Ray Ferguson

His division also recorded significant progress in 2003, although Mr. Ferguson is modest enough to concede that most of this progress coincided with his arrival.

Nonetheless, for the UAE to record an operating profit of $141 million in 2003, and represent 9% of group profit was a notable achievement last year, making the emirates the fourth single largest market for Standard Chartered Bank in the world.

'We have benefited from the remarkable economic circumstances of the UAE,' says Mr. Ferguson, a career banker. 'The 8% population growth is just outstanding for a financial services business like ours, and the UAE is thus of growing importance to the bank.'

This business is balanced between wealth management, auto loans, personal loans and credit cards on the retail banking side. 'We are clearly the No1 issuer of Visa cards and very close to the leadership overall,' says Mr. Ferguson.

'On wealth management we are very clear about the circumstances of our clients before explaining appropriate products and run a very clear risk assessment profile. This is a growth market for us, and clients can take comfort is the fact that we apply the highest international standards in assessing all our products.

'Any transaction will have to be signed off by an independent financial advisor, and while we do not offer financial advice, we are very aware of the problems faced by clients in obtaining best advice in the local market.'

On the wholesale banking side, Standard Chartered also has an enviable position in the UAE. 'We are by far the leading forex player in the local market, and very strong on cash management,' says Mr. Ferguson. 'We are highly regarded as a major banker to multinational corporations and larger local companies and have a track record built up over four decades.

'Our position in bond issues was firmly established by the Dubai 2003 bond for the World Bank and IMF meetings and we see a strong future in fixed interest bonds and the development of corporate finance.

'There is a growth in the use of more sophisticated financial instruments to finance projects not just in the UAE but also in places like Qatar, and we are enjoying a new level of dialogue with clients at present. We see a lot of potential in project finance and the development of capital markets.'

With that in mind Standard Chartered Bank is heavily committed to the upcoming Dubai International Financial Centre. 'We want to play a big part in the DIFC,' says Mr Ferguson. 'We think there is huge potential for a financial hub operating to international standards in this part of the world.'

Islamic banking also holds big promise for Standard Chartered, and the bank is ready to offer Islamic structures to its clients. 'We have Sharia scholars to structure our participation and offer a full service,' he explains.

Meanwhile, Standard Chartered Bank is set to be the main sponsor of the Dubai Marathon next January 7, and will be seeking to involve corporate clients in this healthy effort to raise money for the bank's campaign to restore the sight to the blind. Mr. Ferguson is committed to taking part.