The Standard Chartered Bank (StanChart) plans to focus on the SME sector in the next couple of years after gaining a strong base in the personal banking segment and has even lined up a few innovative products. According to Mike Denoma, group executive director (consumer banking) of Standard Chartered Bank most Asian countries are dominated by SME businesses, which account for 60-70 per cent of GDP. A focus on the SME segment makes good business sense for the bank which has a strong client base of high
networth individuals (HNI).
The new focus on SME segment could change a few things for StanChart which is finding India increasingly attractive. In fact StanChart has identified India and China as key markets for its future growth plans. What has added to StanChart's excitement is the fact that India will have a credit bureau before the end of 2004.
Source: The Times of India
