Standard Chartered Bank Taps SME's at FinGad.com

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Categorie: Emerging Markets
Submitted 6 months ago by

Lovephileo , WEB CONSULTANT / PASTOR at LIGHT OF THE WORLD CHRISTIAN CENTER

SME's in the Philippines are more than 90% of the country's business. If SME's suffer, the country will suffer.Standard Chartered Bank (SCB), the longest operating bank in the philippines since 1872, with more than 740 offices in over 55 countries worldwide, previously engaged in three busines alone - credit cards, personal loans and mortgages. But today, SCB launched its SME banking business which consists of deposit accounts; cash managements, accounts management and trade services; and investment and financing products. Amidst the expected economic slowdown the bank will serve as the umbrella of consumer banking because of its role in the economy. It aims to expand its small and medium enterprise business as many SME's owners are already its wealth management clients.The flagship product of SME banking is the Business Saver, a peso checking account that promises to deliver 5x the interest rates that other banks offer. The bank will also remain positive on retail trade and the consruction industry that it estimates to have grown around 28% and 19% respectively.Meanwhile, SCB Philippines reported 2007 a good year in terms of revenue and was the best in our 135-year history in the Philippines. The bank's revenue totalled 5.5 billion last year, up 12.6% from 2006 and had a working profit of 1.78 billion for 2007.The SCB wholesale banking grew 25-30% last year, while the consumer banking in which SME operate... More...

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#1 | Eeexpert @ 6 months ago Transcript Editor, Marketing Officer-podwriter transcriptions, Event organizer, Entrepreneur, owner of memokitchen.com site at memokitchen.com User Rank : 167 Portfoilo Balance: $60,100.00 Comment Rating: 1 Flag Comment Spam | Miscategorized | Prohibited: I think SCB's move to tap financial protection against fraud and bad debts is very late now. They should have done that even before they operate. They know the risks, they calculated it, they accepted it since their first operation. One thing I observed as a former SCB credit card holder, they are very lax in issuing credit cards and giving high credit limits to first time credit card users. One more thing based from my own experience, as credit card holder, they got no security measures to authenticate or verify from cardholders large purchases using their credit cards which a lot of other credit cards companies do. Believe me, I got a very bad experience using SCB credit card. A really really stressful experience.

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