Standard Chartered Bank boosts services in Africa

Standard Chartered Bank has launched its direct custody services in Zimbabwe and Nigeria, taking its coverage in Africa to a total of 17 markets. The other countries include Botswana, Ghana, Kenya, Mauritius, Tanzania, Uganda, Zambia, Egypt, Cote d’Ivoire, Malawi, Morocco, Namibia, Tunisia, South Africa and Rwanda.

Following the successful integration of Barclays securities services in December 2010, clients have witnessed Standard Chartered extend its capabilities and continuously roll out investor services in Africa. The service is the most recent in a series of announcements for the region, signaling the bank's intention to expand its footprint and stay at the forefront of the African market.

Just last week, Standard Chartered indicated that it is stepping up its efforts in the small and medium-sized enterprises (SME) sector to help provide a more favourable business environment for smaller businesses. Its 2010 social and economic impact report on Ghana highlighted a real need for advisory services for SMEs, including advice on markets, corporate governance, accounting and regulation.

Towards that end, Standard Chartered and PricewaterhouseCoopers (PwC) announced a partnership to provide training for SMEs in Africa. In a series of workshops that kicked off in Ghana last week followed by Nigeria and Zambia in the next two months, Standard Chartered’s SME customers will be introduced to basic financial management and accounting training. Through the workshops, Standard Chartered aims to increase its customers’ capacity to access more capital and services to grow their business, and offer them the opportunity to network with other business owners.

The bank recognizes that SMEs are a key driver of growth and job creation but often lack the robust track records and financials they need to borrow at affordable rates. Som Subroto, global head of SME banking, comments, “At Standard Chartered, we are committed to serving SMEs in Asia, Africa and the Middle East. By partnering with accounting experts from PwC, we hope to address some of the distinctive needs of SMEs and forge deeper relationships with our customers.”