Will SC First Bank pull out of Korea? The bank says, 'groundless.'
Will SC First Bank pull out of Korea? The bank says, 'groundless.'
  • Jung Jun-ho
  • 승인 2019.07.03 12:09
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SC First Bank said on June 29 that the rumor that Standard Chartered Group of the U.K. is pushing for restructuring of SC First Bank is groundless. 

"After inspecting its affiliates in more than 60 countries around the world, SC First Bank's parent company, SC Group, is known to have concluded that SC First Bank needs to restructure its workforce, which has seen a sharp drop in its sales," an economic daily reported recently.

The economic daily added that SC Group also recently conveyed its opinion to the Financial Supervisory Service on the need to adjust its business portfolio at the group level and restructure SC First Bank.

"The share of SC First Bank in the group's total sales has plummeted every year," the media outlet reported, adding, "The share of SC First Bank's sales in 2005 when the bank first entered the country was 25 percent of the total, but at the end of last year it fell sharply to 13 percent."

In response, SC First Bank released an explanatory document, saying "There was nothing received from the headquarters. It was completely groundless regarding the possibility of restructuring, massive job cuts and even withdrawal from South Korea."

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