BANK

Bank Definition

A corporation empowered to deal with cash, domestic and foreign, and to receive the deposits of money and to loan those monies to third-parties.

a financial institution that accepts deposits and channels the money into lending activities

An organization, usually a corporation, chartered by a state or federal government, which does most or all of the following: receives demand deposits

and time deposits, honors instruments drawn on them, and pays interest on them;

discounts notes, makes loans, and invests in securities; collects checks, drafts,

and notes; certifies depositor's checks; and issues drafts and cashier's checks.

The term 'bank' is being used for a long time, yet it has no precise definition. There are various viewpoints about the origin of the word ‘Bank’. One point of view is that it is derived from the word ‘Banc us’ which means a bench. The other viewpoint is that it has originated from the German word ‘bank’ which is called ban co in Italian language. It is a German word and means a joint stock fund.

“Bank is a pipeline through which currency moves into and out of circulation.”

According To Banking Companies Ordinance 1962

U/S 3 (B) of Banking Companies Ordinance 1962 "Banker means person transacting the business of accepting for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise and withdraw able by cheque, draft, order or otherwise and includes any Post Office Savings Bank."

In proper words we can define;

“An organization, usually a corporation, chartered by a state or federal Government, which does most or all of the following: receives demand deposits and time deposits, honors instruments drawn on them, and pays interest on them; discounts notes, makes loans, and invests in securities; collects cheques, drafts, and notes; certifies depositor's checks; and issues drafts and cashier's checks.”

So from above definition we can assess that the main activity or function of banking is borrowing and lending of money with a margin of gain. However, as far as the present day banking is

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concerned, there are a number of different banks, set up under specific different objectives, performing various functions.

Banking is one of the most sensitive businesses all over the world. banks play very big role in the economy of country. Banks are guardian to the assets. The banking sector plays a noteworthy role in modern world.

Origion of Banking

Word Bank is said to be derived from the words Banc us or Banque or Bank. The history of banking is traced to as early as 2000 BC. The priests in Greece used to keep money and valuables of the people in temples. These priests thus acted as financial agents. The origin of banking is also traced to early goldsmiths. They used to keep strong safes for storing the money and valuables of the people. The persons who had surplus money found it safe and convenient to deposit their valuables with them. The “FIRST STAGE” in the development of modern banking, thus, was the accepting of deposits of cash from those persons who had surplus money with them.

The goldsmiths used to issue receipts for the money deposited with them. These receipts began to pass from hand to hand in settlement of transactions because people had confidence in the integrity and solvency of goldsmiths. When it was found that these

receipts were drawn in such a way that it entitles any holder to claim the specified amount of money from goldsmiths, depositor who is to make the payments may now get the money in cash from goldsmiths or pay over the receipt to the creditor. These receipts were the earlier bank notes. The “SECOND STAGE” in development of banking thus was the issue of bank notes.

The goldsmiths soon discovered that all the people who had deposited money with them did not come to withdraw their funds in cash. They found that only a few persons presented the receipt for encashment during a given period of time. They also found that most of the money deposited with was lying idle. At the same time, they found that they were being constantly requested for loan on good security. They thought it profitable to lend at least some of the money deposited with them too the needy persons. This proved quite a profitable business for the goldsmiths. They instead of charging interest from the depositors began to give them interest on the money deposited with them. This was the “THIRD STAGE’ in the development of banking.

By experience the banks came to know that they could keep a small proportion of the total deposits for meeting the demands of customers for cash and the rest they could easily lend. They allowed the depositors to draw over and above the money actually standing to their credit. In Economics terminology we can say that they allowed the overdraft facilities to their depositors. This was the “FOURTH STAGE”, in development of banking.

When every bank issues receipts and most of them allowed the overdraft facilities, there was then too much confusion in the banking system. The banks in order to earn profits could not keep adequate reserves for meeting the demands of the customers for cash. The failures on the

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part of the bankers to return money caused widespread distress among the peoples.

In order to create confidence among the people, steps were taken to regulate the banking organization. A conference was held in Nuremberg in 1548. It was decided that a bank should be set up by the state, which should streamline the banking organization and technique. The first central bank was formed in Geneva in 1578. Bank of England was established in 1694. The responsibility of issuing of notes is now entrusted to a central bank of each country.

CLASSIFICATION OF BANKS

The banks are classified into various types on the basis of their spheres of activities, ownership, domicile etc. The main types of banks are: -

Classification on the basis of functions Classification on the basis of ownership

CLASSIFICATION ON THE BASIS OF FUNCTIONS

Central Bank Commercial Banks

Exchange Banks

Saving Banks

Agricultural Banks

Industrial Banks

Investment Bank

Mortgage Bank

Schedule and Non Schedule Bank

CLASSIFICATION ON THE BASIS OF OWNERSHIP

Public sector banks Private sector banks

Cooperative banks

CLASSIFICATION ON THE BASIS OF DOMICILE

Domestic Banks Foreign Banks

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COMMERCIAL BANK

A bank or banker is a dealer in credit or more properly a dealer in money. It is an intermediate party between the borrower and the lender. It borrows from one party and lends to another. The difference between the term on which it borrows and that on which it lends forms the source of the bank’s profit. The bank therefore, can be called a financial intermediary that operates for profit motive.

FUNCTIONS OF COMMERCIAL BANK

The functions of commercial banks are classified as:

Functions

Primary or Basic Functions Secondary or Subsidiary Functions

Accepting Deposits

Making Loans & Advances

Agency Functions & Services

Utility Functions

Fixed or time deposits

Purchasing and discounting of bills

Collection of checks, bills, interest etc

Foreign exchange business

Saving deposits Drafts

Execution of standing Orders,

payment of Orders, payment

of

Act as referee

Current deposits Cash creditsPurchase and sale

of securitiesIssuance of travelers

checks

- Loans Transfer of fundsSupply of trade

information

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- - Acting as trustee Export promotion

EVOLUTION OF BANKING STRUCTURE IN PAKISTAN

At the time of independence there were only 487 branches of banks working in Pakistan. The economy of Pakistan was largely dependent on Indian banks. There were only two Muslim owned banks is sub-continent. Due to lack of resources and communication network most of the banks were closed and a number of braches were reduced to 195 in June 1948.

