Standard Chartered has rebranded its Korean business – previously named SC First Bank - under its global brand, underlining its long-term commitment to the market. 

The firm says that the rebrand is the “most recent step in this transformation to align the Korean business to the rest of Standard Chartered’s global network.” Within Korea’s financial sector, Standard Chartered is its largest foreign direct investor, with almost 400 branches and over 6,000 employees.

“The Bank’s Korean business has performed consistently, with income up by 18 per cent since the acquisition of Korea First Bank. At the half year 2011, profit was up 30 per cent and income up 6 per cent year on year,” the firm said. Korea is the bank’s fourth largest market by income. 

Standard Chartered initially established SC First Bank following the acquisition of the former Korea First Bank in 2005 - Korea was “the only one of Standard Chartered’s more-than-70 markets with a local brand,” the firm said in a statement. It has since transformed the “operations and diversity” of the Korean bank, as seen by the broadening of its consumer offering, as well as expanding its wholesale banking business.

“Standard Chartered has a long presence in Korea, dating back to the late 1880s. Over the years we have captured an increasing share of trade and investment flows – helping Korean companies trade and invest with the rest of the world. By uniting the businesses under one brand, we are reaffirming our commitment to Korea and also sharing our aspiration to be Korea’s best international bank,” said Peter Sands, group chief executive of Standard Chartered.