LONDON (AFP) -- Standard Chartered, the emerging markets bank, said Friday it had agreed to buy South Korea's Yeahreum Mutual Savings Bank for an undisclosed sum.

""The acquisition is a unique opportunity for Standard Chartered to enter the mutual savings bank market in Korea,"" the London-listed company said in a brief statement.
Yeahreum Bank has about 50,000 retail banking customers and more than 800 corporate clients. The group's gross assets were about 827 million dollars as of September 30, 2007, according to the statement.
""The acquisition of Yeahreum is a further step in our continuous investment programme in Korea and is a sign of our commitment following the acquisitions of Korea First Bank in 2005 and A Brain Co., Ltd. in 2007,"" said Mike DeNoma, group executive director responsible for consumer banking.
""This broadens Standard Chartered's customer base in one of our largest markets into a business segment with strong revenue growth and returns.""
Standard Chartered expects to complete the transaction in the first quarter of 2008.