Standard Chartered Closes 43 Branches in S. Korea Amid Strke
By Park Sae-jin
Posted : July 11, 2011, 12:57
Updated : July 11, 2011, 12:57
According to media reports, the bank's half of 6,500 employee staged a walkout from June 27 to protest against a proposed incentive-based compensation plan.
The management of the bank will continue talks with the workers union for compromise and will try to minimize inconvenience for customers, it said.
“The differences between the company and us aren't narrowing," union spokesman said, quoted by Bloomberg news.
Standard Chartered entered South Korea to attract more borrowers in the county in 2005 after buying Korea First bank. South Korea' unit accounted for 11% of the total bank revenue of $16 billion last year.
This is not the first time major dispute involving foreign bank entering Sout Korea. In 2005, Citigroup, which bought Hanmi Bank, closed about a third of its 253 branches amid labor dispute increasing.
(아주경제 송지영 기자)