Standard Chartered PLC, the Asia-focused bank, said that it will acquire 80 pct of Korean fund administrator A Brain Co, Ltd (ABL) for an undisclosed sum, through its subsidiary company Standard Chartered First Bank Korea Limited.
SC First Bank will also have the option to buy the remaining 20 pct from January 2008, Standard Chartered said.
ABL had approximately 10 mln usd of total gross assets at end-March 2007.
It added that it expected the transaction to be completed by the end of 2007.
'ABL is a great fit with SC First Bank and a positive step forward in growing our Wholesale Banking business, 'David Edwards, President and CEO of SC First Bank said.
'Bringing ABL into the SC First Bank family highlights our determination to be the leading bank for Korean businesses and financial institutions by enhancing the comprehensive financial solutions we tailor for each of our clients.'
