StanChart Korean unit to close 27 bank branches

Monday, 21 March 2011 00:01 - - {{hitsCtrl.values.hits}}

SEOUL: Standard Chartered’s South Korean unit plans to close 27 of its 418 bank branches, the company said on Friday. A spokeswoman at Standard Chartered Korea Ltd said that there would be no job cuts as a result of the closures.

The streamlining of SC First Bank is part of an effort to enhance productivity amid intensifying competition in the local banking market.

Commercial banks in South Korea are facing a changing financial landscape after Hana Financial Group agreed to a $4.1 billion takeover of Korea Exchange Bank.