STANDARD CHARTERED IS TOP-COMMENDED AGENT BANK IN VIETNAM
Achieves Cross-border/Non-Affiliated Commended and Leading Clients Commended
Hanoi, 1 April 2008 – Standard Chartered Bank has received the highest average score among international banks in Vietnam for its securities services from Global Custodian, a leading international investment services publication. In Global Custodian’s recently released 2007 Emerging Markets Agent Bank Review, Standard Chartered received the top rating in the “Cross Border, Non-affiliated (CB/NA) Commended” and “Leading Clients Commended” categories.
In this Emerging Markets Agent Bank Review, Standard Chartered received the highest average score in Vietnam, followed by HSBC and Deutsche Bank.
To secure any status in the Emerging Markets Agent Bank rating, agent banks were assessed by clients in 11 separate service areas. The scores were weighted, averaged and compared to decide which agent banks are superior to global benchmarks. Banks on the rise or maintaining a high standard would receive "Commended" status. Now in its 19th year, the annual Global Custodian magazine survey of the clients of agent banks is based on analysis of more than 4,830 authenticated responses from the clearing and custody clients of banks in 68 emerging markets worldwide.
Standard Chartered Bank was highly commended by respondents for its international expertise and vast experience in emerging markets. The bank’s top ranking in Vietnam did not take many people by surprise since Standard Chartered has been known as a bank that has grown up and led the way in emerging markets like Asia, Africa and the Middle East for more than 150 years. Standard Chartered has just received an approval, in principle, to set up a 100% foreign-owned subsidiary in Vietnam.
Mr. Ashok Sud, Standard Chartered Bank’s Chief Executive for Vietnam, Laos and Cambodia, said that the bank was honoured to have achieved these awards, "They represent our clients’ recognition of Standard Chartered’s commitment and capabilities in providing them with high quality securities services.”
Standard Chartered – leading the way in Asia, Africa and the Middle East
Standard Chartered PLC, listed on both the London Stock Exchange and the Hong Kong Stock Exchange, ranks among the top 25 companies in the FTSE-100 by market capitalization. The London-headquartered group has operated for over 150 years in some of the world’s most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and the number of employees have more than doubled over the last five years primarily as a result of organic growth and supplemented by acquisitions.
Standard Chartered aspires to be the best international bank in its markets by being the right partner for its stakeholders and leading by example.
The group now employs over 70,000 people, representing some 115 nationalities, in more than 1,600 branches and outlets located in over 70 countries. The bank generates more than 90 per cent of its profits from Asia, Africa and the Middle East, with balanced income derived from both Wholesale and Consumer Banking.
The group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. For more information, please visit: www.standardchartered.com
Standard Chartered Bank Vietnam – The Right Partner in Vietnam
In Vietnam, Standard Chartered’s history can be traced back to 1904 when we opened our first branch in Saigon. We currently have two branches, in Hanoi and Ho Chi Minh City and are committed to growing our presence in the Vietnam.
Our investment in Vietnam is more than US$ 100 million and we employ over 200 staff. Standard Chartered provides a full suit of Wholesale Banking products and services to corporates and financial institutions. We expanded our service portfolio with the opening of Consumer Banking business to individuals and small and medium enterprises.
Standard Chartered has very strong income momentum in Vietnam and expects this to accelerate over the next years as we develop our businesses. We want all our stakeholders to see us as The Right Partner- Leading by Example. We use our international expertise and bring our vast experience in other emerging markets to actively contribute to the development of the banking and finance sector in Vietnam. We also play an active role in the Vietnamese community and have demonstrated this by many social and charity activities.
Global Custodian Magazine
Global Custodian is the leading magazine covering the international securities services business. Published five times a year by Asset International, headquartered in Stamford, USA, Global Custodian provides analysis and commentary on the latest news and events taking place in the international securities industry. The magazine is defined by high-quality editorial and a series of annual surveys that have become benchmarks for the industry.
Founded in 1989, the original focus of the magazine was on securities processing operations: articles that explore how shares trade and settle and are held. Its editorial scope has since expanded to include fund administration, securities lending and financing, prime brokerage and the infrastructure of the global securities industry. The editorial content of the magazine is now also supported by industry-standard surveys that address how the performance of custodian banks, fund administrators, prime brokers and tri-party securities financing providers compare with each other and within individual markets.