The Korea Herald (SC to continue investing in Korea: new CEO) and Korea Times (SC Seeks to Increase Presence in Korea) both ran articles covering the press conference held in Seoul on Wednesday by Standard Chartered Korea’s new CEO Richard Hill (pictured).

“Standard Chartered is the single largest foreign investor in Korea’s financial industry and has invested about 5 trillion won since it took over Korea First Bank…

…SC First Bank has opened about 40 branches so far this year and plans to spend another $100 million to further expand its branch network,” Richard Hill told the press conference.

In July of this year, Standard Chartered was the first foreign company to establish a financial holding company in Korea. Launching Standard Chartered Korea, combining flagship SC First Bank, SC Mutual Savings Bank, Standard Chartered Capital, Standard Chartered Securities and Standard Chartered First Fund Services.

“This is an important step for us, but it is also an important step for Korea. It is a good demonstration of Korea’s openness,” said former CEO David Edwards at the time the Group was launched.

Standard Chartered Bank acquired Korea First Bank in April 2005 for KRW 3.4 trillion ($3.3 billion at that time) which was the single largest foreign direct investment ever in Korea, and the biggest deal in SC’s 150 year history.