of
financial products.
South Korea began permitting foreign financial companies to establish holding
companies here after a related law was revised in August 2007.
Standard Chartered Bank acquired Korea First Bank in April 2005 for 3.4 trillion
won (US$2.7 billion), the largest-ever takeover by the British banking giant, and
renamed it SC First Bank in September the same year.
