Financial magazine Euromoney hasd recognized Standard Chartered Bank at its Awards for Excellence 2003 ceremony, presenting it with this year's award for Best Regional Cash Management Bank in the Middle East.
In recognizing the Bank's achievement, Euromoney noted that while "Standard Chartered may not have as many cash management clients in the Middle East as HSBC or Citigroup, its services are recognized for being of exceptionally high quality."
The Euromoney Award for Excellence is a continuing validation of the Bank's expertise in cash management. This year's commendation follows the results of Euromoney's November 2002 international cash management poll, where Standard Chartered's services outscored those of both HSBC and Citigroup in 12 out of 19 measures of service quality.
The Bank's cash management business in the Middle East has grown 25 percent in number of clients and 40 percent in transaction volumes over the past year. In terms of client segment, the Bank's business with large multinationals in the region increased by 50 percent over the past year, and it has also experienced particularly strong results at the SME level.
Standard Chartered employs 29,000 people in over 500 offices in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, United Kingdom and the Americas. The Bank serves both consumer and wholesale banking customers. Consumer banking provides credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals and small/medium sized businesses.
The wholesale bank provides services to multinational, regional and domestic corporate and institutional clients in trade finance, cash management, custody, lending, foreign exchange, interest rate management and debt capital markets. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
