Standard Chartered wins The Banker's Financial Inclusion Award
1 December 2011, London - Standard Chartered was recognised for its leadership in improving access to finance last night, receiving the Financial Inclusion Award at The Banker's 2011 'Bank of the Year' Awards. The Financial Times owned magazine's annual awards are regarded as the industry standard for banking excellence.
Standard Chartered received the Financial Inclusion Award in light of its strong international presence, and the breadth of projects that it has undertaken to broaden access to finance. The projects noted included the Bank's innovative financing structure for African farmers, enabling them to borrow against non-traditional collateral, such as cattle, rather than fixed assets. This structure empowers farmers to make more effective use of their capital, for example to access storage and mechanisation.
Another project noted was Standard Chartered's unique microfinance model introduced in Thailand. The Bank worked with Thailand's Population and Community Development Association (PDA) to create the Village Development Bank (VDG) in Ban Nong Pruek Village to help villagers, who do not own land or any other collateral, to access credit. The village bank has gained 70 individual members whose savings have grown to almost US$ 2,850. The village bank, owned by village members, provides loans from US$200-1000 with repayment terms from up to two years. The majority of loans are for agriculture, including planting of key crops for resale. As a result of the new village bank, average income levels have grown almost 11 per cent from 2010, while average debt levels have decreased by 12 per cent.
Standard Chartered continues to introduce new products to increase access to finance for its customers. The Bank has recently launched the 'Talking ATM' in China, Korea, India and Indonesia. The 'Talking ATM' allow visually-impaired individuals to carry out routine transactions such as cash withdrawal, changing PINs and checking their balances through an voice activation system. Blindness is a health issue close to the Bank's heart as it recently committed to raise US$100 million by 2020 to improve access to eye-care across its markets in Asia, Africa and the Middle East.
Peter Sands, Group Chief Executive of Standard Chartered, said, "We're very proud that Standard Chartered has been recognised by The Banker for our efforts to improve access to finance. Innovative products, such as microfinance for farmers in Thailand or our Talking ATMs in Indonesia, illustrate how we can use our expertise to make a positive difference in the countries where we operate."
For further information please contact:
Jennifer Storemski
External Communications Manager
Tel: +44 (0)20 7885 6346
Email: Jennifer.Storemski@sc.com
Standard Chartered – leading the way in Asia, Africa and the Middle East
Standard Chartered PLC is a leading international bank, listed on the London and Hong Kong stock exchanges. It has operated for over 150 years in some of the world's most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank's growth in recent years.
With 1700 branches and outlets in more than 70 markets, Standard Chartered offers exciting and challenging international career opportunities for more than 75,000 staff. The bank is committed to building a sustainable business over the long term and aims for the highest standards of corporate governance, social responsibility, environmental protection and employee diversity. This heritage and these values are expressed in its brand promise, 'Here for good'.
For more information on Standard Chartered, please visit www.standardchartered.com