Standard Chartered to buy Korea First Bank for $3.3 billion

British bank Standard Chartered said it has agreed to buy Korea First Bank for $3.3 billion in cash.

“It is a big step towards our aspiration to lead the way in Asia, Africa and the Middle East,” said Mervyn Davies, chief executive of Standard Chartered. He added Korea First Bank is a “well managed, conservatively run bank with a highly skilled workforce.”