StanChart remains bullish on PH, eyes PPP

By Ted P. Torres, The Philippine Star

Posted at May 04 2012 07:40 AM | Updated as of May 04 2012 03:40 PM

MANILA, Philippines - Standard Chartered Bank of the Philippines, the oldest foreign bank operating in the country, remains bullish on growth prospects in the country, a top bank executive said.

In fact, the global financial institution said it is willing to participate in the government’s Public Private Partnership (PPP) program.

StanChart regional chief executive officer for Southeast Asia Neeraj Swaroop, however, clarified that they would only assist the a private sector involvement in the PPP program.

“We would support the private sector partner, and then again, that depends on the reputation and track record of the private sector,” Swaroop said yesterday.

The global bank has been involved in several such programs in other countries.

The bank, which operates in 70 countries, already derives 60 percent of its revenue from Asia.

Around two-thirds of global profits come from Asia, with almost a third from Africa and the Middle East, and the remaining from Europe and the Americas.

The bank focuses principally on Asia, Africa and the Middle East.

“We are an international bank with an international footprint with cross border transaction capabilities offering a wide range of banking products and services,” the bank executive said.

The bank is one of the few foreign banks that have placed a firm foothold in trade financing, corporate issues, foreign currency trading and investment banking.

Globally, StanChart reported a 17-percent annual growth in lending and a 21-percent expansion in its private banking business.

It is not known as a one-country bank and is not stringent on the exclusivity standard when it comes to its bank clients in its global operations.

“But as long as our client needs to do business outside of these areas, we will assist them in transacting and continuing the business in other areas,” the bank official said. “We have to provide value to our clients.”