SCB re-launches priority banking services as a global proposition

By Cassie Mascarenhas

In order to give their valued Priority Banking customers the ultimate banking experience, Standard Chartered Bank has now re-launched its Priority Banking services across the globe and is now available to customers in Sri Lanka, offering them the same level of service offered in other parts of the world.

Global Recognition is one of the key factors that are being offered with the all new Priority Banking. Where previously, customers were given a more local proposition, they can now enjoy the benefits and services of Priority Banking globally. The revamped service now gives its globe-trotting customers maximum advantage, allowing them to obtain the best products and services on a global platform.

Standard Chartered Bank has also signed up with various partners including foreign currency expert Travelex, which allows customers to obtain the best exchange rates and discounts in many locations globally. Travelex is based in over 740 locations in over 20 countries — a unique offer for frequent travellers.

It offers 3600  Rewards – a rewards programme that recognises the customer’s total banking relationships with the bank and rewards the customer not only for card spend but also for loans, mortgages, deposits, insurance  and savings.  This makes Standard Chartered Bank a pioneer in the industry by being the first bank to offer rewards points based on the total banking relationship.

One of the most important aspects of Priority Banking Service is the Relationship Management programme, through which every Priority Customer will be assigned a relationship manager to manage their banking needs. Through the relationship manager, the customer will be kept updated on new products and solutions in order to enhance their banking experience. It also eliminates the need for the customer to approach different departments in the bank in order to conduct their transactions as all banking needs can be attended to via the Relationship Manager.

“We have conducted many training and accreditation programmes and have also sent some relationship managers on overseas assignments in order to give them better exposure and the ability to learn from experienced staff in the region. We strongly feel that our Relationship Managers are well trained and equipped to manage customers with varying financial needs. Apart from managing customer portfolios and offering superior financial solutions, the Relationship Manager would also continuously update customers on new offers and products, discounts available and other services available to them”, explained the Head of Premium Banking Naresh Adikaram.

Service enhancement and better turn around times are supported by a 24/7 Call centre hotline, exclusively for Priority Customers, which is yet another new feature introduced with the re-launch. The hotline ensures that a customer will have access to the bank at all times and will be assured of having their needs attended to by dedicated Priority Banking service personnel, even in the absence of the Relationship Manager.

Being able to obtain emergency cash in case one loses their wallet overseas is yet another offering made by the bank which allows a customer to have access to a maximum of US$ 5000 from any of Standard Chartered Bank’s overseas branches, thereby enabling the customer to complete their business or holiday travel without any further hassle.

Customers are also now able to open accounts overseas, as per the stipulated guidelines issued by the Central Bank of Sri Lanka.  The Bank’s Relationship Managers are at hand to assist any customers who are eligible to do so.

Standard Chartered Bank also offers a household recognition programme which extends the Priority Service platform to customers’ immediate family members.  This would mean that the whole family would be able to enjoy the Priority banking services offered by Standard Chartered Bank.

Customers will be able to enjoy a distinct benefit on pricing where special rates on deposit and facilities, and also a special tariff are offered to Priority banking customers. Customers who perform Cross border OTT fund transfers to any Standard Chartered Bank branch world-wide will be able to do so completely free of charges and to any other bank at 50% of the normal charge.

A host of unique offers are available to Priority Banking customers, at selected partner outlets including leading restaurants, hotels and spas in Colombo. In addition to these, all Priority Banking customers now have the freedom of withdrawing their funds from all Standard Chartered Bank ATMs or other bank ATMs locally and worldwide via MasterCard, Visa and CUP networks, free of charge.

Standard Chartered bank has also tied up with Aviva in order to offer a wide range of products. This collaboration has allowed the bank to provide medical insurance policies, general insurance, motor insurance and many more all under one establishment. Another offering that has received an immense response from their customers is the unit link investment option, where money is placed in a range of funds in the stock market, treasury bills etc. The funds are monitored by experienced fund managers at no hassle or trouble to the customers.

Priority banking service is available to all customers who maintain a portfolio balance of 5 million and   also to salaried customers under the Employee Banking scheme where priority banking services are given to those who bring in a salary of over Rs.250, 000.

Other advanced offerings include a range of loan products, where a customer could take loans against their share portfolios, against their vehicles, property, plus housing and personal loans.

Head of Consumer Banking Sanjay Wijemanne asserted that with Standard Chartered Bank now having so much more to offer in their all inclusive package with insurance products, global recognition, rewards points and the family recognition concept, Priority Banking by Standard Chartered Bank can be considered one of the best banking propositions in the market today.

Indian Bank to commence operations in Jaffna from January

CHENNAI: Indian Bank on Tuesday said its Jaffna branch in Sri Lanka would start functioning from the third week of January.

Bank’s chairman T. M. Bhasin said that the branch would offer all facilities to Internally Displaced Persons, affected by the recent war between the Sri Lankan Government and LTTE, to settle themselves.

The Indian High Commission in Colombo had promised all help in the construction of houses for them and the funds would be routed through the branch, he said. The bank had also sought the permission of Central Bank of Sri Lanka to open branches at Hambantota, where a modern port had been constructed and at Batticaloa in the island republic. – PTI

Spanish banks face $111-b funding hurdle in ’11

MADRID/LONDON: Spain’s banks may struggle to refinance about 85 billion euro ($111 billion) in debt next year as costs surge on concern continental Europe’s fourth-biggest economy may need an Irish-style bailout.

“There’s a universal dumping of Spain going on,” said Andrea Williams, who helps manage about 623 million pound ($968 million), including shares in Banco Santander, at Royal London Asset Management. “The fear is that Portugal, Spain and Italy are now in line after what happened in Ireland.”

Anxiety over Spain’s ability to bring down the euro-region’s third highest budget deficit after Europe handed Ireland an 85-billion euro aid package has driven up financing costs for the country’s lenders already battered by rising bad loans and falling revenue. The average yield investors’ demand to hold euro-denominated Spanish bank bonds, relative to government debt, rose 117 basis points to 361 basis points in November — the biggest monthly jump on record, according to data compiled by Bank of America.

As the cost of insuring the country’s debt against default rose to its highest level, Spanish lenders now pay the biggest premium ever on their debt relative to other banks in Europe. Spreads on Spanish bank bonds in euros rose to a record 147 basis points more than the average for all lender debt denominated in the currency, up from a gap of 63 basis points on 31 October, according to Bank of America data.

The risk for Europe is that Spain’s economy is twice as big as that of Greece, Ireland and Portugal combined, meaning the euro region’s 750 billion euro bailout fund may not be big enough if the country resorts to aid. Spain’s 10-year government bonds slid on Monday by the most since the euro’s debut. The extra yield investors demand to hold the securities instead of benchmark German bunds widened to euro-era records.