Local unit of British bank to hand out \100B in dividends

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Local unit of British bank to hand out \100B in dividends

Standard Chartered Bank Korea decided on Thursday to pay out 100 billion won ($88.2 million) in interim dividends, half of its earlier payment plan, amid growing criticism over its move to dole out high dividends.

The Korean unit of the British banking group said its board decided later in the day to pay the dividends to its holding company in Korea and will repatriate 50 billion won to its parent group in Britain. The size of the dividend repatriation is also a third of its previously known amount of 150 billion won.

“The dividend amount was determined with consideration to our responsibility to the shareholders to remit a regular dividend flow, but also the local economic circumstances,” Richard Hill, the bank’s CEO, said in a statement.

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