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.”
Standard Chartered, which makes 65 percent of its profit in Asia, said the deal will be financed selling around 1 billion pounds of new shares, representing about 10 percent of the bank’s shares currently in issue.
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