Business Times

Standard Chartered innovates to carve out a niche in SME servicing

By Duruthu Edirimuni Chandrasekera

Standard Chartered Bank (SCB) recently introduced an array of products for those engaged in Small and Medium Enterprise (SME). Officials at the launch noted that this will facilitate enhanced growth for SMEs in Sri Lanka by providing the opportunity to leverage on SCB’s global network across fast growing markets in Asia, Africa and the Middle East.

Sanjay Wijemanne, Head of Consumer Banking, SCB on the sidelines of the launch noted to the Business Times that with the increase in economic growth, the SME boom is more prominent that ever. "This is the reason to launch these products and strengthen the SME offering of SCB," he noted. He highlighted the importance of helping the SMEs to grow into robust enterprises while offering a platform for entrepreneurs to fulfill their visions for their businesses. Mr. Wijemanna added that SCB’s SME offering caters specifically to the needs of SMEs, and aims to impart personalized and comprehensive solutions, such as those usually accessible only to larger corporations and multinational companies.

Rajiv Chalisgaonkar, GM – SME Banking India and South Asia noted that SME is a big market in Sri Lanka especially in this post-war era and they are becoming more sophisticated. “We can’t treat them as ‘small’ anymore. They require all sorts of sophisticated solutions such as trade financing, which we provide,” he stressed. He added that SCB is the only bank in Sri Lanka to provide SMEs with specialized advisory and dedicated services.

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