Maravi

StanChart notes SMEs' place in economic growth

StanChart notes SMEs' place in economic growth
By Fridah Zinyama
Tuesday September 16, 2008 [04:00]

STANDARD Chartered Bank has predicted that Small and Medium Enterprises (SMEs) will be a key driver of sustainable economic growth in Africa over the next 10 years. And Standard Chartered Bank has recorded a 50 per cent growth margin, translating into a net profit of about K40.5 billion during the first half of this year.

During the launch of the 'Africa SME month' which will run from September 15 to October 13, 2008, Standard Chartered Bank managing director Mizinga Melu yesterday said the bank has set aside about US$ 2 billion for the SME sector across Africa as it recognises the important role SMEs play in economic development.

"As part of our strategic positioning, the bank has SME banking units in 13 key African markets across Africa including here in Zambia," she said. "It therefore follows that some of the SMEs will be able to benefit from the sum that has been allocated for the SME sector in Africa."

Melu said Standard Chartered, as an international bank, intends to leverage its international expertise to introduce new innovative products and services on the Zambian market.

"For instance, our 'SME Trade corridor' project is an initiative designed to assist SMEs conduct cross border trade business across the bank's unique international network of over 70 markets," she said.

Melu explained that it was under this initiative that the bank continues to look for ways in which to assist their SME customers to grow their business with Asia, in general, and China, in particular.

"The bank intends to assist its customers in developing their trade networks by facilitating their participation in the annual Hong Kong World Trade Expo where 50 SME customers will be sponsored," she said.

And Melu added that the growth of the bank had been driven by exceptional performance of both their consumer and wholesale banking businesses with the main focus on mining, agriculture, manufacturing and the SME sectors.

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Also see:

Africa: Stand Chart Launches Africa SME Month
Mmegi/The Reporter (Gaborone)
5 September 2008
Posted to the web 8 September 2008

Stanchart Launches SME Month
By Daily Graphic
Tue, 02 Sep 2008
Business/Finance

Standard Chartered Bank (Stanchart) has launched an 'Africa SME month' in its African markets. This will be run throughout the month of September.

Labels: SMEs, STANCHART

posted by MrK @ 6:11 AM