The local unit of Standard Chartered said Tuesday it has appointed the head of its retail sector as the bank president, the first Korean to take the post at the British banking group.

Park Jong-bok, who oversaw retail clients at Standard Chartered Bank Korea, will be promoted to bank president as well as group chief executive on Jan. 8, the company said in a press release.

The 59-year-old is the first Korean to take the top post since Standard Chartered acquired local lender Korea First Bank in 2005.

Park started his career at Korea First Bank in 1979 and has served in key consumer banking businesses.

Incumbent president and chief executive Ajay Kanwal will stay in Seoul as Northeast Asia's regional head and supervise operations in South Korea, Japan and Mongolia, according to the company. (Yonhap)