Standard Chartered Group head Peter Sands emphasized the importance of South Korea in the British banking group’s global strategy, brushing off speculation that it will downsize its business here as the local banking sector struggles with low profitability and heightening competition.

“We are absolutely committed to Korea, to use the phrase, our brand promise, ‘We are here for good.’ What we are doing is reshaping the business to play more to our strength as an international bank,” Sands said in an interview with Yonhap News Agency on Wednesday.

Sands, who met with South Korean President Park Geun-hye on Wednesday to discuss Seoul’s renminbi hub strategy, said he is confident that the banking group “can shape a bright future in Korea.”

The chief executive’s remarks come on the heels of a recent decision by Standard Chartered Korea to sell two units ― Standard Chartered Capital and Standard Chartered Savings Bank ― to Japanese financial firm J Trust Co.

The move bolstered speculation that the banking group, which plans to shutter up to 50 branches by year-end, may follow the lead of foreign financial firms that have restructured or closed down their business here.

The group CEO stressed that the recent decisions only “reflect the fact that customer needs are changing” in line with the development of mobile banking technologies. (Yonhap)