Monday, May 24, 2010

Stanchart celebrates 114 yrs in style

Standard Chartered Bank climaxed its 114th anniversary celebration in the country last year by making history in its operations, chalking a number of firsts.

The Bank’s financial performance for last year ended with a record profit after tax of GH¢57.4 million, the highest so far in the bank’s existence in the country. This was about a 73 percent increase over the 2008 figure.

In the same year Standard Chartered Bank led a pack of consortiums to secure a syndicated facility of US$1 billion for the Ghana Cocoa Board, making the transaction the first large, structured soft commodity syndicated deal in Africa.

This pioneering performance was delivered despite the continued uncertainty in the financial sector both locally and international last year.

Again, in October last year, the Bank launched its Internet banking platform, Straight2Bank - the first of its kind on the market - which supports trade transactions and cross-border payments for its SMEs.

More impressively, the Bank reclaimed the accolade “Most Socially Responsible Bank” in Ghana at the 8th edition of the Ghana Banking Awards held last year and organised by Corporate Initiative Ghana in collaboration with the Association of Ghana Industries and the Ghana National Chamber of Commerce.

The award for Corporate Social Responsibility (CSR) is based on reviewed information obtained from banks regarding programmes they have financed aimed at improving the quality of life of their staff and the community at large.

“Our brand is all about commitment. We are here for good, to create value for our shareholders, to support and partner our clients and customers and to make a positive contribution to the broader community,” said the Chief Executive Officer of Standard Chartered Bank Ghana, Heman Shah.

Standard Chartered has shifted from Corporate Social Responsibility to the concept of sustainability – a way of doing business that is fundamental to its strategy, embedded across its businesses, and which contributes to shareholder value. The Bank has a Sustainability Agenda in place that is driven by 4 key pillars: namely Governance, Environment, Social and Economic contributions.

On its outlook, the bank wants to be very dominant in the corporate banking segment in the Ghanaian banking sector.

Mr. Shah said: “We are a not a mass market bank. This is the strategy we have adopted as a bank, and we will keep to that. We are interested in the high value segment of consumer banking.

“We want to be dominant in the corporate banking segment because we have a strong balance sheet, we have the best expertise, and we have the best products and services in that segment of the market. The combination of the skills, balance sheet, and our products and services puts us in a good position to be very competitive.”

Standard Chartered now is focused on a path of continuing to create new opportunities, diversify its portfolio and ensure it has the flexibility to anticipate and respond to challenges in the market.

“We are committed to forging an enduring partnership with the government and regulators by providing thought-leadership and market expertise.

“It is our aim to champion the development of a more modern and sophisticated financial system, leading the way as a key player in the market and demonstrating best practices in risk management, product development and financial discipline in the economy,” added the Board Chairman of the Bank, Ishmael Yamson.

Standard Chartered Ghana is listed on the Ghana Stock Exchange, is the market-leading financial services brand in the country and is presently the highest priced stock on the local bourse.

The Bank has a network of 42 ATMs, and 21 branches and corporate offices throughout the country.

Its operating income and balance sheet have doubled over the last five years; primarily as a result of its standards of service, risk management and a disciplined approach in the way it does business.

Standard Chartered Ghana aspires to be the best international bank for its customers in the country.

It is one of the leading foreign banks in terms of trading profit in the country generated from its Wholesale and Consumer Banking businesses, and continues to introduce its market-leading suite of products and services such as Straight2Bank, Direct Inter-branch Payment System, Bancassurance, the DIVA Club and various Thought-leadership programmes.

Leading by example to be the right partner for its stakeholders, Standard Chartered is committed to building a sustainable business over the long-term and is trusted in the country for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity.

Positioned as the “Great place to work”, Standard Chartered Ghana employs over 770 people from 11 nationalities and has woven a fine workplace culture-mesh which engenders trust, engagement, diversity and inclusion.

source:B&FT

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