Standard Chartered to sell BC Card stake

1st Sep 2009 07:15

Asia-focused bank Standard Chartered has agreed to sell its entire 14.85% stake in BC Card to Korean private equity firm Vogo Fund and its affiliates for an undisclosed sum.Standard Chartered did not disclose any financial details of the agreement, but Vogo said in a separate statement that it would buy 30.68% of BC Card from Hana Bank and Standard Chartered for a total around $156m.This transaction is subject to certain regulatory approvals and other closing conditions and is expected to be completed by the end of 2009.As at 31 December 2008, total gross assets of BC Card were about $1.5bn.