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StanChart to invest 100B won in South Korean unit

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StanChart to invest 100B won in South Korean unit

Standard Chartered Bank Korea Ltd. will receive a 100 billion South Korean won capital contribution from its U.K.-based parent Standard Chartered PLC, Money Today reported Jan. 17, citing officials from the South Korean unit.

The board of Standard Chartered Bank Korea approved the plan to issue 600 billion won of 10-year subordinated bonds and simultaneously pay 500 billion won in interim dividends to StanChart.

The 600 billion won of subordinated bonds will be issued as hybrid securities on Jan. 28 solely to StanChart.

The investment is part of StanChart's compliance with the Financial Stability Board's total loss-absorbing capacity standards for global systemically important banks. The net 100 billion won cash injection will be StanChart's first investment in its South Korean unit since 2008.

StanChart acquired the former Korea First Bank in 2005 and implemented subsequent capital increases at the South Korean unit between 2005 and 2008.

As of Jan. 16, US$1 was equivalent to 1,120.06 South Korean won.