09:34 STANCHART<02888> - Announcement & Resumption of Trading (3) Standard Chartered employs 30,000 people in over 500 locations in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. It is one of the world's most international banks, with a management team comprising 70 nationalities. Standard Chartered is listed on both the London Stock Exchange and The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") and is in the top 25 FTSE-100 companies, by market capitalisation. It serves both consumer and wholesale banking customers. Consumer Banking provides credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals and small to medium sized enterprises. Wholesale Banking provides corporate and institutional clients with services in trade finance, cash management, lending, custody, foreign exchange, debt capital markets and corporate finance. STANDARD CHARTERED IN KOREA Standard Chartered first opened in Korea in the late nineteenth century and was the first European bank to be invited back into the country in 1968. It operates today through a branch in Seoul, with total assets of approximately US$3.3 billion supported by 170 employees and about 300 direct sales agents. Standard Chartered's business has historically focused on commercial banking, treasury and debt capital markets. In September 2003, Standard Chartered opened a consumer banking business, which it has grown organically. ACQUISITION Details of the Acquisition Under the terms of the share purchase agreement dated 10 January 2005 between Standard Chartered Bank and KFB Newbridge Holdings (Private) Limited ("KFB Newbridge"), KFB Newbridge will exercise its rights to require the other shareholders of Korea First Bank (being the Ministry of Finance and Economy of the Republic of Korea and the Korea Deposit Insurance Corporation (the "Government Shareholders")) to accede to the share purchase agreement and sell to Standard Chartered 100 per cent. of the shares in Korea First Bank. KFB Newbridge is a company established to hold the investment of private equity investors in Korea First Bank. The total consideration payable in cash to the shareholders of Korea First Bank is approximately KRW3.4 trillion (approximately US$3.3 billion). The transaction, which is subject to certain conditions including regulatory consents, is expected to be completed by the end of April 2005. Unless otherwise approved by the parties, such approval not to be unreasonably withheld or delayed, completion must take place within 150 days of this announcement, failing which the agreement will terminate. In addition to the share purchase agreement, Standard Chartered Bank has entered into a transition agreement with Korea First Bank dated 10 January 2005 in relation to, among other things, the carrying on of business by Korea First Bank prior to completion of the transaction. To the best of the knowledge, information and belief of Standard Chartered's directors having made all reasonable enquiry, KFB Newbridge, the Government Shareholders and Korea First Bank are third parties independent of Standard Chartered and connected persons of Standard Chartered.