StanChart unveils key products for SMEs
Dubai, April 11, 2011
Standard Chartered said it has launched a wide range of unique products and services targeting the needs of fast growing small and medium enterprises (SMEs) in the UAE.
The bank said the move was aimed at strengthening its SME Banking customer base in line with its “Here for good” brand promise.
Subroto Som, global head, SME Banking, Standard Chartered, said the SME segment has grown at almost twice the rate of GDP in most markets, and is expected to grow at 10-12 per cent per year across our footprint in Asia, Africa and the Middle East.
'Through the strengthened customer offering that addresses the changing needs of SMEs, Standard Chartered’s ambition is to be the leading international bank for SMEs, building the segment into a multi-billion dollar business over the next three to four years,' he noted.
In keeping with the Bank’s strategy of deepening customer relationships, each customer will be serviced by a team of specialists, delivering holistic solutions for SMEs that includes funding, cash management, trade finance, foreign exchange and risk management products, he explained.
Based on the findings of a customer survey by the Bank, the strengthened offering aims to meet the various needs of SMEs with a host of solutions, many of which are unique in the market, said Som.
These inlcude managing working capital, supporting business expansion, enhancing yield on surplus cash, providing easy access and convenience, extensive network and exclusive business credit card.
'We are boosting our customer value offering to address the changing needs of SMEs and focusing on providing working capital, business expansion, business protection and yield enhancement for SMEs operating in the UAE ”, said Sadia Saeed, general manager, SME Banking UAE, Standard Chartered Bank.
“With more than 175,000 SME businesses in the UAE, the sector is one of the key pillars of the national economy,' she added.-TradeArabia News Service