#4
STANDARD CHARTERED
At Standard Chartered, we exist to drive commerce and prosperity through our unique diversity – this is underpinned by our brand promise, here for good. Standard Chartered helps its clients to manage and invest their money safely and seamlessly and grow their wealth and their businesses with confidence.
While our client focus starts with providing easy, everyday banking solutions to our clients in a simple and cost-effective way, our purpose is to ensure that they consistently enjoy the very best customer experience. We enable individuals to grow and protect their wealth; we help businesses trade, transact, invest and expand; and we help a variety of financial institutions, including banks, public sector and development organisations, with their banking needs.
Our presence across high-growth markets around the world – and ongoing roll out of digital platforms – helps connect our clients to the global engines of trade and innovation.
Our push for a best-in-class client experience is underpinned by innovative products and digital straight-through services.
This includes building capability to protect our clients against evolving risks in the ecosystem, like fraud and cyber security, and comes with education and increased client communication.
Transparency is key: all fees and charges are disclosed to clients in line with regulatory requirements and industry best practice and, where applicable, benchmarked against competitors. For Personal and Business Banking products, agreed interest rates, fees and other charges as billed to clients are monitored and assessed locally, with global oversight.
This keen focus on our customers is one of the reasons why Standard Chartered Kenya is currently the largest international bank in the county with a history in Kenya spanning over 100 years.
In its full-year 2023 financial results, Standard Chartered delivered a strong performance with an increment in profit before tax by 15 percent year to KES 19.7 billion. The Bank’s continued investment in a strong digital proposition and the impact of inflation led to a 20 percent rise in operating expenses. Loans and advances were up 17 percent, while deposits grew by 23 percent, demonstrating the Bank’s continued commitment to provide value to our clients.
These positive results were achieved through a commitment in acting as a connector for our clients. Standard Chartered leverages on the power of its network to connect companies, institutions, and individuals to, and in, some of the world’s fastest-growing and most dynamic regions. The Bank uses its extensive international network to offer tailored propositions to its clients, combining global expertise and local knowledge.
The Bank’s four strategic priorities include growing its Mass Retail, Network and Affluent client businesses and advancing Sustainability on all fronts. Standard Chartered offers a variety of local and foreign currency banking solutions to meet its consumers’ transactional, borrowing and investment needs. With a diverse portfolio which cuts across the sectors that drive the economy, the brand’s target segments are corporate clients, government and government agencies, commercial clients, and retail customers.
Built on strong foundations, the Bank partners to transform banking and the economy, and help solve problems for its clients and communities. Clients are Standard Chartered’s business. The Bank builds long-term relationships through trusted advice, expertise and best-in class capabilities.
For instance, in August 2023, Standard Chartered Investment Services Limited announced availability of Signature CIO Funds for Kenya, marking a unique addition to their Offshore Mutual Funds proposition. The facility enables both entry-level and mature retail investors to gain access to structured, multi-asset funds, unlocking more efficient and diversified options in US Dollars.
It is developed by Standard Chartered in partnership with Amundi, one of the world’s largest asset managers that manages close to US$2 trillion of assets under management. With the introduction of the Signature CIO Funds, investors can simply select their risk profile, select the fund that suits their risk and return appetite and take advantage of the expertise delivered by Standard Chartered and Amundi to capitalise on the opportunities. The products are offered at affordable rates and offer access to small ticket size investments.
In March 2024, the bank announced a comprehensive suite of products for the Medium Enterprise segment as it responds to increasing demand for more sophisticated needs from its clients. The Bank’s clients in the Medium Enterprise segment can access the world’s fastest growing and most dynamic regions. Standard Chartered’s Medium Enterprise offering seeks to respond to these needs, positioning the firm as a partner for companies that are making the transition from small businesses to a medium sized enterprise. Through the Bank’s award winning Straight2Bank online banking platform, our clients can drive more commerce and convenience across the markets that we cover.
Over the years, Standard Chartered has won numerous awards in recognition of its strong client focus.
In 2023, it was named Best Bank in Treasury and Cash Management 2023 in Kenya by Global Finance Magazine; in 2023 it was named Best Trade Finance Bank in East Africa 2023 in Kenya by Global Trade Review; and in 2023, Business Monthly East Africa celebrated Standard Chartered as one of the Top 25 Corporates Leading in Social Responsibility in 2023. Standard Chartered also received recognition for providing the Best Client Service for both Promoting PWD Accessibility as well as Promoting Gender Inclusivity at the Kenya Bankers Association Catalyst Awards in 2023.
In addition, through its subsidiary, Standard Chartered Bancassurance Intermediary (SCBIL), Standard Chartered offers insurance products and services. SCBIL works with Sanlam General, Sanlam Life Insurance, Prudential Life Assurance, and Jubilee Insurance to provide a wide portfolio of financial services to individuals and businesses.
Standard Chartered was also the first to introduce personal unsecured loans to the Kenyan market. These are loans which do not require collateral.
Standard Chartered was the first bank in Kenya to introduce Priority Banking, a service for high-net-worth customers who require personalised, exclusive banking and wealth management services.
The Bank is uniquely placed to be the best place to bank in the Kenyan industry.
The Bank’s valued behaviours – Do the right thing, Never settle and Better together – help the Bank go above and beyond for its clients.
The Bank’s stands which include the ambition to tackle some of the world’s biggest issues by committing to Accelerating Zero, Lifting Participation and Resetting Globalisation challenge us to use our unique position to support our communities across Kenya.
Author: Standard Chartered
Editor: Martin O’neil
