Competition tough in SL but SCB brings int’l experience
View(s):The competition in Sri Lanka is tough, but the Standard Chartered Bank (SCB) has a competitive edge as they bring in an international network, according to a top official.
“We bring in that international experience to Sri Lanka, especially at a time when more and more local firms are trying to go international,” Sir Thomas Harris, Vice Chairman – Asia, SCB told the Business Times.
Sir Thomas Harris
He added that what SCB wants to do here is to develop their capital and corporate markets. “Our Structured Trade Finance and Financing Solutions team helps corporations and institutions raise funds for capital expenditure or working capital requirements,” he said, adding that SCB’s large network of relationships with both emerging markets and OECD (Organisation for Economic Co-operation and Development) suppliers and buyers spans over 70 countries. “This helps us find the right partner for domestic and cross-border deals.”
He said that in the past five years, it has been observed that profits have continued to shift from developed countries to emerging markets. “During this period, the world economy also saw a dramatic decline in cross border lending as a consequence of the Euro zone crisis,” he said. He said that that the international banking model helps mitigate rather than transmit financial shocks. “We at Standard Chartered strongly believe that global banks can help facilitate international trade investment flows while supporting global supply chains by helping open new trade and investment corridors,” he said.
(DEC)