President Park Geun-hye met with the CEO of Standard Chartered Group Peter Sands on July 2 to discuss cooperation measures in the financial sector.

The two discussed the galvanization of foreign exchange transactions between the Korean won and Chinese yuan, as well as SC's financial support for Korean companies entering overseas markets.

Mentioning her state visit to the U.K. last November, President Park said economic cooperation between Korea and the U.K. has been bolstered. The president expressed gratitude for the support of the U.K. government and financial sector in this regard.




President Park called for cooperation with the Standard Chartered Group, saying that joint support with Korean firms aiming to enter overseas markets will bring a win-win result for all.

CEO Sands responded that his group will provide active support for Korean firms’ penetration into overseas markets and share related information. In regard to the direct transaction between the Korean won and the Chinese yuan, he said they will offer a concrete, substantial opportunity for the Korean financial industry.

The CEO explained the process of establishing an offshore yuan hub in London, and his group`s yuan business conducted in Hong Kong. Sands said that Standard Chartered would provide support for the trading of yuan in Korea based on the group’s experiences.

He mentioned the group’s performance and cited cases of assisting Korean businesses aiming to enter overseas markets. The CEO expressed his desire to expand such support by using its business networks in emerging economies such as Asia, the Middle East and Africa. Standard Chartered provides financial support for Korean companies’ joint development projects overseas such as oil refinery facilities in Karbala, Iraq, and nuclear power plants in the U.A.E.

By Yoon Sojung
Korea.net Staff Writer
arete@korea.kr