‘Standard Chartered will continue to stay in Korea’

Standard Chartered Korea pledged to reinforce its retail banking services with the goal of becoming the best global bank here, dismissing rumors that it may downscale its business or even withdraw from the Korean market.

“The fact that (the global headquarters) appointed a Korean chief proves that the withdrawal rumors are groundless,” said Park Jong-bok, the newly appointed president and CEO of SC Korea, in a press conference on Wednesday.

“We will stay, for sure, and become the best global bank here in Korea.”

Park took office in January, replacing his predecessor Ajay Kanwal and becoming the first local national to head the Korean branch since SC took over Korea First Bank in 2005.

“The term ‘global,’ for us, means that we will use our global network to satisfy the needs of Korean retail and corporate clients, including Korean companies and foreign companies that wish to enter the Korean market,” Park explained.

He admitted that over the past decade, SC may have failed to meet local customers’ needs.

“But the group made it clear that regional branches should focus on reinforcing local connections this year, which is one of the reasons for my appointment,” the president said.

The U.K.-based bank’s key survival strategy for the Korean market is to reinforce its retail banking sector, which has been weaker than its corporate banking operation.

“Competition will be tough as local banks have an upper hand in retail banking,” Park said.

“But having built my career from a junior bank teller to CEO, I know the market well and I will play the required role to bridge SC’s global unit and local customers.”

By Bae Hyun-jung (tellme@heraldcorp.com)