The bank has just completed two successful seminars in Dubai for SME clients who either have manufacturing units in China or are currently sourcing opportunities from the region. The events also witnessed the launch of special promotional packages, offering discounted charges on remittances, Letter of Credits and foreign exchange transactions between the two countries.
"With years of banking experience in both the UAE and China, Standard Chartered Bank is positioned strongly to partner growing businesses and help them take advantage of trade opportunities within these regions," said Owen Belman, Consumer Banking Head, Standard Chartered Bank, UAE & Oman.
Bilateral trade between the UAE and China has seen a steady increase in recent years, and while it is now worth around USD $10 billion, this figure will climb steadily by USD$1-2 billion annually.
"There is strong trade growth between UAE and China, and given that the current volume represents a mere two per cent of China's total foreign trade, there are enormous opportunites for SME businesses to expand and invest," said Sandeep Bose, Regional Head, SME Banking, MESA.
"Our SME clients can benefit by using Standard Chartered as their preferred partner on both ends of the trade corridor between the UAE and China. We are able to provide cross-border relationship managers and our SME Banking Unit focuses solely on the requirements of our clients to ensure they are offered the widest range of banking products and services in the market," he concluded.
Ms. Brenda Wong, General Manager, SME Banking, Standard Chartered China also attended the seminars and explained the benefits for SME clients of using both sides of this trade corridor.
The SME Banking Unit in both the UAE and China offers a wide range of products and services tailored for the SME market, including business accounts, business installment loans, trade & working captial facilities and foreign exchange.
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Standard Chartered rolls out China-UAE trade corridor
- United Arab Emirates: Saturday, June 17 - 2006 at 16:05
- PRESS RELEASE
Standard Chartered, one of the leading international banks in the UAE, has rolled out a special 'trade corridor' between the UAE and China - aimed at assisting Small and Medium Enterprise (SME) clients and boosting greater trade links between the regions.
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Standard Chartered - leading the way in Asia, Africa and the Middle EastStandard 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: +971 (0) 4 5070467
Fax: +971 (0) 4 3594174
Posted by Lara Lynn Golden, News EditorSaturday, June 17 - 2006 at 16:05 UAE local time (GMT+4)
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