Fitch: Korea First Bank on watch positive, Standard Chartered Bank affirmed

Fitch Ratings said it affirmed the ratings of Standard Chartered Bank, the principal subsidiary of Standard Chartered plc, at long-term A+, short-term F1, individual B and support 5 and placed Korea First Bank's long-term BBB+, short-term F2 and support 3 ratings on Rating Watch Positive.

The rating actions follow the announcement today that Standard Chartered Bank has entered into an agreement to acquire Korea First Bank for KRW3.4 trillion, according to Fitch.

Fitch said the transaction makes sound strategic sense for Standard Chartered Bank, even if it will have short-term negative implications on the enlarged group's performance and capitalization indicators.

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