StanChart re-launches major consumer products
Monday, 25 October 2010
FE Report
Standard Chartered Bangladesh, one of the leading foreign banks in the country, re-launched its major consumer banking products Sunday in a city hotel to cater to the rising demand of enhanced banking service from its high net worth customers.
StanChart CEO Jim McCabe said, "We are operating here for more than 100 years and so, we are fully attuned to our customers' need".
Currently there are 85,000 high-value individual customers in Bangladesh who demand priority banking service and the figure will reach 110,000 by 2012, the bank estimates.
StanChart Premium Banking GM ANM Mahfuz said, "The priority banking segment is a growing niche market and this segment is largely underserved".
The bank identified Bangladesh as its one of the Universal Market where growth possibilities for bank are very good.
StanChart first introduced its priority banking in 2000, which is a personalised wealth management service.
Assuring StanChart's products being tailored to customers' lifestyle, Mr. McCabe said, "The new and enhanced priority banking offering will add value to our customer catering their unique banking and lifestyle".
Customers having monthly average account balance of at least BDT 3.5 million or loan account of at least BDT 7 million can avail new priority banking service.
The bank also redefined its Platinum card offering by adding free air ticket, global priority airport lounge pass, insurance coverage and extended access to restaurants, hotels, golf courses home and abroad.
In 2004, the bank launched its first platinum card. Officials assured of having no hidden charge for the card. "There is no hidden charge with our products. For Platinum card, if customers maintain average minimum balance, they don't need to pay any charge except the annual fee and stated interest", Head of Consumer Banking Sandeep Bose.
Scheduled charge for credit card is 2.5 per cent. Besides, Platinum card costs an annual fee of Tk 5000 .
Standard Chartered Bangladesh, one of the leading foreign banks in the country, re-launched its major consumer banking products Sunday in a city hotel to cater to the rising demand of enhanced banking service from its high net worth customers.
StanChart CEO Jim McCabe said, "We are operating here for more than 100 years and so, we are fully attuned to our customers' need".
Currently there are 85,000 high-value individual customers in Bangladesh who demand priority banking service and the figure will reach 110,000 by 2012, the bank estimates.
StanChart Premium Banking GM ANM Mahfuz said, "The priority banking segment is a growing niche market and this segment is largely underserved".
The bank identified Bangladesh as its one of the Universal Market where growth possibilities for bank are very good.
StanChart first introduced its priority banking in 2000, which is a personalised wealth management service.
Assuring StanChart's products being tailored to customers' lifestyle, Mr. McCabe said, "The new and enhanced priority banking offering will add value to our customer catering their unique banking and lifestyle".
Customers having monthly average account balance of at least BDT 3.5 million or loan account of at least BDT 7 million can avail new priority banking service.
The bank also redefined its Platinum card offering by adding free air ticket, global priority airport lounge pass, insurance coverage and extended access to restaurants, hotels, golf courses home and abroad.
In 2004, the bank launched its first platinum card. Officials assured of having no hidden charge for the card. "There is no hidden charge with our products. For Platinum card, if customers maintain average minimum balance, they don't need to pay any charge except the annual fee and stated interest", Head of Consumer Banking Sandeep Bose.
Scheduled charge for credit card is 2.5 per cent. Besides, Platinum card costs an annual fee of Tk 5000 .