Disposal of stake in Korean c

RNS Number : 2546Y

Standard Chartered PLC

31 August 2009

 



STANDARD CHARTERED PLC - DISPOSAL OF STAKE IN KOREAN CARD PROCESSING BUSINESS 

Standard Chartered to sell its entire stake in BC Card Company Limited

Standard Chartered PLC announces that its subsidiary company, Standard Chartered First Bank Korea Limited, has entered into an agreement to sell its entire 14.85% stake in BC Card Company Limited

('BC Card') to Vogo Fund and its affiliates. 

This transaction is subject to certain regulatory approvals and other closing conditions and is expected to be completed by the end of 2009.

As at 31 December 2008, total gross assets of BC Card were approximately USD1.5 billion. 

For further information, contact:

Investors

Stephen Atkinson
Head of Investor Relations
[phone]

[e-mail]

 

Ashia Razzaq

Head of Investor Relations, Asia Pacific

[phone]

[e-mail]

Press

Arijit De 

Head of Media Relations

[phone]

[e-mail]

Note to Editors:

Standard Chartered PLC

Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth.  

Standard Chartered aspires to be the best international bank for its customers across its markets. The Group earns around 90 per cent of its income and profits in Asia, Africa and the Middle East, from its Wholesale and Consumer Banking businesses. The Group has over 1600 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities. 

Leading by example to be the right partner for its stakeholders, the Group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. It employs around 70,000 people, nearly half of whom are women. The Group's employees are of 125 nationalities, of which about 70 are represented in the senior management.

For more information on Standard Chartered, please visit: www.standardchartered.com

Vogo Fund

Established in 2005, Vogo Fund is the largest independent Korean private equity firm with over US$ 620 million committed capital including Korea Global Fund, a sister fund for international LPs.  

Vogo Fund focuses on investment opportunities in a broad range of industries in Korea, seeking control or strategic minority stake in a target company. We rely on our local knowledge and network in identifying and sourcing investment opportunities and in enhancing value of our investments. Our team is one of the largest among private equity firms in Korea, and possesses a broad array of experiences and expertise. Our significant presence and commitment in Korea allows us to identify and source proprietary investment opportunities and to actively manage our portfolio companies.

Vogo Fund's goal is to help companies create value for all its stakeholders. We bring our investment and management expertise as well as financial support when we commit to an investment. We are long-term investors, actively working with the management team to build businesses instead of focusing on short-term gains.

For more information on Vogo Fund, please visit: http://www.vogo-fund.com

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