To overcome immediate problems like issuance of currency, exchange control etc. The reserve bank of India was allowed to act as a central bank of Pakistan. At the time there were 19 branches of foreign bank working in Pakistan. The Government of Pakistan took over exchange control from reserve bank of India on April 1st On July 1st 1948 the State Bank of Pakistan was founded as a central bank of the country and inaugurated by Quaid-e-Azam. The main reasons of establishment of SBP were:

To overcome problem of public debt management and exchange control. Indian government had with held share of Pakistan amounting to Rs. 75 crore.

It was very difficult for Pakistan to establish its own banking system immediately after independence without resources. Following the announcement o the partition plan in June 1947 there was a haste movement on the part of the banks to transfer their funds and accounts across the borders. The banks having their registered offices in Pakistan were transferred to India. In an effort to bring about collapse of the new state by the persecuting an international policy of withdrawal, the Indian bank offices closed quickly. Those banks, which stayed, were considering the winding up of their business. By 30th June 1948 the number of scheduled banks in Pakistan declined from mere scratch. “Today there is more than 7000 branches of commercial banks along with an established network of supplementary financial institutions. All this development in the banking sector is the result of untiring efforts of four decades”

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State bank of Pakistan

The State Bank of Pakistan (SBP) is the central bank of Pakistan. While its constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until January 1, 1974, when the bank was nationalized, the scope of its functions was considerably enlarged. The State Bank of Pakistan Act 1956, with subsequent amendments, forms the basis of its operations today. The headquarters are located in the financial capital of Pakistan, Karachi with its second headquarters in the capital, Islamabad.

History

Before independence on 14 August 1947, during British colonial regime the Reserve Bank of India was the central bank for both India and Pakistan. On 30 December 1948 the British Government's commission distributed the Reserve Bank of India's reserves between Pakistan and India -30 percent (750 M gold) for Pakistan and 70 percent for India.

The losses incurred in the transition to independence were taken from Pakistan's share (a total of 230 million). In May, 1948 Muhammad Ali Jinnah (Founder of Pakistan) took steps to establish the State Bank of Pakistan immediately. These were implemented in June 1948, and the State Bank of Pakistan commenced operation on July 1, 1948

Under the State Bank of Pakistan Order 1948, the state bank of Pakistan was charged with the duty to "regulate the issue of bank notes and keeping of reserves with a view to securing monetary stability in Pakistan and generally to operate the currency and credit system of the country to its advantage".

A large section of the state bank's duties were widened when the State Bank of Pakistan Act 1956 was introduced. It required the state bank to "regulate the monetary and credit system of Pakistan and to foster its growth in the best national interest with a view to securing monetary stability and fuller utilization of the country’s productive resources". In February 1994, the State Bank was given full autonomy, during the financial sector reforms.

On January 21, 1997, this autonomy was further strengthened when the government issued three Amendment Ordinances (which were approved by the Parliament in May 1997). Those included were the State Bank of Pakistan Act, 1956, Banking Companies Ordinance, 1962 and

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Banks Nationalization Act, 1974. These changes gave full and exclusive authority to the State Bank to regulate the banking sector, to conduct an independent monetary policy and to set limit on government borrowings from the State Bank of Pakistan. The amendments to the Banks Nationalization Act brought the end of the Pakistan Banking Council (an institution established to look after the affairs of NCBs) and allowed the jobs of the council to be appointed to the Chief Executives, Boards of the Nationalized Commercial Banks (NCBs) and Development Finance Institutions (DFIs). The State Bank has a role in their appointment and removal. The amendments also increased the autonomy and accountability of the chief executives, the Boards of Directors of banks and DFIs.

The State Bank of Pakistan also performs both the traditional and developmental functions to achieve macroeconomic goals. The traditional functions, may be classified into two groups:

1. The primary functions including issue of notes, regulation and supervision of the financial system, bankers’ bank, lender of the last resort, banker to Government, and conduct of monetary policy.

2. The secondary functions including the agency functions like management of public debt, management of foreign exchange, etc., and other functions like advising the government on policy matters and maintaining close relationships with international financial institutions.

The non-traditional or promotional functions, performed by the State Bank include development of financial framework, institutionalization of savings and investment, provision of training facilities to bankers, and provision of credit to priority sectors. The State Bank also has been playing an active part towards the banking system regarding Islamic point of view.

Core functions of State bank of Pakistan:

1. Banker to the Government: 

As banker to the government, SBP:

Receives deposits (taxes, fees, fines, etc.) on behalf of the  federal government. Disburses payments (tax refunds, interest, etc.) on behalf of the federal government. Manages the national debt—buys, sells, and cashes    government securities and pay

interest/profit on  them. Lends money to the federal government as needed.

2. Banker to Banks: 

As banker to the scheduled banks, SBP:

Holds deposits made by them as a part of their required reserves—5% at this time.   

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Lends them funds as a “lender of the last resort” to meet their pressing needs by discounting their bills of exchange and other.

3.  Acts as a Clearing House:

Provides facilities, physical and/or electronic, to scheduled banks to clear cheques and other claims drawn against each other—deposited by their customers for collection--by adding up what they owe or owed them and transfer funds from their accounts at SBP.

