Bank staff get pickled, Korean style
Management of emerging markets lender Standard Chartered Bank is putting its own advertising slogan, 'We go the distance so you go further', to good internal use in its efforts to integrate its largest acquisition, the US$3.4 billion deal with Korea First Bank (KFB).
In an effort to make KFB's staff feel part of the SCB family – and also no doubt avoid the kind of industrial disputes that plagued Citigroup's acquisition of Koram Bank – SCB is organizing a Korea Day on June 30 for the rest of its 55 markets. A competition held in Korea will select 60 lucky KFB employees to visit some of SCB's locations in Asia, Africa and the Middle East. They will bring with them a 'Korea Pack' that will introduce Korean traditional dress and customs to SCB staff.
It is not clear which countries will be the fortunate recipients of a visit from the Koreans, but in the interests of minimizing culture clashes as well as possible bloodshed, it seems unlikely that any of the KFB employees will be bringing their distinctive culture to SCB branches in Afghanistan, Ivory Coast or Iran.