Standard Chartered Korea (officially Standard Chartered Bank Korea Limited, formerly SC First Bank,
Hangul
The Korean alphabet, known as Hangul, . Hangul may also be written as following South Korea's standard Romanization. ( ) in South Korea and Chosŏn'gŭl in North Korea, is the modern official writing system for the Korean language. The le ...
: SC제일은행) is a
bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
ing and financial services company headquartered in
Seoul
Seoul (; ; ), officially known as the Seoul Special City, is the capital and largest metropolis of South Korea.Before 1972, Seoul was the ''de jure'' capital of the Democratic People's Republic of Korea (North Korea) as stated iArticle 103 of ...
,
South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korean Peninsula and sharing a land border with North Korea. Its western border is formed by the Yellow Sea, while its eas ...
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 () in 1929. In may of 1950, it changed its name to Korea Deposit Bank (). In 1954, it made an acquisition of branches of the Korean Bank for Nurturing Industries (; a predecessor to
Korea Development Bank
Korea Development Bank (KDB Bank, SWIFT: KODBKRSE) is a wholly state-owned policy development bank in South Korea. It was founded in 1954 in accordance with The Korea Development Bank Act to finance and manage major industrial projects to expedit ...
). 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. It was acquired by
Standard Chartered in 2005.
[https://encykorea.aks.ac.kr/Contents/CategoryNavi?category=field&keyword=%EA%B2%BD%EC%A0%9C%C2%B7%EC%82%B0%EC%97%85/%EA%B2%BD%EC%A0%9C&ridx=630&tot=637]
See also
*
Economy of South Korea
The economy of South Korea is a highly developed mixed economy. By nominal GDP, it has the 5th largest economy in Asia and the 13th largest in the world. South Korea is notable for its rapid economic development from an underdeveloped natio ...
*
List of Banks in South Korea
*
Standard Chartered
References
External links
SC Bank Korea HomepageSC Bank Korea Homepage
Banks of South Korea
Standard Chartered
Banks established in 1929
1929 establishments in Korea
South Korean subsidiaries of foreign companies
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