StanChart partners with Sanlam in Africa flagship deal
28 July, 2009
Standard Chartered Bank, an international financial institution ranked among the top 25 companies in the FTSE-100 by market capitalisation and with a presence in over 70 countries worldwide, has announced that it has signed a partnership deal with leading South African financial services player, Sanlam.
The deal will enable Sanlam to market and sell its Life Insurance products through Standard Chartered's extensive banking network in 5 countries over the next 6 years.
Commenting on the deal, Vishu Ramachandran, Standard Chartered's Regional Head of Consumer Banking for Africa, South Asia, Middle East, and Europe said: "We are delighted to be partnering with Sanlam on this exciting initiative. Our customers in Africa have a growing appetite for more sophisticated products and services to support their lifestyles and aspirations, and this partnership will enable us to significantly enhance our Bancassurance proposition. Our customers in Africa will now benefit from access to Sanlam's world-class Life Insurance products."
Margaret Dawes, Chief Executive for Rest of Africa Operations at Sanlam Developing Markets, echoes these sentiments. "We are very passionate about supplying sound financial solutions to the wider African market and are delighted by this opportunity to provide our services and solutions through Standard Chartered's network. We are confident that we will be able to provide competitive products that meet the client's needs – drawing on our collective years of experience and research in these markets."
Through Standard Chartered Bank's specialised Bancassurance business, customers in Africa have access to a comprehensive range of insurance services, affording greater flexibility, security and investment options. In Africa, the Bank is looking to expand its offering in Bancassurance products to cover illness, funeral expenses, savings, education requirements, as well as standard life insurance. This deal with Sanlam is the latest in a series of such initiatives launched by Standard Chartered to enhance its Bancassurance offering.
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Issued by Ingrid Smith, Sanlam Group Communications (021) 947-3607.
Standard Chartered Bank
Lauren Callie: (011) 217-6600
Sanlam Developing Markets
Margaret Dawes: (011) 359 7889
Note to editors:
Background on Standard Chartered - Leading the way in Asia, Africa and the Middle East
Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth and supplemented by acquisitions.
Standard Chartered aspires to be the best international bank for its customers across its markets. The Bank derives more than 90 per cent of its operating income and profits from Asia, Africa and the Middle East, generated from its Wholesale and Consumer Banking businesses. The Group has around 1,750 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.
Leading by example to be the right partner for its stakeholders, the Group 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. It employs 75,000 people, nearly half of whom are women. The Group's employees are of 115 nationalities, of which 60 are represented among senior management.
Standard Chartered in Africa:
Standard Chartered is a market-leading financial services brand in Sub-Saharan Africa. The Bank has a network of over 160 branches and offices in 13 countries – Botswana, Cameroon, Cote d'Ivoire, The Gambia, Ghana, Kenya, Nigeria, Sierra Leone, South Africa, Tanzania, Uganda, Zimbabwe, and Zambia. It employs 6,000 people and is the leading foreign bank, in terms of trading profit in most of these countries.
In South Africa, Standard Chartered is focused on its successful Wholesale Banking strategy, leveraging its international footprint and expertise for the benefit of South African corporates and multinationals. In addition to the Bank's lending and financial markets capabilities, the Johannesburg Branch boasts 'Regional Centres of Expertise' such as Agricultural Finance, Project & Export Finance, Private Equity, Transaction Banking as well as mergers and acquisitions advisory services since the Bank's full acquisition of 'First Africa'.
For more information please visit www.sc.com.
Sanlam is one of South Africa's leading financial services groups, with offices throughout South Africa and business interests elsewhere in Africa, Europe, India, Australia and the USA.
Sanlam Developing Markets (SDM), a division of the Sanlam Group, provides affordable financial services solutions primarily to the entry-level market in South Africa and to the wider financial services segments in other developing markets in which Sanlam operates, namely Botswana, Kenya, Tanzania, Zambia, Ghana and India.
For more information please visit www.sanlam.co.za.