Standard Chartered Middle East recognised for its Regional Cash Management expertise

A benchmark for high-quality products and services across all areas of commercial and investment banking, the 'Euromoney Awards for Excellence' define banking excellence in global categories and across 80 individual countries.

In recognising 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 recognised 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 lead in transactional banking is further borne out by its having been awarded "Best Bank at Transactional Services" and "Best in Overall Customer Satisfaction" three times consecutively by East and Partners in its survey of the top 900 corporates and institutions across nine Asian countries. East and Partners is a leading market research consultancy specialising in the corporate and wholesale banking markets in the Asia Pacific

The Bank's cash management business in the Middle East has grown 25% in number of clients and 40% 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% over the past year, and it has also experienced particularly strong results at the SME level.

Yazdi Khapoliwala, Regional Financial Controller of Standard Chartered Bank client, Vantico FZE, said: "Standard Chartered is a very friendly bank which is always attentive, and responsive to customer requirements."

Earlier this year, an independent survey conducted by ACNielsen in the UAE showed that, among customers where Standard Chartered was the main bank, 88% picked Standard Chartered as best at cash management; 92% selected it as best at trade services, and 92% designated the Bank the Best Overall Bank in the UAE.

"We are clearly the leading cash management provider across the Middle East, and across South Asia. This award is great confirmation of the hard work and excellent professionalism of the teams," stated John Iossifidis, Regional Head of Corporates and Institutions for Standard Chartered Bank in the Middle East and South Asia, "We continue to invest to ensure that we maintain our leadership position and the confidence of our clients."

As the world's leading emerging markets bank, and with more than 50 years presence in many Middle Eastern countries, the Bank has considerable experience in operating in Middle Eastern markets. Standard Chartered is one of the leading international banks in the Middle East and South Asia. The Bank's Middle East and South Asia region contributed more than 23% of the Group's total trading profit in 2002. Its biggest market in the region is in the United Arab Emirates, where it has the largest branch network of any foreign bank.