Standard Chartered invests Dh40 million in Dubai IT platform

Published April 21st, 2002 - 02:00 GMT

Standard Chartered announced the investment of 40 million Emirati dirhams ($10.9 million) in the first phase of a new regional information technology (IT) and operations processing platform located in Dubai, United Arab Emirates (UAE). The new platform will enable Standard Chartered to deliver new web-based products and services to customers in the Middle East and South Asia (MESA).  

 

Standard Chartered's regional IT and operations processing platform will be located in Dubai and will serve the group's businesses in 12 countries in MESA. The new technology will be launched in the UAE in the next few months. Other major markets in MESA will be linked to the new technology platform by the end of 2003. 

 

”During 2002, we plan to launch a range of new consumer banking and wholesale banking products. The new platform will support the continuing growth of the business in this region,” Mervyn Davies, group chief executive, said. ”The UAE is one of our most exciting markets. Our investment in new technology is evidence of our long-term commitment to grow our business in the UAE and other major markets in MESA.”  

 

Mervyn Davies added, “Advanced technology is critical to maintaining our competitive edge. Our new IT and Operations Processing platform will enable us to launch new consumer banking products including fully interactive internet banking. In addition, we will deliver new products for our Corporate and Institutional Banking in our core areas which are Cash Management, Trade Finance and Treasury.”  

 

In the UAE, Standard Chartered has a Consumer Banking network comprising 11 branches and 22 automated teller machines (ATMs). Standard Chartered provides cash management trade finance and treasury products and services in the UAE. The Group launched its first branch in the Emirates in 1958 with the acquisition of the Eastern Bank based in Sharjah.  

 

Standard Chartered is an international emerging markets bank. It employs 30,000 people in over 500 offices in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, United Kingdom and the Americas.  

 

The Bank serves both consumer and wholesale banking customers. The consumer bank provides credit cards, personal loans, mortgages, deposit taking activity and wealth management services to individuals and medium sized businesses. The wholesale bank provides services to multinational, regional and domestic corporate and institutional clients in trade finance, cash management, custody, lending, foreign exchange, interest rate management and debt capital markets. — (menareport.com)

© 2002 Mena Report (www.menareport.com)


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