STANDARD CHARTERED EXPANDS CONSUMER BANKING BUSINESS
Innovative financial products and services are ready for consumers in Hanoi
1 July 2008, Hanoi – Standard Chartered expanded the reach of its retail banking services in Vietnam with the official opening of a Consumer Banking unit in Hanoi today. The unit is the second in Vietnam for Standard Chartered, after the launch of the Bank’s first Consumer Banking unit in Ho Chi Minh City last June.
The launch is part of Standard Chartered’s aggressive growth plans in Vietnam and strong commitment to deliver innovative Consumer Banking products and services to a wider range of Vietnamese customers.
At the launch ceremony, Standard Chartered Vietnam’s Head of Consumer Banking, Namita Lal, said the Bank would continue to leverage on its deep understanding of the local market and experience in more than 70 countries to meet the diversified financial needs of Vietnamese consumers and Small and Medium Enterprises (SMEs).
“We have successfully launched Wealth Management products including Power Saver, Flexi-Deposit, and the Executive Package designed for individuals, and the Business Saver and Flexi Deposit products designed for SMEs in Vietnam. Consumer Loan products have also been introduced, and we will introduce SME Loan products soon. With the launch of our second Consumer Banking unit these innovative products and services will become even more accessible.
“Our Consumer Banking business currently has more than 150 staff in Vietnam and we plan to employ up to 500 staff by the end of 2010. Standard Chartered has placed its first ATMs at popular streets in HCM and Hanoi and our plan is to have more than 250 ATMs and as many as 20-30 branches in Vietnam over the next 3 to 4 years, “ Namita Lal added.
Head of Consumer Banking, South East Asia, Wilson Chia, said: “I have been visiting Vietnam for almost two decades now and have charted its exceptional growth in the region with great closeness. I feel very proud and privileged to contribute to this growth by opening our branch in Hanoi today.
“Standard Chartered’s 150-year old history gives us a unique competitive advantage to help particularly the SME segment expand its businesses in some of the fastest growing economies of Asia, Africa and Middle East.
“We aim to be the Right Partner for Vietnamese people and remain committed to offer our best and most innovative product and services in consumer banking”. Wilson Chia added.
Chief Executive of Standard Chartered in Vietnam, Laos and Cambodia, Ashok Sud, said the launch of the Consumer Banking unit in Hanoi was a further demonstration of Standard Chartered’s confidence in the growth potential of Vietnam’s economy.
Ashok Sud said: Our strategy is to be locally incorporated in Vietnam in order to more rapidly expand our business and number of customer touch points. The Standard Chartered Group is in a good position to do this. Globally we continue to deliver a very strong performance and have a strong income momentum. As a Bank we have doubled in size over the past four years, and remain highly liquid and well capitalised.”
At the ribbon cutting ceremony to launch the Consumer Banking business in Hanoi, Mr. Sud announced that for each new account opened at Standard Chartered’s Consumer Banking in Hanoi from now to the end of this year, the Bank will donate VND20,000 to a charity fund in Hanoi to help visually impaired people.
Standard Chartered Bank won Asian Banker’s Excellence in Retail Financial Services award in 2007, and was recently named Best Retail Bank in Asia 2008 by Retail Banker International.