Standard Chartered Korea has no plans to exit or scale back its operations in the country, its first Korean chief said Wednesday, dismissing persistent rumors it may downsize the local unit due to the British banking giant's sagging profit.
  

"There have been many talks on exiting or downsizing. I hope the appointment of a Korean head will wipe out those talks. My biggest interest is the job security of some 6,000 employees," said Park Jong-bok, who was promoted to bank president and group chief executive of Standard Chartered Korea last month.
  

Park, 60, succeeds Northeast Asia regional head Ajay Kanwal and is the first Korean to head the firm since Standard Chartered acquired local lender Korea First Bank in 2005.
  

The former salesman took the helm when the local banking industry is embattled in stiff competition and low interest rates. Last year, the lender closed down dozens of brick-and-mortar branches to cut costs, raising speculations of its exit from Asia's fourth-largest economy.
  

In the latest move, group chief executive Peter Sands announced a $400 million cost-saving plan for this year on Jan. 8, which includes slashing some 4,000 retail banking jobs and closing some equities businesses.
  

Park acknowledged the global strategy, but said that "closing physical branches has neared an end" and that Standard Chartered Korea will put a bigger focus on cutting costs through other means.
  

He also voiced confidence that its restructuring last year will become "an opportunity" as technology firms are entering the finance industry and traditional banks are launching virtual platforms.
  

The new chief vowed to boost localization efforts and expand retail banking, two areas Standard Chartered has failed to excel in given its weight on corporate banking and history of foreign chief executives.
  

"Many local employees have been named as new chief executives as the group aims to bolster retail banking. Korea is not an exception," Park said. (Yonhap)