Standard may take $1bn hit on Korean division



Standard Chartered may take a $1 billion‑plus (£658 million) hit on its Korean business, analysts have warned ahead of an internal assessment by the London-listed, Asia-centric bank.
Standard, one of the few UK banks not ordered by the Prudential Regulation Authority to beef up its capital cushions, flagged up a more radical shake-up of its business in Korea.
The group’s problems with its Korean First Bank subsidiary, which it bought for $3.3bn in 2005, have included a weaker financial performance than expected, a staff dispute, rising bad debts and regulatory pressures.
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29 June 2013 in Business, Views: 17
Source: Scotsman
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