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StanChart bullish on Korean acquisition

StanChart bullish on Korean acquisition

(4 November 2005 – South Korea) Standard Chartered’s US$3.3 billion acquisition of Korea First Bank will start producing earnings in 2006, according to the bank’s chief executive. Speaking in South Korea, Mervyn Davies said integration of the bank was tracking ahead of schedule and would be completed by the end of the year.

He said there were potential synergies in both consumer and business banking.

Davies is on the road as part of Standard Chartered’s analyst briefing in South Korea and Dubai.

Standard Chartered bought KFB earlier this year, in what was the largest acquisition by a foreign bank in South Korea. KFB has 3.5 million customers and more than 400 branches.

At the time of the purchase, Standard Chartered said its intention was to become the fifth largest bank in South Korea by 2012.

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