4. Supervisor of Banks and other Financial Institutions:

One of the fundamental responsibilities of the State Bank is regulation and supervision of   the financial system to ensure its soundness and stability as well as to protect the   interests of depositors. The banking activities are now being monitored through a system of ‘off-site’ surveillance and ‘on-site’ inspection and supervision. Off-site surveillance is conducted through regular checking of various returns regularly received from the different banks. On other hand, on-site inspection is undertaken by the State Bank in the premises of the concerned banks when required.

To broaden financial markets as also to diversify the sources of credit, a number of non-bank financial institutions were allowed to increase substantially. The State Bank has also been charged with the responsibilities of regulating and supervising of such institutions.

5. Issuer of Paper Currency:

State Bank has the sole authority to issue paper notes.  It has the prime responsibility  to  control its supply in order to ensure a stable price of money, i.e., its value  or  purchasing power.  Its notes, however, are not convertible into gold or silver.

6. Exchange Rate Management and Balance of Payment:

The Bank is responsible to keep the exchange rate of the rupee at an appropriate level  and prevent it from wide fluctuations in order to maintain competitiveness of our exports and maintain stability in the foreign exchange market.  As the custodian of country’s external reserves, it is responsible for management of the foreign exchange reserves.

7. Developmental Role of SBP:

The Bank’s participation in the development process has been widened in the form of rehabilitation of banking system, development of new financial institutions and debt instruments in order to promote financial intermediation, establishment of Development Financial

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Institutions, directing the use of credit according to selected development priorities, providing subsidized credit, and development of the capital market.

8. Non-traditional Role:

The non-traditional or promotional functions, performed by the State Bank include development of financial framework, institutionalization of savings and investment, provision of training facilities to bankers, and provision of credit to priority sectors. The State Bank also has been playing an active part in the process of  Islamization of the banking system.

 9. To Formulate and Implement the Monetary Policy:

The Bank is also in charge of conducting monetary policy which means changing the supply of money in the economy.  The tools of the monetary policy are:

a. Changing the monetary base:

This directly changes the total amount of money circulating in the economy. The State Bank can use open market operations to change the monetary base. The Bank would buy/sell bonds in exchange for hard currency. When the central bank sells government bonds it receives hard currency in payment, thus reducing the money supply. It buys government bonds and pays hard cash to the sellers, thus, increasing the money supply.

b.  Changing the reserve requirements: 

Monetary policy can be implemented by changing the proportion of total assets that banks must hold in reserve with SBP. Banks only maintain a small portion of their assets as cash available for immediate withdrawal; the rest is invested in illiquid assets like mortgages and loans. By changing the proportion of total assets to be held as liquid cash, the SBP changes the availability of loan able funds. This acts as a change in the money supply.

c.  Changing the discount rate: 

Banks borrow money from the State Bank by cashing or discounting credit instruments, such as bills of exchange.  By raising the discount rate SBP discourages banks to borrow money.  If and when the goal is to increase the money supply, the Bank lowers its discount rate to encourage borrowing by the banks and, thus, helps increasing the money supply. 

Also by calling in existing loans or extending new loans, the monetary authority can   directly change the size of the money supply.

d. Affecting a change in nominal interest rates:

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The contraction of the monetary supply can be achieved indirectly by increasing or decreasing the nominal interest rates.  By changing the Discount Rate and by conducting Open Market Operations a change in money supply would affect the nominal interest rates.  A tight money supply tends to increase nominal interest rates while an increase in money supply can

help bring down the interest rates.  A change in the nominal interest rates influences the overall economic activity, rate of inflation, GDP, and economic growth.

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A brief history of Standard Chartered

Standard Chartered is one of the worlds leading banks headquartered in London. Its businesses however, have always been overwhelmingly international. The main events in the history of Standard Chartered and some of the organizations with which it merged are provided in this section.

The early years

Standard Chartered is named after two banks, which merged in 1969. They were originally known as the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China. Of the two banks, the Chartered Bank is the older having been founded in 1853 following the grant of a Royal Charter from Queen Victoria. The moving force behind the Chartered Bank was a Scot, James Wilson, who made his fortune in London making hats. James Wilson went on to start The Economist, still one of the world's pre-eminent publications. Nine years later, in 1862, the Standard Bank was founded by a group of businessmen led by another Scot, John Paterson, who had immigrated to the Cape Province in South Africa and had become a successful merchant. Both banks were keen to capitalize on the huge expansion of trade between Europe, Asia and Africa and to reap the handsome profits to be made from financing that trade. The Chartered Bank opened its first branches in 1858 in Chennai and Mumbai. A branch opened in Shanghai that summer beginning Standard Chartered's unbroken presence in China. The following year the Chartered Bank opened a branch in Hong Kong and an agency was opened in Singapore. In 1861 the Singapore agency was upgraded to a branch, which helped provide finance for the rapidly developing rubber and tin industries in Malaysia. In 1862 the Chartered Bank was authorized to issue bank notes in Hong Kong. Subsequently it was also authorized to issue bank notes in Singapore, a privilege it continued to exercise up until the end of the 19th Century. Over the following decades both the Standard Bank and the Chartered Bank printed bank notes in a variety of countries including China, South Africa, Zimbabwe, Malaysia and even during the siege of Makeking in South Africa. Today Standard Chartered is still one of the three banks which prints Hong Kong's bank notes.

