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2010-10-15

Standard Chartered to empower SMEs

Indian SMEs bank on Standard Chartered

Standard Chartered Bank has announced to extend customer services for the Small and Medium Enterprises to enable them to leverage the bank’s network across growing markets in Asia, Africa and West Asia. The move will drive business opportunities for SMEs beyond national boundaries.

This arm of Standard Chartered will help power SMEs’ requirements for growth in Indian and international markets by meeting their financial requirements. Standard Chartered will offer one-stop-banking solutions to enterprises and their owners leverage the strengths of the Bank's consumer and wholesale banking businesses. A Bank release said as a consequence of this launch, Standard Chartered will invest significantly in the key areas of people, infrastructure and service. It said this will include at least doubling the strength of the team of specialised Relationship Managers in the next three years from the present level of 275. ''The SME segment has grown at almost twice the rate of GDP in most markets, generating more than 40 billion dollars of revenues. The release said in the light of the changing needs of SMEs and their growing importance in the economy, it has strengthened its SME customer offering. The SME segment is targeted to grow at double the rate of the industry. The Bank will double its global market share to make it a multi-billion dollar business in the next three to four years.

''In keeping with its strategy of building deep customer relationships, each customer will be serviced by a dedicated and knowledgeable relationship manager,'' the release said. The Relationship Manager will be backed by a team of specialists from its Consumer and Wholesale Banking businesses, delivering holistic solutions for SMEs that will include funding, cash management, trade finance, foreign exchange and risk management products.

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