Standard Chartered launches its 2010 Sustainability Review
London, 25 March 2011 -Standard Chartered has reaffirmed its commitment to being a socially useful bank. In its fifth annual Sustainability Review, released today, the Bank sets out how it has delivered on its strategy to provide a strong return for shareholders, while creating social and economic value in the communities where it operates.
In 2010, Standard Chartered contributed to the real economy by increasing lending to its customers and clients by nearly USD45 billion, or 22 per cent. This included a 32 per cent increase in loans to small and medium-sized enterprises (SMEs), crucial drivers of growth and employment across the Bank's markets in Asia, Africa and the Middle East. Standard Chartered also provided thousands more people with the opportunity to buy their own homes, increasing mortgage lending by USD13 billion, or 23 per cent, across its footprint.
Standard Chartered believes that, by providing finance efficiently and responsibly, it can have a positive and sustained social and economic impact on its markets. This aspiration is captured in its brand promise, Here for good, launched in 2010.
Widening access to finance for the millions of people who are unbanked or under-banked remains a key priority for the Bank. In 2010, Standard Chartered provided an extra USD180 million of financing to microfinance institutions (MFIs), underscoring its strategy of helping MFIs expand their coverage and deepen their impact. Since 2005, the Bank has exceeded its commitment under the Clinton Global Initiative (CGI) to provide USD500 million of financing for MFIs by 2011, taking its MFI lending total to USD720 million.
Agriculture is another area in which Standard Chartered has made significant progress. Based in Johannesburg, the Bank's agribusiness develops innovative products and services for African farmers, widening access to finance and contributing to food security. In 2010 Standard Chartered was the Mandated Lead Arranger and main financier for a landmark agricultural loan of up to USD140 million in partnership with Zambia's Food Reserve Agency. It was the largest deal of its kind, benefiting around 300,000 small-scale farmers by enabling them to get a fair market price for their crop.
Peter Sands, Group Chief Executive Officer, Standard Chartered, said: "As an international universal bank, we have an impact beyond the profits we make. By doing things the right way we can create value for our shareholders, support and partner our clients and customers and make a positive contribution to the broader community. Our brand is about commitment. We're here for good. This goes beyond philanthropy, beyond corporate social responsibility and protecting our reputation. It is about acknowledging the crucial role a bank plays in the economies and societies we operate in."
Other highlights include Standard Chartered reaching USD4.98 billion of its CGI commitment to mobilise USD8-10 billion of financing towards the renewable energy market. The Bank met its CGI commitment to educate one million people on HIV and AIDS by March 2010, surpassing this target by 60 per cent by the end of the year. In 2010, Standard Chartered also reached almost 80 per cent of its CGI target to raise a further USD20 million for tackling avoidable blindness, reaching an additional 20 million people by 2014.
To read the full 2010 Sustainability Review, go to: http://sustainability.standardchartered.com/
For further information please contact:
Haya Mashhood
Head, Corporate Affairs
Standard Chartered Bank
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Tel: +974 4248450
Fax: +974 4248111
Mobile: +974 5847178
Email: Haya.Mashhood@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