Expansion in Africa and Asia

The Standard Bank opened for business in Port Elizabeth, South Africa, in 1863. It pursued a policy of expansion and soon amalgamated with several other banks including the Commercial Bank of Port Elizabeth, the Colesberg Bank, the British Kaffarian Bank and the Fauresmith Bank. The Standard Bank was prominent in the financing and development of the

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diamond fields of Kimberly in 1867 and later extended its network further north to the new town of Johannesburg when gold was discovered there in 1885. Over time, half the output of the second largest gold field in the world passed through the Standard Bank on its way to London. In 1892 the Standard Bank opened for business in Zimbabwe, and expanded into Mozambique

in 1894, Botswana in 1897, Malawi in 1901, Zambia in 1906, Kenya, Zanzibar and the Democratic Republic of Congo (D.R.C.), in 1911 and Uganda in 1912. Of these new businesses, Botswana, Zanzibar and the D.R.C. proved the most difficult and the branches soon closed. A branch in Botswana opened again in 1934 but lasted for only a year and it was not until 1950 that the Bank re-opened for business in Botswana. In Asia the Chartered Bank expanded opening offices in, Myanmar in 1862, what is now Pakistan and Indonesia in 1863, the Philippines in 1872, Malaysia in 1875, Japan in 1880 and Thailand in 1894. Some 34 years after the Chartered Bank appointed an agent in Sri Lanka it opened a branch in 1892 to take advantage of business from the tea and rubber industries. During 1904 a branch opened in Vietnam. Both the Chartered and the Standard Bank opened offices in New York and Hamburg in the early 1900s. The Chartered Bank gaining the first branch license to be issued to a foreign bank in New York.

The impact of war

Even the First World War offered opportunities for expansion when the Standard Bank set up a branch in Tanzania shortly after British troops occupied the formerly German administered Dar us Salaam in September 1916. Both banks survived the inter-war years but the worlds trade slump led to the closure of operations in the Canary Islands, Liberia, the Netherlands, and Equatorial Guinea. Disaster struck the Chartered Bank's office in Yokohama, Japan, when an earthquake destroyed it in 1923, killing a number of staff. The Second World War particularly effected the Chartered Bank when Japan occupied numerous Asian countries.

The post war years

After the Second World War many countries in Asia and Africa gained their independence. This led to local incorporation in some countries, particularly in Africa. Other operations such as those in Iraq, Angola, Myanmar and Libya were nationalized, while in Indonesia the Jakarta office was destroyed in an attempted coup d'etat. In 1948 the Chartered Bank opened in Bangladesh and during 1957 it acquired the Eastern Bank. The Eastern Bank gave the Chartered Bank a network of branches including Aden, Bahrain, Beirut, Cyprus, Lebanon, Qatar and the United Arab Emirates. The Chartered Bank also entered into a joint venture to form the Irano-British Bank that opened for business in 1959. The bank grew rapidly and had 24 branches when it was nationalized in 1981. By mid 1950s the Standard Bank had around 600 offices in Southern, Central and Eastern Africa.

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Its network grew substantially in 1965 when it merged with the former Bank of British West Africa, which had some 60 branches in Nigeria, 40 branches in Ghana and eleven branches in Sierra Leone in addition to operations in Cameroon and Gambia. Despite these acquisitions and

expansion into new countries such as Mexico, South Korea and Oman (1968), both the Standard and Chartered Bank networks were comparatively small. Both viewed the future with some trepidation as the need to protect themselves from acquisition became ever more apparent. Standard Chartered PLC In 1969 the decision was made by the Standard Bank and the Chartered Bank to undergo a friendly merger thus forming Standard Chartered PLC.

It was one year later that the descendants of the "Chartered Bank of India, Australia and China" were finally permitted to open a representative office in Sydney, Australia. Standard Chartered subsequently acquired the UK based Hodge Group, in which it already had a minority shareholding, and the Wallace Brothers Group. The Hodge Group brought to Standard Chartered an extensive network of UK offices specializing in installment credit and industrial leasing, and after a period of rationalization its name was changed to Chartered Trust Limited. Standard Charterer’s operations in Jersey emerged from the integration of other Hodge Group businesses with those of Wallace Brothers Bank (Jersey), Limited.

Standard Chartered decided, after the merger, to expand the Group outside its traditional markets. In Europe a number of offices were opened including Austria, Belgium, Denmark, Ireland, Spain and Sweden as well as several major cities in the UK. Standard Chartered also opened offices in Argentina, Canada, Colombia, the Falkland Islands, Panama and Nepal. In the USA a number of offices were opened and three banks were acquired. These included the Union Bank of California that gave Standard Chartered a presence in Brazil and Venezuela. The opening of a branch in Istanbul in 1986 was overshadowed by a far more dramatic event when Lloyds Bank of the UK made a hostile take-over bid for Standard Chartered. Standard Chartered won its right to remain independent but entered into a period of considerable change.

By the late 1980s Standard Chartered already had considerable exposure to third world debt. To this were added provisions against loans to corporations and entrepreneurs who could not meet their commitments. Standard Chartered reviewed its operations and decided to focus on its core strengths of Consumer Banking, Corporate & Institutional Banking and Treasury in its well-established operations in Asia, Africa and the Middle East. This led to a series of divestments notably in Europe, the United States and Africa. During this time staff numbers were reduced; businesses not considered core were sold or closed; associate holdings disposed of; unprofitable branches closed and back office functions consolidated. In addition expensive buildings were sold with the proceeds reinvested in the business, and the senior management team was radically changed and strengthened.

Standard Chartered in the 1990s

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Even within this period of apparent retrenchment Standard Chartered expanded its network, re-opening in Vietnam in 1990, Cambodia and Iran in 1992, Tanzania in 1993 and Myanmar in 1995. With the opening of branches in Macau and Taiwan in 1983 and 1985 plus a representative office in Laos (1996), Standard Chartered now has an office in every country in

the Asia Pacific Region with the exception of North Korea. In 1998 Standard Chartered concluded the purchase of a controlling interest in Banco Exterior de Los Andes (Extebandes), an Andean Region bank involved primarily in trade finance. With this purchase Standard Chartered now offers full banking services in Colombia, Peru and Venezuela. In 1999, Standard Chartered acquired the global trade finance business of Union Bank of Switzerland. This acquisition makes Standard Chartered one of the leading clearers of dollar payments in the USA. Standard Chartered also opened a new subsidiary, Standard Chartered Nigeria Limited in Lagos, acquired 75 per cent of the equity of Nakornthon Bank, Thailand; and agreed terms to acquire 89 per cent of the share capital of Metropolitan Bank of the Lebanon.

