Standard Chartered Bank

Standard Chartered Bank is a foreign bank started banking business in Bangladesh in 1905. In course of time, Standard Chartered Bank observed its 100 years presence in this country in 2005. Standard Chartered Bank Plc is a British Bank registered under Royal Charter 1853 with its headquarter in London. Following the purchase of the Global Grindlays Business and merger with the branches of ANZ Grindlays Bank Limited in Bangladesh, it was renamed as Standard Chartered Grindlays Bank PLC on 1 August 2000. The Grindlays Bank Plc was registered in London on the 23 March 1866 as a multinational commercial and merchant banking company under the British Companies Act of 1862. It began operations in East Bengal under the name National Bank of India in 1905 with a branch at sadarghat, Dhaka and another one in Chittagong. An activity of the bank was remained suspended during the war of liberation. It resumed business in Bangladesh in a new name National and Grindlays Bank. The ANZ Group (Australia and New Zealand) bought the global banking business of Grindlays Bank Plc. in 1985 and the transfer of ownership has been completed in 1989, when the National and Grindlays Bank was further renamed as ANZ Grindlays Bank Plc.

Basic facts and economic indicators (in million Taka).

Indicators 2004 2005 2006 2007 2008 2009
Authorised capital - - - - - -
Paid up capital 870 1807 1838 1829 1837 2014
Reserved Fund - - - - - -
Deposits 49334 57232 64433 73528 83028 92052
(a) Call Deposits 21982 27619 30443 36450 34719 41805
(b) Term Deposits 27352 29613 33990 37078 48309 50247
Loans and Advance 38648 41501 49486 59486 71152 75521
Investment 14313 16781 12712 12277 16410 20860
Total Asset 66393 74002 81512 96932 109103 123950
Total income 5519 6478 8400 9614 11016 11890
Total Expenditure 1490 1987 2298 2746 3322 3439
Foreign Currency Trading 184236 183436 213574 270143 259268 20586
a) Export 58328 40280 62311 77589 43897 58850
b) Import 46941 56612 43547 44710 57687 18930
c) Remittance 78967 86544 107716 147844 157684 128206
Total Manpower: 628 741 932 1020 1127 1078
a) Officers 622 735 927 1015 1122 1073
b) Staff 6 6 5 5 5 5
Correspondents Banks - - - - - -
Total Branches (in numbers) - 1299 1427 1428 1777 1727
a) Domestic 18 25 26 27 27 27
b) Overseas - 1274 1401 1401 1750 1700
Agriculture Credit:
Loan Disbursed 364 618 186 84 635 818
Realised 245 280 366 180 178 147
Industrial Credit:
Loan Disbursed 12489 10484 8732 9124 8888 10021
Realsied 9646 10060 9732 7554 7995 8134
Loan Outstanding by Sector
Agriculture and Fisheries 109 542 363 268 528 1126
Industry 4449 18259 20066 21415 29295 28851
Trade and Commerce 2540 4028 3357 3282 2171 6104
Poverty Reduction - - - - - -

Source Government of Bangladesh, Ministry of Finance, Banking and Financial Institution Division, Bank o Arthik Prothisthan Samuher Karjaboli [Annual Report on Banks and Financial Institutions], 2004-05 to 2009-10.

By 31 December 2002 the process of amalgamation of Grindlays and Standard Chartered banks were completed. Standard Chartered also acquired the commercial banking activities of American Express Bank in Bangladesh in October of 2005. The Standard Chartered Bank is now providing its more than three hundred thousands customers with personal, corporate, treasury and other banking related services. Standard Chartered Bank has got a broad-based banking network in Bangladesh. It has got 27 branches and booths as well as 50 ATM Centres in Dhaka, Chittagong, Khulna, Sylhet, Narayanganj and Bogra.

Standard Chartered Bank has a reputation in launching new banking services and providing new products. In Bangladesh Standard Chartered Bank first introduced ATM, Credit Card, Auto Loan, business financial services and other banking facilities. For the first time it started providing offshore banking facilities inside Dhaka Export Processing Zones (DEPZ) in Savar. For the customers Standard Chartered Bank is offering facilities like 24 hours call center, Internet banking, Bills pay center, E-statements, SMS banking, evening and Saturday banking. Standard Chartered Bank has embarked upon Islamic and SME banking services in 2004. In 2007 Standard Chartered Bank has introduced Islamic Banking farcicalities under a separate window named Sadiq, where banking services are provided in accordance with full shariah system, for example, Sadiq Auto Loan, Sadiq Credit Card, Sadiq Personal Finance, and Sadiq Account.

Standard Chartered Bank in Bangladesh is deeply involved in various cultural and corporate social responsibility affairs other than traditional banking functions. The Bank sponsors the arrangement of National School Cricket, Nation School Chess Tournament, National School kabadi and participation in the International Marathon Competition. It has supported profoundly the establishment of Young Learners Corner in the British Council and in the fund raising activities of Islamia Eye Hospital and Child hospital. Standard Chartered Bank is also helping fund raising for the Seeing is Believing programme. Under this new project US$ 20 million fund will be created for the coordinated eye care and treatment of 20 million populations in the city of 20 low-income countries. Within the ambit of this program Rahim Afroz Bangladesh and Vialatex Group have been awarded the third Financial Express Standard Chartered Corporate Social Responsibility Award. Moreover, It also arranges a nation wide film, photography and lyrics composition competition with the partnership of a national newspaper. [Muhammad Abdul Mazid]