Korea First Bank Acquisition

Standard Chartered PLC
15 April 2005





APRIL 15, 2005



                          Standard Chartered completes

                          Korea First Bank acquisition

Standard Chartered PLC ('Standard Chartered') has completed today the
acquisition of the entire share capital of Korea First Bank, on the terms
announced on January 10, 2005. The amount paid was Korean Won (KRW) 3.4 trillion
(US$3.3 billion), in cash.


Bryan Sanderson, Chairman of Standard Chartered said:


'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 said:


'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.'


CONTACTS


Investors

Romy Murray

Head of Investor Relations

[phone]/[phone] [e-mail]


Betty Ku

Head of Investor Relations, Asia Pacific

[phone]/[phone] [e-mail]



Press

Cindy Tang

Head of Media Relations

[phone]/[phone] [e-mail]



Kay Oh

Head of Corporate Affairs, Korea

[phone]/[phone] [e-mail]


This announcement includes 'forward-looking statements'. All statements other
than statements of historical facts included in this announcement, including,
without limitation, those regarding the Company's financial position, business
strategy, plans and objectives of management for future operations (including
development plans and objectives relating to the Company's products and
services), are forward-looking statements. Such forward-looking statements
involve known and unknown risks, uncertainties and other important factors which
could cause the actual results, performance or achievements of the Company or
those markets and economies to be materially different from future results,
performance or achievements expressed or implied by such forward-looking
statements. Such forward-looking statements are based on numerous assumptions
regarding the Company's present and future business strategies and the
environment in which the Company will operate in the future and such assumptions
may or may not prove to be correct. These forward-looking statements speak only
as at the date of this announcement. The Company expressly disclaims any
obligation (other than pursuant to the Listing Rules of the UKLA or the Listing
Rules of the Hong Kong Stock Exchange ) or undertaking to disseminate any
updates or revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with regard thereto or any
change in events, conditions or circumstances on which any such statement is
based.



Standard Chartered - leading the way in Asia, Africa and the Middle East


Standard Chartered employs 33,000 people in over 550 locations in more than 50
countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the
United Kingdom and the Americas. It is one of the world's most international
banks, with employees representing 80 nationalities.


Standard Chartered PLC is listed on both the London Stock Exchange and the Stock
Exchange of Hong Kong and is in the top 25 FTSE companies, by market
capitalisation.


It serves both Consumer and Wholesale Banking customers. Consumer Banking
provides credit cards, personal loans, mortgages, deposit taking and wealth
management services to individuals and small to medium sized enterprises.
Wholesale Banking provides corporate and institutional clients with services in
trade finance, cash management, lending, securities services, foreign exchange,
debt capital markets and corporate finance.


Standard Chartered is well-established in growth markets and aims to be the
right partner for its customers. The Bank combines deep local knowledge with
global capability. The Bank is trusted across its network for its standard of
governance and its commitment to making a difference in the communities in which
it operates.




Korea First Bank


Established in 1929, Korea First Bank is broad based, serving customers across
South Korea with both customer and commercial banking products as well as a wide
range of trust and investment management services.


Korea First Bank is the seventh largest banking group in Korea by assets
totaling US$42 billion. The Bank has strong track record of credit quality with
one of the lowest ratios of non-performing loans (1.5%: December 2004). The Bank
has the 5th largest branch network of 406 branches, including one mobile bank,
2,057 ATM and CD machines and three overseas units. Korea First Bank has 3.2
million retail and 67,900 corporate customers with 1.2 million credit cards in
circulation and 2.4 million e-Banking clients. The Bank's modern and efficient
Customer Service Centres are located in Busan and Seoul.




Standard Chartered Bank in Korea


Standard Chartered Bank is a long standing supporter of Korea. Its history in
the country can be traced to the 1880s, when it opened an agency in what is now
Incheon. Currently, it is engaged in consumer banking and wholesale banking and
is a major provider of global market and banking service products to Korean
companies and banks. A long-standing supporter of Korea, Standard Chartered Bank
aims to expand its business and increase investment in consumer banking in
particular. The bank employs around 200 employees, almost entirely Koreans.
Standard Chartered Bank is a leader in bank syndications, the country's No. 2
provider of custody services, and a top 5 bank in Korean won trading.


The bank entered the consumer banking sector in September 2003, and opened a
Priority Banking Center in May 2004 in the Yeoksam-dong district of Seoul. It is
the first independent private banking branch established by a foreign bank in
Korea and a demonstration of Standard Chartered's intention to be the right
partner to Korean consumers based on global competence and an in-depth knowledge
of local market.


Standard Chartered has sponsored a number of international conferences that
position Korea as a financial services hub.


For more information, visit www.standardchartered.com


                      This information is provided by RNS
            The company news service from the London Stock Exchange