Standard Chartered today

Today Standard Chartered is the world's leading market bank employing 30,000 people in over 500 offices in more than 50 countries. Primarily in countries in the Asia Pacific Region, South Asia, the Middle East, Africa and the Americas.

The new millennium has brought with it two of the largest acquisitions in the history of the bank with the purchase of Grind lays Bank from the ANZ Group and the acquisition of the Chase Consumer Banking operations in Hong Kong in 2000.

These acquisitions demonstrate Standard Charterer’s firm commitment to the emerging markets, where they have a strong and established presence and where we see their future growth.

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Standard Chartered Bank

Standard Chartered was formed in 1969 through a merger of two banks: The Standard Bank of British South Africa, founded in 1863, and the Chartered Bank of India, Australia and China, founded in 1853.Both companies were keen to capitalize on the huge expansion of trade and to earn the handsome profits to be made from financing the movement of goods between Europe, Asia and Africa.

Profile

Standard Chartered PLC is a holding company. Through its subsidiaries, the Company is engaged in the business of retail and commercial banking, and the provision of other financial services. The Company has over 1,600 branches and outlets in 71 markets.

 Company

The authorized capital of SCLL is PKR. 1 billion, whereas the paid up capital is PKR 978 million. This meets the minimum capital requirement of the Securities and Exchange Commission of Pakistan (SECP).

Network

The Head office and branch are located in Karachi, whereas others branches exist in Lahore, Islamabad, Faisalabad, Sialkot, Hyderabad and Peshawar and in other cities.

Company information

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Standard Chartered Network

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Branch Locations Sahiwal

Location Address Contact

Sahiwal

Sahiwal Branch 171/12-A Opposite

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Govt. Boys High School, High Street

4224467-73-83

ATM LocationsStandard Chartered Bank has a network of over 200 ATMs across Pakistan. To better guide our customers, we have created a directory of our ATM Locations. Wherever our customers are, our priority is to ensure they can access their funds 24/7

Location Address

Sahiwal

Sahiwal Branch 171/12-A Opposite Govt. Boys High School, High Street

ATM Services

Enjoy fast and convenient banking round-the-clock

With our ATM card, you can bank 24 hours a day - 365 days a year. Enjoy a host of banking services including cash withdrawals, funds transfer, balance enquiries, statement & cheque book requests, PIN changing facility and more.

Useful services offered just for you:Withdraw cash 24 hours a day 7 days a week.Pay credit card billsPay utility billsBuy prepaid mobile vouchers (Mobilink Jazz, Ufone, Warid, Telenor). 

Click here to view how to purchase mobile vouchers.Get a 'mini-statement' of your account whenever required.

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Request for a cheque bookRequest statement of account. This will be generated and mailed to youFunds Transfer:

Transfer funds from one account to another account within Standard Chartered Transfer funds from one account to another account ( Inter Bank Funds Transfer ) in any other participating member bank

To ensure safety, our ATM allows you to change your PIN whenever needed.

Mission Statement & Brand Values

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Mission Statement

“To offer outstanding value to our customers by providing knowledgeable, efficient and reliable services in a personal, helpful and responsive manner.”

Over the 150 years of quality services that SCB has provided to its customers, the Bank has had various mission Statements. However this is the one that is currently being followed by the organization.

Brand Values

From the above mentioned mission statement the bank has developed some very deep-rooted brand values. These values are mainly designed with the intention of communicating with the customers. However they also serve the purpose of showing each employee exactly what a customer expects when he walks into Standard Chartered. The employees are constantly reminded of the customer expectations and have to continuously evaluate how their behavior is conformant with what the customers have in mind. This is why it is common practice to display these values in almost each department and on all the notice boards.

These values are there for all employees and apply especially to the personal loans department. As it is the people of this department who are mainly going out to meet the customers and getting the opportunity to communicate these values to them.

The values that have been developed over the 150-year life of this organization are as follows:

CourageousA commitment to being there for you, in good times and bad. We help you achieve your aspirations by guiding you towards the right choice, not just the easy one.

ResponsiveWe are good on our word. We are accessible whenever and wherever you need us. Not only do we strive to deliver solutions, we also aim to exceed your expectations.

InternationalWe understand the balance between global and local. You trust us to be established and internationally networked, while at the same time sensitive to your individual needs. Our

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strong network across culture helps us build stronger relationships based on ideas, not formulae.

CreativeCreative thinkers are not limited by convention. They allow their minds to soar beyond predictable solutions. That's how we approach each challenge posed to us, which is why we base our products and services on ideas that are innovative, perceptive and instinctive.

TrustworthyWe respect you, and the life you live. By understanding your needs and tailoring the right financial solutions for you, we earn your trust.

Organogram of Standard Chartered Bank

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Types of accountsThe Standard Chartered mainly offers the following account types:

1. Saving Accounts

2. Current Accounts

3. Employee banking

Saving accountsFollowing are the types of saving accounts

Super save Account

Super save Account gives you full access to your funds at any time. Furthermore, you also qualify for a host of other services.

Special Features: Super benefits available on Supersaver Account: Minimum average balance requirement as low as PKR 25,000 Profit calculated on minimum monthly balance and paid half yearly Online Banking, ATM/Visa Debit Card, SMS Banking and Phone Banking services

available Access your funds through a network of 162 online branches in 41 cities and more than

2,500 ATMs across Pakistan

High Yield Account

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Enjoy the dual advantage of a current and savings account

Ideal for businesses that have high transaction volumes, the High Yield Account offers liquidity and returns for those who need flexibility. It provides a combination of current account flexibility with profit payment of a saving account.

