Press Release
Standard Chartered Number One in Trade Finance
Continues to grow volumes to lead for second year running
Region: Greater China and Japan, Middle East & Pakistan, Korea, South East Asia, India and South Asia, Americas, Europe, Africa Published by:
Li Ling SOON
Date:
18 November 2008
18 November 2008, London – For the second consecutive year, Standard Chartered Bank has been ranked first for trade transaction volumes in Hong Kong, Singapore and UAE by SWIFT – the world’s largest financial messaging provider for banking organisations, securities institutions and corporate customers. The top place ranking is based on an analysis of trade transaction volumes handled by SWIFT for the year ending 30 September.
For outbound Letters of Credit (Issuance), Standard Chartered continues to lead in growing its share of total market volumes. SWIFT’s most recent analysis also indicates that the Standard Chartered continues to grow volumes in Hong Kong and India. In terms of Inbound Letters of Credit (Advising), India and Singapore have also gained market share.
“The figures serve to underline Standard Chartered Bank’s position as the top SWIFT user in the world’s fastest growing markets,” said Franck De Praetere, SWIFT Head of South East Asia.
Jackie Keogh, Head of Global Transaction Banks and Supply Chain, SWIFT, added, “Standard Chartered Bank is also leading in the open account space as an early adopter of the SWIFTNet Trade Services Utility. They are guiding the industry’s strategic direction in trade and supply chain with senior representation in the SWIFT Trade Services Advisory Group and the Standards Advisory Council.”
“Standard Chartered is pleased that our commitment to our clients and our core markets has enabled us to grow our leadership position in this key business. Our clients rely on the strength of our trade finance products and solutions and we are focused on ensuring we are there to provide them with the support and innovative products they need across Standard Chartered’s networks in Asia, Africa, and the Middle East,” said Tan Kah Chye, Global Head of Trade Finance at Standard Chartered.
For further information, please contact:
Soon Li Ling
Corporate Affairs, Standard Chartered Bank
Tel: + 65 6427 5103
E-mail: soon.li-ling@.standardchartered.com
Or
Corina Blum-Evans
Corporate Affairs, Standard Chartered Bank
Tel: +44 (0)20 7885 7261
E-mail: corina.blum-evans@standardchartered.com
Note to editors:
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 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 who are women. The Group’s employees are of 115 nationalities, of which 60 are represented among senior management.
For more information, please visit: www.standardchartered.com
About Transaction Banking
As part of Standard Chartered’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 Standard Chartered’s external recognition are as follows:
- Top 4 Cash Management Bank globally in Euromoney’s Cash Management Poll
- 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
About SWIFT
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect over 8,600 banking organisations, securities institutions and corporate customers in more than 208 countries. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest. www.swift.com
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