SKorean credit card on sale

September 1, 2009

, LONDON, Sep 1 – British bank Standard Chartered on Tuesday said it had agreed to sell its minority stake in South Korean credit card processing company BC Card to private equity group Vogo Fund for an undisclosed fee.

"Standard Chartered PLC announces that its subsidiary company, Standard Chartered First Bank Korea Limited, has entered into an agreement to sell its entire 14.85 percent stake in BC Card Company Limited to Vogo Fund and its affiliates," said a statement.

Standard said the sale of its stake in BC Card, whose assets totalled about 1.5 billion dollars (1.0 billion euros) at the end of 2008, was subject to regulatory approvals.

It hoped to complete the sale to Vogo Fund, a Korean private equity firm, by the end of 2009.

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