Special Features: Highly beneficial features available on High Yield Account: Minimum average balance requirement as low as PKR 500,000 Higher returns on higher balances Profit calculated on daily balances and paid monthly Online Banking, ATM/Visa Debit Card, SMS Banking and Phone Banking services

available Access your funds through a network of 162 online branches in 41 cities and more than

2,500 ATMs across Pakistan

Easy Saver Account

You want to save and earn, we give you Easy Saver

You are smart, successful and on the go and want a bank which can keep pace with your lifestyle. Your account should be easy to understand, easy to access and easy to use so that you can enjoy the pleasures of life. Try Easy Saver Account. A simple banking solution that gives you 7.25% APY* on your savings!

Special Features: Salient features of an Easy Saver Account: Profit calculated on daily balances and paid monthly No minimum monthly average balance requirement

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Online Banking, ATM/Visa Debit Card, SMS Banking and Phone Banking services available

Access your funds through a network of 162 online branches in 41 cities and more than 2,500 ATMs across Pakistan

Bonus Saver

A savings account that gives you an opportunity to earn a high rate of return on your savings. Bonus Saver gives you a 'bonus' for saving. Earn upto 9% APY until you decide to reward yourself with a well deserved vacation, refurbishment of your home or just set it aside for a rainy day!

Special Features: Enjoy the following benefits with Bonus Saver Earn a maximum rate of 9% APY Earn a Bonus rate on your monthly average balance if you do not withdraw from your

account during that month Profit calculated on monthly average balance and paid out monthly Online Banking, ATM/Visa Debit Card, SMS Banking and Phone Banking services

available Access your funds through a network of 162 online branches in 41 cities and more than

2,500 ATMs across Pakistan

Return Rate Now, you can get a high rate of return without locking in your funds in a term deposit. You can

access your funds with a cheque-book or ATM/VISA Debit Card

Tiers Base Rate Bonus Rate

PKR 0 - 499,999 5.116% 5.116% (5.000% APR)

PKR 500,000 - 1,499,999 5.116% 7.500% (7.254% APR)

PKR 1,500,000 and above 5.116% 9.000% (8.649% APR)

*The rates are indicative and may change from time to time at the bank's discretion **Rates are quoted on Annual Percentage Yield (APY) basis.

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Flex Accounts

The flexible way to build your salary with more savings, more gains

The most flexible account ever for individuals who want more value from their salaries. Flex Account has no minimum balance requirement and has a host of other advantages to suit your needs.

Special Features Enjoy the flexibility with the features on Flex Account: No minimum balance requirement Profit calculated on minimum monthly balance and paid out monthly Online Banking, ATM/Visa Debit Card, SMS Banking and Phone Banking services

available Access your funds through a network of 162 online branches in 41 cities and more than

2,500 ATMs across Pakistan

Mahana Izaafa

Mahana Izaafa is a unique Rupee Saving Account which combines a high rate of monthly profit, flexibility of withdrawal and convenience in one. The special tiring structure ensures a higher profit on higher deposits. It is the smart choice of the profit minded who demand more than just profit from their bank account.

Special Features Profit calculated on minimum monthly balance and credited to your Mahana Izaafa

Account every month. So, you get extra cash at your disposal like an additional source of income every month or a second pay cheque with no extra effort.

Tiered profit structure: The amount of profit that you earn on your investment multiplies on the basis of your balance amount. This means the higher the investment, the higher the return.

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Tiers Base Rate

PKR 0 - 999,999 5.116% (5.000% APR)

PKR 1,000,000 and above 6.000% (5.841% APR)

*The rates are indicative and may change from time to time at the bank's discretion. **Rates are quoted on Annual Percentage Yield (APY) basis. Online Banking, ATM/Visa Debit Card, SMS Banking and Phone Banking services

available Access your funds through a network of 162 online branches in 41 cities and more than

2,500 ATMs across Pakistan

Current accounts:

Following Current Accounts are opened in SCB.

Basic Banking Account Rupee Current Account

Xtra Mile Current Account

Foreign Currency Accounts

Business Account

Sahulat Online Account

Basic Banking Account

Enjoy an unmatched combination of high returns and liquidity. In addition, our nationwide network of ATMs offers you 24-hour convenience in withdrawing your funds, ensuring that your money works for you, as you would like it.

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Special FeaturesExclusive benefits on Basic Banking Account: Current account, mandatory introduced by State Bank of Pakistan Non-profit bearing Minimum Balance Required: None Account Statements: Issued on annual basis Account closure: If balance is Nil for 180 days Fees: Maximum 2 free deposits & 2 free withdrawals allowed per month. (Rs 100 will be

charged after second transaction)

Rupee Current Accounts

You would like your bank to be with you, we have the account for you

For all your day to day transactions, open a Current Account today and enjoy the convenience offered via 162 online branches and a reliable country wide ATM network. Get easy access to your funds as well as enjoy the privileges of having a Rupee Current Account.

Special FeaturesHere is a quick summary of the salient features: Local Currency Transaction account Non-profit bearing Minimum Balance Required: PKR 10,000 Features: Unlimited withdrawals and deposits Offerings: (1) Chequebook (2) VISA debit card for local currency accounts Following Self Service banking facilities provided at time of account opening: Internet Banking SMS Banking Phone Banking Services

Xtra Mile Current Account

Extra Mile is a unique Current Account, which gives you a cash back every time you spend on fuel. This amazing feature comes along with all services that a standard Current Account offers.

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Special Features5 Great reasons to open an Xtra Mile Account

10% cashback on fuel every month which can save you upto Rs. 7,200/- in a year FREE debit card issuance Exclusively designed debit card "Online" Current Account accessible from more than 160 Branches across Pakistan Free Self Service Banking options:

o eStatements - Receive monthly statements on email

o Online Banking - Manage your account on the internet

o SMS Banking - View account information on your mobile

o Phone Banking - Manage your account over the phone

The Bank's standard Terms & Conditions shall apply to all Xtra Mile Current Accounts The bank reserves the right to revise the discount percentage used for calculating the

Cashback at any time. A cap on fuel spend amount in a month will be determined solely at the bank’s discretion

and will apply to all Cashback amounts.

