Standard Chartered Colombo secures recognition from Asian Banker
View(s):The Asian Banker recognised Standard Chartered as ‘The Best Retail Bank in Sri Lanka’ at the International Excellence in Retail Financial Services Programme 2014 for its pursuit of excellence amongst retail financial institutions in the region.
“The Excellence in Retail Financial Services programme is predicated by the belief statement – ‘We believe that a well-run retail bank is one that demonstrates a long term, sustainable, profitable franchise with the customer as its core proposition’, and Standard Chartered’s demonstration of attributes which include sustainability as a franchise over a long period of time and across economic cycles, a well-defined franchise in the chosen marketplace, transparency and accountability of business model, clear sales and execution skills at the product level, rigorous risk management capabilities, focus on developing human resources to support the bank’s strategy, and ethical banking practices, garnered the Bank the accolade,” the bank said in a statement.
Sanjay Wijemanne, Head, Retail Clients, Standard Chartered, who was in Sydney to receive the award, said “Undoubtedly we faced tough competition with some of the stellar names in banking vying for recognition in the various categories. Over 400 submissions were assessed from retail financial institutions from Asia Pacific, Central Asia, Middle East and Africa, so it is an honour to bring this award home both to the bank and to the nation.”
Banking industry sources said SCB’s Colombo branch has restored proper business practices and governance structures after the disastrous oil hedging fiasco in 2007/08, which saw its CEO being subsequently transferred out as a sequel to a Supreme Court case. Since the recovery the bank has been very aggressive in its retail marketing and positioning under its CEO Anirvan Ghosh Dastidar.