Announced against a background of gold bars worth some US $1 million, the commodities division will be operated regionally out of Dubai. The new division adds another dimension to the bank's client offering for both corporates and institutions.
"Gold is the most ancient and long-lasting of commodity investments and recognised for generations in the Middle East as a safe haven and inflation hedge. Bullion is therefore the perfect signature commodity for our new department," said Will Shropshire, Global Head, Commodity Derivatives, Rates and Foreign Exchange.
"Dubai is particularly appropriate for our launch given the development of the Dubai Gold & Commodities Exchange, the UAE's precious metals expertise and its global reputation as a gold hub. Our expertise allows clients to benefit from investing in commodities as an asset class."
The Middle East, where investors have been heavily focused on the equity and property markets, is seen by Standard Chartered Bank as a key focus for commodity linked investments.
"Commodity derivatives bring more solutions to our regional corporate and institutional clients, offering them the opportunity to hedge price risk or gain greater portfolio diversification," added Shropshire.
Standard Chartered's new division will offer trading across a full spectrum of precious metals, base metals, energy and soft commodities.
"We will have a full product suite aligned to local client needs including export, import and project financing," explained Shropshire. "Our competitive advantage is that we have extensive local knowledge across 56 countries and here, in the UAE have the largest banking network of any international bank operating in the country."
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Dubai hosts US $1 million Standard Chartered new commodities offering launch
- United Arab Emirates: Wednesday, May 17 - 2006 at 13:52
- PRESS RELEASE
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Dubai - the City of Gold - has been chosen for the global launch of Standard Chartered Bank's new commodities division.
Will Shropshire, Global Head, Commodity Derivatives and Alternative Asset Group, Rates and Foreign Exchange, Standard Chartered Bank with US $1 million worth of gold bars.
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Posted by Janeta Novakovic, Assistant News EditorWednesday, May 17 - 2006 at 13:52 UAE local time (GMT+4)
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Standard Chartered - leading the way in Asia, Africa and the Middle East:
Standard Chartered PLC is listed on both the London Stock Exchange and the Stock Exchange of Hong Kong and is ranked in the top 25 among FTSE-100 companies, by market capitalisation.
Standard Chartered has a history of over 150 years in banking and is in many of the world's fastest growing markets. It has an extensive global network of over 1,200 branches (including subsidiaries, associates and joint ventures) in 56 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. As one of the world's most international banks, Standard Chartered employs almost 44,000 people, representing 89 nationalities, worldwide.
Standard Chartered's strengths lie in its breadth, diversity and balance and is trusted across its network for its standard of governance and corporate responsibility. The Bank is committed to all its stakeholders by living its values in its approach to managing its people, exceeding expectations of its customers, making a difference in the communities that we operate in and working with its regulators.
Standard Chartered uniquely derives 95% of profits from Asia, Africa and the Middle East. Serving both Consumer and Wholesale Banking customers, the Bank combines deep local knowledge with global capability to offer a wide range of innovative products and services as well as award winning solutions.
Some of the major awards won in 2005 by the Bank include:
1. IFR Asia's Domestic Bond House of the Year
2. Finance Asia's Best Local Currency Bond House & Best Securitisation House
3. Asia Risk's Interest Rates Derivatives House of the Year
4. Trade Finance's Best Trade Finance Bank in Sub Saharan Africa
5. Global Custodian's Best Agent Bank in Asia
6. The Asset's Best Cash Management Bank for South Asia
7. Retail Banker International's Best Retail Bank in Asia Pacific.
For further information please contact:-
Niall McLoughlin
Head of Corporate Affairs, Standard Chartered Bank
Tel: +9714 (0) 4 5070467
Kelly Smith - MCS Action
Tel: +971 369 3495
Standard Chartered PLC is listed on both the London Stock Exchange and the Stock Exchange of Hong Kong and is ranked in the top 25 among FTSE-100 companies, by market capitalisation.
Standard Chartered has a history of over 150 years in banking and is in many of the world's fastest growing markets. It has an extensive global network of over 1,200 branches (including subsidiaries, associates and joint ventures) in 56 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. As one of the world's most international banks, Standard Chartered employs almost 44,000 people, representing 89 nationalities, worldwide.
Standard Chartered's strengths lie in its breadth, diversity and balance and is trusted across its network for its standard of governance and corporate responsibility. The Bank is committed to all its stakeholders by living its values in its approach to managing its people, exceeding expectations of its customers, making a difference in the communities that we operate in and working with its regulators.
Standard Chartered uniquely derives 95% of profits from Asia, Africa and the Middle East. Serving both Consumer and Wholesale Banking customers, the Bank combines deep local knowledge with global capability to offer a wide range of innovative products and services as well as award winning solutions.
Some of the major awards won in 2005 by the Bank include:
1. IFR Asia's Domestic Bond House of the Year
2. Finance Asia's Best Local Currency Bond House & Best Securitisation House
3. Asia Risk's Interest Rates Derivatives House of the Year
4. Trade Finance's Best Trade Finance Bank in Sub Saharan Africa
5. Global Custodian's Best Agent Bank in Asia
6. The Asset's Best Cash Management Bank for South Asia
7. Retail Banker International's Best Retail Bank in Asia Pacific.
For further information please contact:-
Niall McLoughlin
Head of Corporate Affairs, Standard Chartered Bank
Tel: +9714 (0) 4 5070467
Kelly Smith - MCS Action
Tel: +971 369 3495
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