Standard Chartered Korea (officially Standard Chartered Bank Korea Limited, formerly SC First Bank, Hangul: SC제일은행) is a banking and financial services company headquartered in Seoul, South Korea and a wholly owned subsidiary of Standard Chartered. It was created by the acquisition of the former Korea First Bank by Standard Chartered in 2005. History The bank started as Joseon Deposit Bank () in 1929. In may of 1950, it changed its name to Korea Deposit Bank (). In 1954, it made an acquisition of branches of the Korean Bank for Nurturing Industries (; a predecessor to Korea Development Bank). The bank was nationalized in 1961 by the military government. It became one of the 5 largest commercial banks in South Korea but it fell into financial trouble during the 1997 Asian financial crisis. It was acquired by Standard Chartered in 2005. See also Economy of South Korea List of Banks in South Korea Standard Chartered References External links SC Bank Korea Homepage SC Bank Korea Homepage Banks of South Korea Standard Chartered Banks established in 1929 1929 establishments in Korea South Korean subsidiaries of foreign companies