Cash Back ExampleAs your monthly average balance increases, so does your cashback!

Monthly average balance requirement

Cap limit on fuel spend

Cashback Rate

Maximum cashback in a month

15,000 - 49,999 Rs. 1,000 10% Rs. 100

50,000 - 99,999 Rs. 3,000 10% Rs. 300

100,000 & above Rs. 6,000 10% Rs. 600

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Foreign Currency Accounts

When you are going international, dealing in foreign currencies should not be a hassle. As a special facility, Standard Chartered offers current, savings and term deposit accounts in foreign currency in addition to PKR deposits.

Special Features

Non-profit bearing Withdrawals: Only withdrawn by cheque/ No ATM withdrawals Minimum Balance Required:

o US$/GBP/EUR 2,000

o JPY 200,000

Fees:o No transaction charges

o Cash-handling fee is levied as per Schedule of Charges

Business Account

Take your business to soaring new heights with this account. Business Account provides efficient, accessible and convenient transactional capabilities of a world-class bank with highly competitive charge

Special Features Avail of the best transactional convenience on Business Account: Highly transaction current account aimed at rewarding the customer for their higher

average balance maintained Non-profit bearing

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Minimum Balance Required: Rs. 100,000 Features: Unlimited withdrawals and deposits Offerings: (1) Chequebook (2) VISA debit card for Local Currency accounts

Sahulat Online Account

Sahulat Online Account has been designed to provide efficient, accessible and convenient transactional capabilities of a world-class bank with highly competitive charges.

Special Features

Explore the exclusive features of Sahulat Online Account: Non-profit bearing/Local Currency Account Minimum Balance Required: Rs 50,000 Charges: PKR 50 will be charged if Monthly Average Balance not Maintained

Additional Features1 | 2

Highly competitive transactional charges:

PARTICULARS AT BRANCH PHONE BANKING

First cheque book Free Free

Subsequent cheque books

Rs. 3 / leaf Rs. 1.5 / leaf

Pay Order Rs. 50 / Pay Order

Rs. 25 / Pay Order

Pay Order cancellation Rs. 50 /- (Flat) NA

Cheque return charges Rs. 50 /- (Flat) NA

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Employee Banking

The Standard Chartered Bank (Pakistan) Limited offers Employee Banking that allows you to streamline salary payments and provides world-class banking facilities that sets your employees free to bank at their own convenience – from office, home or anywhere else.

The customers are offered a current account for salary with no minimum balance requirement under this program.

Benefits to the employerFollowing are the benefits to an employer for having a Corporate Salary Account: Efficient salary disbursals 

 o Web Upload - Transfer salaries directly from your deposit account with Standard

Chartered Bank (Pakistan) Limited to your employee’s accounts using Straight 2 Bank from your office. OR

o Single-instruction for salary credit - Same day salary credits for all companies having

Corporate Account with SCBPL Dedicated Relationship Manager for each corporate to understand the financial

requirements of your employees Dedicated Service Manager as a one point contact for all service related issues

Benefits to the employeeFollowing are the benefits to an employee for having a Corporate Salary Account:

Smooth Onboarding  

o Hassle free account opening procedures with minimum documentation at client’s

office premiseso Cheque book and ATM/Debit Card is handed over to the employees at their

office premises Wavier of minimum balance requirement 24/7 Phone banking, Online branch banking, evening banking* Attractive pricing on credit cards, lending and insurance products *Garden Branch, Karachi – evening banking till 8pm

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Eligibility

The organization must have at least 100 employees and the minimum after tax salary per employee should be PKR 20,000/month or more.

Rupee Term Deposits

Flexibility that's made to measure

You'll find our Rupee Term Deposits so flexible; you'll think they were made-to-measure just for you. With a perfect match of regular income and attractive returns, Standard Chartered Bank's Rupee Term Deposits are available in tenors ranging from 7 days to 5 years.

Special FeaturesSuitable features of Rupee Term Deposits:

Attractive returns Flexible deposit periods Choice of monthly, quarterly, semi-annual or annual profit payments Automatic renewal of deposit Free 24-hour Phone Banking Overdraft facility Minimum requirement for placement of Term Deposits is PKR 50,000 9AM - 5PM* Non stop Banking

Garden Branch Karachi evening banking until 8PM

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Mahana Aamdani Certificate

1 & 3 Year Term Deposit product with monthly payout

Special Features 1 & 3 years TD with monthly profit payout 11% APR (customer Rate) on year certificate & 11.25% APR on three year certificate Profit payout will be automatically credited into the customer’s account Profit can be accessed through ATM / VISA Debit card Un paralleled service through multiple channels Extensive branch foot print (162 branches- 41 cities) Free 24-hours Phone Banking 9AM-5PM Non-stop Banking Financial security- The only AAA rated Bank in Pakistan to offer these rates.

Safe Deposit Lockers

Give your valuables the maximum security features and facilities of Standard Chartered Safe Deposit Lockers. We safeguard your belongings as much as you would and ensure complete peace of mind and trust.

Special Features

Exclusive features available to you with Safe Deposit Lockers:

Maximum protection and securityStrong, heat-resistant steel lockers are lodged in reinforced concrete steel vaults in a locker complex protected against weather conditions, power failures, wired with highly

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sophisticated anti-burglary alarm systems, smoke-sensor's, backed by fire fighting equipment and 24 hour manned security.

Absolute privacy and comfort You will be provided complete privacy to operate your locker in a comfortable, centrally air-conditioned hall. Should you require any help, your locker custodian is standing by to offer friendly, personalised assistance.

