UPDATE 2-Armed with $2.2 bln, SK Telecom prowls for new business

* New CEO stepping up spending to find growth engines

* To look for opportunities in China, US

* Testing Nokia phones, will defend home market share

* Shares up 1 percent, lagging KOSPI's 4 percent gain (Adds quotes)

By Rhee So-eui

SEOUL, April 9 (Reuters) - SK Telecom Co (017670.KS), South Korea's biggest mobile carrier, has at least $2.2 billion at its disposal over the next five years to find new growth drivers, its new chief executive said on Thursday.

Facing stagnant revenue growth and fierce competition, SK will take steps to develop new technology and services and expand its global footprint, Jung Man-won, who took up the CEO post in January, told a news conference.

South Korea's telecom market is fully saturated -- 95 percent of the population have a mobile phone and 92 percent of households have broadband access. SK controls about half of the market in mobile phone services.

Jung said next-generation networks and cross-industry convergence such as combining technology with infrastructure are among SK Telecom's agenda.

"The comments indicate telecom operators are moving away from the money-consuming marketing competition at home to the global market," Woori Investment & Securities analyst Stan Jung said.

"The 3 trillion won investment plan doesn't have anything specific yet but it shows the company's commitment to overcoming the stagnant growth."

SK will continue to look for opportunities in the United States and China, SK Telecom's Jung said.

"I've got approval to spend minimum 3 trillion won ($2.2 billion) in the next five years," Jung said, when asked about the possible size of investment on those growth projects.

"The mobile telecom market is in a far more stagnant status than I had thought."

SK Telecom has been looking at overseas markets as expansion becomes more difficult at home, but the global financial and economic turmoil have put overseas projects on the back burner.

SK Telecom and its affiliate, SK Broadband (033630.KQ), compete with KT Corp 032300.KS, the country's biggest fixed-line and broadband provider, and its mobile unit KTF, as well as telecom units of LG Group.