StanChart firm on performance-based pay in South Korea

NEW DELHI : UK based bank Standard Chartered has said that it will not budge to the demands of the unionised workers of SC First Bank, the South Korean unit of Standard Chartered Plc.

Union workers at SC Bank had launched a general strike on Monday against the bank’s move to introduce a performance based pay system.

Jaspal Singh Bindra, Standard Chartered Bank's group executive director and chief executive for Asia told ET that the bank will continue with its performance based pay system, which is bank’s global philosophy. As per reports, SC First Bank is the first lender in South Korea to push for a performance-based pay system.

"The union is looking that they want to go very hard but we don’t want to flinch. We will stay on course," he said

Bindra also ruled out any plans to exit from the South Korean market. "We are committed to our plans in South Korea," he said.

Standard Chartered acquired Korea First Bank for $3.1 billion in April 2005, the largest ever takeover by a UK based Bank. Standard Chartered renamed it SC First Bank in September 2005.