Standard Chartered’s Korea Unit to Suspend Branch Operations
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Standard Chartered Plc’s Korean unit may temporarily shutter some branches as a strike by employees heads toward a third week, the worst labor dispute involving foreign banks in South Korea in more than five years.
Standard Chartered First Bank Korea Ltd. will halt operations at 43 of its 392 branches from July 11 unless an agreement with the labor union is reached over the weekend, Joo Hee Sun, a spokeswoman for the Seoul-based unit said by phone today. The strike began on June 27.