Standard Chartered Bank re-launches SME banking
STANDARD Chartered Bank (SCB) has re- launched its small to medium size enterprise banking services, introducing new financing products tailored to benefit individual businesses.
By Steven Odeu
STANDARD Chartered Bank (SCB) has re- launched its small to medium size enterprise banking services, introducing new financing products tailored to benefit individual businesses.
The new Small and Medium Enterprises (SME) banking business model replaces the Business Financial Services (BFS) platform, which was introduced in 2001 with similar financing arrangements.
Francis Mills-Robertson, SCB’s head of consumer banking, said they unveiled the new products and business model with an exhibition at the Uganda Manufacturers Association Conference Hall last week.
“SCB is not a new entrant to the SME sector. We have offered services to this sector for 90 years. Till recently, we served this segment successfully on a BFS platform. This new banking model reinforces SCB’s commitment to developing SMEs,†said Mills-Robertson.
Herman Kasekende, the general manager of SME banking, said SME banking is big business for the bank in Africa.
“From 2002 to 2004, our SME banking business grew at a compound rate of 34%, which is higher than the natural growth rate of the market. Our success is due to a unique business model, comprehensive products and great people,†said Kasekende.
He said the new SME financial products include a working capital financing product, in which customers can ask for a bank overdraft or revolving funds of between sh50m to sh1b, expected to fluctuate fully in at least three months.
The other new product is the invoice discounting for companies especially those dealing with multinationals.
Ends
STANDARD Chartered Bank (SCB) has re- launched its small to medium size enterprise banking services, introducing new financing products tailored to benefit individual businesses.
The new Small and Medium Enterprises (SME) banking business model replaces the Business Financial Services (BFS) platform, which was introduced in 2001 with similar financing arrangements.
Francis Mills-Robertson, SCB’s head of consumer banking, said they unveiled the new products and business model with an exhibition at the Uganda Manufacturers Association Conference Hall last week.
“SCB is not a new entrant to the SME sector. We have offered services to this sector for 90 years. Till recently, we served this segment successfully on a BFS platform. This new banking model reinforces SCB’s commitment to developing SMEs,†said Mills-Robertson.
Herman Kasekende, the general manager of SME banking, said SME banking is big business for the bank in Africa.
“From 2002 to 2004, our SME banking business grew at a compound rate of 34%, which is higher than the natural growth rate of the market. Our success is due to a unique business model, comprehensive products and great people,†said Kasekende.
He said the new SME financial products include a working capital financing product, in which customers can ask for a bank overdraft or revolving funds of between sh50m to sh1b, expected to fluctuate fully in at least three months.
The other new product is the invoice discounting for companies especially those dealing with multinationals.
Ends