LONDON, June 16 (Reuters) - Standard Chartered said it had sold two businesses in South Korea to Japanese lender J Trust for $148 million as part of the London-based bank’s attempt to boost profitability and simplify its Korean business.
Standard Chartered Korea said it had agreed to sell all of Standard Chartered Savings Bank and Standard Chartered Capital Korea to J Trust for 151 billion Korean won ($148 million) in cash.
Standard Chartered’s South Korean business has struggled for several years and it is shrinking the business and trying to boost profitability by focusing on specific client segments and products.
Standard Chartered said in a separate release it had appointed May Tan as its chief executive officer for Hong Kong, with effect from the start of July. She joined the bank in 2009 and has since become vice chair, Asia.
$1 = 1017.8000 South Korean Won Reporting by Steve Slater; Editing by Clare Hutchison