Standard Chartered Korea

Standard Chartered Bank Korea Limited
Company type	Public company
Industry	Financial
Founded	1929; 95 years ago
Headquarters	Seoul, South Korea
Key people	Park Jong-Bok, CEO
Products	Financial services
Parent	Standard Chartered
Website	www.standardchartered.co.kr

Standard Chartered Korea (officially Standard Chartered Bank Korea Limited, formerly SC First Bank, Hangul: SC제일은행) is a banking and financial services company headquartered in Seoul, South Korea and a wholly owned subsidiary of Standard Chartered. It was created by the acquisition of the former Korea First Bank by Standard Chartered in 2005.

History

The bank started as Joseon Deposit Bank (조선저축은행) in 1929.^[1] In May of 1950, it changed its name to Korea Deposit Bank (한국저축은행).^[2] In 1954, it made an acquisition of branches of the Korean Bank for Nurturing Industries (한국식산은행; a predecessor to Korea Development Bank).^[3] The bank was nationalized in 1961 by the military government. It became one of the 5 largest commercial banks in South Korea but it fell into financial trouble during the 1997 Asian financial crisis.^[4] It was acquired by Standard Chartered in 2005.^[5]