Building on the Bank’s long history and strong presence on both sides of the rapidly expanding Africa-India trade and investment corridor, this year Standard Chartered will be hosting 14 Africa Chairmen in Mumbai and Dehli for the Bank’s Annual Africa Chairmen’s Conference. India is an ideal location given the Bank’s commitment to use its unique global footprint to support, promote and grow economically enhancing trade and investment corridors with Africa. Last year, the Chairmen were hosted in China, another of the Bank’s well-established growth markets and key trading partners for Africa.
While in India, the Africa Chairmen will gain first-hand insight into the motivating factors behind India’s economic development, an understanding of the Bank’s India expansion strategy as well as enjoy strategic business introductions with influential government, industry and private sector leaders based in Dehli and Mumbai. The visit is expected to provide the Bank’s India partners with unique insights into the dynamics and developments of Africa’s leading markets, ultimately initiating new and enhanced business opportunities.
“India-Africa trade now stands at about USD57bn and is predicted to increase to USD90bn by 2015. Indian corporates are seeking higher margin returns as their domestic market becomes more competitive – and Africa is one continent which presents such upside opportunity,” commented Diana Layfield, Chief Executive Officer for Africa. “India is just as investment-hungry as China, demonstrating interest in Africa’s mining resources, as well as the continent’s burgeoning trade and consumer sectors. Over the last 4 years, our Africa-India business has grown at a compound annual growth rate of 60% - taking the lead over other cross-border revenue streams.”
Sunil Kaushal, Standard Chartered’s CEO of India & South Asia added, “The Bank’s presence spans 150 years in Africa and India, giving us unique experience and expertise to support this rapidly expanding trade and investment corridor. As one of India’s leading foreign banks, our Africa Chairmen will have the opportunity initiate strategic business introductions and long-term partnerships with some of India’s leading corporate and industry players. We remain committed to leveraging our network to promote strategic Africa-India partnerships, having already hosted a number of road shows with for investors between Africa and India, as well as participating in forums such as the Confederation of Indian Industry India Africa Conclave."
More than 120 Indian corporate clients are supported by Standard Chartered’s products and expertise across Africa, with many more owned by the local Indian diaspora in Africa. Key names include the Bharti, Tata, Mahindra & Mahindra and the Vedanta Groups.
Historically, India has been active in East Africa (Kenya, Tanzania and Mauritius are among its top 10 partners). An active Indian diaspora and already well-established Indian conglomerates have aided closer economic ties. Approximately 1.5 million people of Indian origin live in East Africa. However, traditional cultural links are not the key driver of more recent relations. Some of India’s fastest-growing economic ties are with countries such as Ethiopia and Sierra Leone, which have small Indian communities but high growth prospects and investment opportunities - India is the largest foreign leaser of Ethiopian farmland. An increase in trade and investment and more recent waves of skilled Indian labour migration to Africa may further advance Indian interests in Africa, acting as a link between Indian communities that identify themselves more closely as African, and new Indian investors.
The delegation of Africa Chairmen will travel to both Dehli and Mumbai between the 3rd and the 6th July 2013, representing diverse African markets such as: Nigeria, Cote d’Ivoire, Cameroon, Ghana, Gambia, Sierra Leone, Tanzania, Kenya, Uganda, Angola, Zambia, Botswana, Zimbabwe and South Africa.
For further information please contact:
Head of Business Communications for Africa
Tel: +27 (0)82 894 5581
Notes to Editors:
About Standard Chartered in India
- Standard Chartered Bank is the largest international bank in the country – with 99 branches across 42 cities
- First foreign company to list in India through the issuance of Indian Depository Receipts in June 2010
- The Bank has approximately 2 million retail customers, over 2000 top corporate and institutional relationships and over 60,000 SME clients
- Standard Chartered (including subsidiaries) employs more than 18,000 people in India
- One of the largest credit card issuers in India
- The Bank is strongly committed to making a difference in the community and enjoys phenomenal success in the Seeing is Believing, Living with HIV, GOAL and WASHE programmes
- The Standard Chartered Mumbai Marathon has raised over USD15million in its ten editions, through 220 NGOs - accounting for approx 80% of their annual fundraising
About Standard Chartered in Africa
In Africa the Bank has operated for over 150 years and currently covers 37 markets on the continent – 15 on a full presence basis, and an additional 22 on a transaction basis following its clients. Given its unique footprint, Standard Chartered is ideally positioned to facilitate and support valuable trade and investment corridors intra-Africa, and between Africa and the rest of the world. In October 2012, Standard Chartered reiterated its commitment to Africa by confirming the Group will be investing another USD100 million on 110 new branches over the next 3 years, as well as making substantial hires in both their Wholesale and Consumer Banking businesses – 900 sales staff will be added to Consumer Banking by 2015. The Group aims to maintain the 16% Compounded Average Growth Rate it has delivered over the last 5 years.
Standard Chartered – leading the way in Asia, Africa and the Middle East
Standard Chartered is a leading international banking group. It has operated for over 150 years in some of the world's most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank’s growth in recent years. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges as well as the Bombay and National Stock Exchanges in India.
With 1,700 offices in 70 markets, the Group offers exciting and challenging international career opportunities for 87,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. Standard Chartered’s heritage and values are expressed in its brand promise, ‘Here for good’.
For further information please visit www.standardchartered.com. Follow Standard Chartered at www.facebook.com/standardchartered and on Twitter @StanChart.