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Tuesday, November 24 - 2009

Standard Chartered number one in trade finance

  • United Arab Emirates: Saturday, November 29 - 2008 at 12:45
  • PRESS RELEASE

For the second consecutive year, Standard Chartered Bank has been ranked first for trade transaction volumes in the UAE, Hong Kong and Singapore by Swift - the world's largest financial messaging provider for banking organisations, securities institutions and corporate customers.

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This 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 grow its share of total market volumes. Swift's most recent analysis also indicates the Bank is increasing its trade transaction volumes in Hong Kong and India. In terms of Inbound Letters of Credit (Advising), Standard Chartered has also gained market share in India and Singapore.

"These 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."

Shayne Nelson, Regional CEO of Standard Chartered for MENA, said:
"We are 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 to do business across Standard Chartered's network in Asia, Africa, and the Middle East."
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Notes and media contacts

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 who are women. The Group's employees are of 115 nationalities, of which 60 are represented among senior management.

For more information, please contact:

Sam Gad
Corporate Affairs
Standard Chartered
PO Box 999, Bur Dubai Al Mankool, UAE
Office: +9714 508 5916
Fax: +9714 369 6929

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