Standard Chartered's Cash and Trade Capabilities Recognised as Industry Best
Singapore, 18 March 2010
Bank's Cash Management and Trade Finance teams garner multiple awards.
Standard Chartered reinforced its leadership position in Cash Management and Trade Finance when it swept six awards, four of which are consecutive wins, at the recent Global Finance magazine awards.
For the Best Treasury and Cash Management Provider Award 2009, Cash Management took home the following:
- Best Bank for Liquidity Management in Africa (4th consecutive year)
- Best Bank for Liquidity Management in Middle East
- Best Bank for Risk Management in Asia (2nd consecutive year).
"Our awards identify banks and providers of products and services that consistently improve trade processes to speed collections and reduce risks," said Joseph D Giarraputo, Publisher, Global Finance magazine. "Winners were selected based on criteria including profitability, market share and reach, customer service, competitive pricing, production innovation and the extent to which the bank has differentiated itself from its competitors."
For the Best Trade Finance Provider Award 2009, Trade Finance was conferred the following:
- Best Trade Finance Provider for Asia (2nd consecutive year)
- Best Trade Finance Provider for Africa
- Best Trade Finance Provider for Singapore (3rd consecutive year)
In selecting the winners for Best Trade Finance Provider Award, publisher Joseph revealed that the committee picked banks that "corporations can rely on for financing their global trade activities and providing other trade-related services". He cited important considerations such as transaction volume, scope of global coverage, customer service, competitive pricing, and use of innovative technologies.
"Our holistic end to end working capital model allows our clients to manage their liquidity needs. We are very honoured to receive this recognition reflecting our position as a leading international bank and core bank to our clients. We also have an absolute focus on rigorous 'Know Your Client' practices that give us full knowledge of our clients' business strategies and requirements as well as their exposures and risks. Despite a challenging year caused by the continuing financial turmoil, our strategic focus on working to support our clients and strong financial position have enabled us to deliver for our clients and for our investors," said Karen Fawcett, Group Head of Transaction Banking.
For further information please contact:
Tan Hsueh Mei
Senior Corporate Affairs Manager, Wholesale Banking, Singapore
Tel: +65 6725 7729
Notes to Editors
About Transaction Banking
As part of the Bank's Wholesale Banking business for Corporates and Institutions, Transaction Banking provides Cash Management, Securities Services and Trade Services to clients for and in Asia, Africa and the Middle East. The business provides a full suite of transactional products and also serves as a bridge to these markets for clients from the U.S and Europe. A leading provider of Transaction Banking services, some highlights of the Bank's external recognition are as follows:
- Top-Rated Sub-Custodian by Global Custodian magazine
- Best Structured Trade Finance Bank by The Asset magazine
- Best Bank for Liquidity Management in Africa by Global Finance
- Best Cash Management Bank in the Middle East by Euromoney magazine
- Custodian of the year (Asia & Australia and Middle East & Africa) by the International Custody and Fund Administration magazine
- Best Sub-custodian Bank Award (for Asia, Middle East, UAE, India, Indonesia) by Global Investor magazine
- Best International Trade Bank (for the Middle East, North Africa, Su-Saharan Africa, India and Singapore) by the Trade Finance magazine
About Standard Chartered Bank
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 over 1600 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 more than 70,000 people, nearly half of whom are women. The Group's employees are of 125 nationalities, of which 68 are represented among senior management.
For more information on Standard Chartered, please visit www.sc.com.