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Our approach and progress

2009 goals Status Achievements
Continue to deliver against our Clinton Global Initiative to establish a $500 million microfinance facility by 2011. Completed Completed. We have provided credit and financial products worth $540 million to the microfinance sector since 2006, two years ahead of schedule.
Implement technical assistance strategy for the microfinance sector. Completed Organised specific training programmes on human resources, banking practices and capital markets. Hosted microfinance events in New York, London, and Hyderabad.
Establish greater momentum on
the capital markets, delivering
on deals for which we have
secured mandates.
Ongoing Completed two of the largest debt capital market transactions in the microfinance industry in India.
Deepening relationships and offering more products to existing clients in the microfinance sector.
 Ongoing Extended new facilities to key clients in India, Bangladesh, Botswana, Kenya, Nigeria and South Africa.
Commence Islamic banking operations in Bahrain.  Completed Launched comprehensive Islamic product suite in Bahrain in Wholesale and Consumer Banking. In addition, we are covering Saudi Arabia clients from Bahrain.

2010 priorities

  • Continue the expansion of our microfinance business, and provide credit and banking services to at least three new markets.
  • Identify and support institutions and models that fill the gap in new product areas such as micro housing, agri microfinance, micro and small enterprise finance, asset backed financing for income generation and community project financing.
  • Introduce microfinance institutions to the debt capital markets through issuance, listing and advisory services for bonds, syndications and securitisations.
  • Launch and roll out the Standard Chartered/Microsave Risk Management E-Learning programme for microfinance institutions.
  • Organise a technical assistance workshop in East Africa to support microfinance institutions given the changing regulation in the region.

We remained open for business and supported our clients during the global downturn, offering products ranging from microfinance and finance for small and medium enterprises (SMEs) to Islamic banking and agrifinance.

Our microfinance offering was given a fillip this year when we fulfilled our Clinton Global Initiative pledge to provide credit and financing worth $500 million to our microfinance partners. The five year pledge was signed in 2006, but was met two years ahead of schedule. These funds have impacted the lives of more than 3.6 million people in 14 countries.

We also recognise that SMEs form the backbone of many of the economies in which we operate and, in some cases, contribute up to 90 per cent of gross domestic product (GDP). We are proud that, throughout the economic crisis, we remained open for business to ensure continued credit flow to this critical sector. Please see our Annual Report and Accounts for further details. In addition to tailored products and services, we also offer technical assistance to the microfinance and SME sectors.

Several central banks in the Muslim world called upon the expertise of our Islamic Bank to assist them in raising affordable finance in local currency Shariah-compliant bonds, known as Sukuks. Islamic financial services continue to be among the fastest growing fields in the banking industry, with predictions that Islamic banking assets could reach $1 trillion by 2010. Standard Chartered Saadiq, our Islamic banking brand, currently offers more than 50 products.

Food security and scarce resources are among the biggest threats to the global economy over the next decade, but rising food demand and the availability of unused arable land presents Africa with the opportunity to achieve a 'green revolution'. We are committed to helping Africa realise this potential, and offer a full range of agriculture finance products. Our agricultural portfolio in Africa is currently worth more than $2 billion but there is so much more that we can do. We are in the process of expanding these specialised services to all 13 African countries in which we operate, as well as supporting customers in countries, such as Mozambique and Namibia, where we do not have a presence.

Report tools

Annual Report and Accounts 2009