New Stanchart CEO in Korea keen on expansion

Newly-appointed SC First Bank chief Richard Hill will invest $100 million in the next two years.

New CEO Richard Hill said SC First Bank "will continue to invest in people and businesses in Korea." He said, "We have set high expectations for business opportunities in Korea in the future."

"Standard Chartered is the biggest foreign investor in the nation, and has invested about 5 trillion won ($4.25 billion) since it took over Korea First Bank," said Hill, who replaced former CEO David Edwards on 17 December.

He also said that the lender will invest in Korean businesses with the proceeds from the sale of its real estate. Last year, it used the proceeds from the sale of its training center in Seoul for the establishment of its securities unit. The bank currently owns $1 billion worth of real estate, according to a report in the Korea Times.

Hill has over 20 years’ international commercial experience, and joined Standard Chartered in 2006 as Chief Financial Officer of Global Consumer Banking based in Singapore. In January 2008, he relocated to Seoul to take up the positions of Executive Vice President, Chief Financial Officer and Head of Strategy of SC Korea and SC First Bank.