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Standard Chartered has completed the acquisition of the entire share capital of Korea First Bank, on the terms announced on January 10, 2005. The amount paid was W3.4tn (US$3.3bn), in cash.

Bryan Sanderson, chairman of Standard Chartered says: “I am delighted we have closed this transaction ahead of schedule and we are pleased to welcome the employees of Korea First Bank. It is a significant acquisition in the world’s 10th largest economy. We see strong potential for growth which we believe will create good opportunities for Korea First Bank employees and customers, as well as substantial value for our shareholders.”

Mervyn Davies, group chief executive of Standard Chartered adds: “Our plans are on track for integrating Korea First Bank and Standard Chartered. We will generate significant business growth by combining Korea First Bank’s nationwide platform with our broad range of wholesale and consumer banking products and by using our international network to help Korean companies. We are confident that this acquisition will be earnings accretive in 2006.”