Convenience of location and timing Your locker complex is only as far as your nearest branch. This convenience is further matched by our locker timings. Mondays to Saturdays, 9am - 5pm.

Variety of sizes availableYour safe deposit locker is available in various sizes to suit and accommodate your needs. For the perfect match, please contact your branch for more information.

LOCKER SIZE CUBIC FEET

Large > 2.0

Medium 1.0 – 2.0

Small 0.75 - 0.90

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Loans & Mortgages

Motgages:

Home Purchase

Turn your dreams into reality with Standard Chartered Home Purchase. With Standard Chartered Home Purchase you can purchase residential ready property for the purpose of self-occupation.Standard Chartered Home Loans gives you the unique feature of reducing your principal balance through partial and full pre-payments. For the convenience of our customers our highly skilled relationship managers make it an easy process. We will disburse your loan within 15 days, provided that all the relevant documents are submitted on time.With Standard Chartered you can own a house to call it a home. Choose your dream home and let us do the rest!

Special FeaturesSalient features for a smooth Home Purchase experience for you:

Repayment tenor of 1 to 20 years in monthly installments. Loan to value up to 60% of the property value Financing of up to PKR 30 Million Minimum Net Income as low as PKR 30,000 per month Markup rates for Mortgage Loan for Salaried is 1 year Kibor + up to 5% Margin To avail higher loan amount Standard Chartered Home Loans offers you the option of

Clubbing the income of your spouse and blood relatives

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Minimum age of the primary borrower should be >=25 years. Incase of co-borrower the secondary borrower should be either >=21 if income is being clubbed or >= 18 if income is not being clubbed

Processing fee is PKR 2,500 <= 1MM and PKR 3,500 > 1MM for approved and PKR 6,000 for unapproved / self-employed / businessmen respectively

Appraisal charges are PKR 4,000 and Legal fee is PKR 3,000. Mode of repayment would be Standing Instructions from the customer’s account. Prepayment penalty fee up to 10% of the Outstanding Balance

Documentation Completed application form Computerized National Identity Card (CNIC) - Photocopy 1 recent passport size photograph Property documents for which loan is required Employee Confirmation Certificate by authorised signatories for Salaried Proof of business for Self-employed Last salary slip & 3 month bank statement for approved company 6-month bank statement for Self-employed/unapproved companies OR Latest Tax

Documents Processing, Legal and Appraisal charges

Esate agent:Relax and sit back and allow our Preferred Estate Agents to find you the perfect home...Now finding you the perfect home is not at all difficult. Why run from one place to another when our preferred estate agents can help you find your dream home. These are professional and experienced real estate consultants who will help you find the perfect home that best suits your needs.You can call our Sales Managers to get more information about our Preferred Estate Agents

Home Credit

Your home is your most treasured asset. That is why its maintenance and upkeep is of most importance. So while you invest in its renovation / extension, let us take care of all your expenses. This facility is for home renovation / extension.Standard Chartered Home Loans gives you the unique feature of reducing you principal balance through partial and full pre-payments. This allows you to reduce your overall mark-up costs as and when you have access to additional funds. For the convenience of our customers our highly

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skilled relationship managers make it an easy process. We will disburse your loan within 15 days, provided that all the relevant documents are submitted on time.Loans against owner-occupied residential property for pre-defined purposes of home improvement / renovation, financing of education or for medical treatment.

Special FeaturesExclusive features available on Home Credit:

Loan amount of up to PKR 10,000,000 to fulfill your requirements Repayment tenor ranging from 1 to 10 years Loan to value maximum of up to 60 % of the property value Minimum Net Income as low as PKR 20,000 per month Markup rates for Mortgage Loan for Salaried is 16.59% & Self-employed is 17.59% per

annum To avail higher loan amount Standard Chartered Home Loans offers you the option of

clubbing the income of your spouse and blood relatives Minimum age of the primary borrower should be >=25 years PKR. Incase of co-borrower

the secondary borrower should be either >=21 if income is being clubbed or >= 18 if income is not being clubbed

Maximum age should be <=65 or retirement age at the time of maturity of the loan 1, 3, 5, 10 years floating rates and fixed rate option is also available Financing of property with value as low as PKR 800,000 Life and Property Insurance from the best companies and at the lowest insurance rates

to safeguard your interests Processing fee is PKR 2,500 <= 1MM and PKR 35,00 > 1MM for approved and PKR

6,000 for unapproved / Self-employed / businessmen respectively. Appraiser and Legal fees is PKR 4,000 and PKR 3,000 respectively

Documentation Completed application form Computerized National Identity Card (CNIC) - Photocopy 1 recent passport size photograph Property documents against which the loan is required Employee Confirmation Certificate by authorised signatories for Salaried Proof of business for Self-employed Last salary slip &amp; 3 month bank statement for approved company 6-month bank statement for Self-employed/unapproved companies OR Latest Tax

Documents Processing, Legal and Appraisal charges

Loans

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Swift Finance

Swift Finance is an efficient, accessible and convenient way of meeting all your short-term liquidity needs. With this, you don’t have to liquidate your long-term savings and investments set aside to meet your future financial goals.

Special FeaturesTake advantage of the salient features available with Swift Finance:

Financing up to 85% of your collateral amount Avail facilities at the most competitive rates in the market Markup charged only on the amount utilised and only for the number of days it is utilised Get your financing amount disbursed into your account in 7 working days *

Additionl features:

Competitive Rates*: We offer you the most competitive rates in the market. So you earn substantial returns on your investments and avail Swift Finance Facility to balance out your Cash needs.

Great Limits: With your Swift Finance Facility, you get a chance to avail financing from 50 % to 85 % depending upon the type of instrument you wish to deposit as collateral.

Flexible Markup Payment: You get a chance to choose the frequency of markup payment which suits your personal or business cash flow cycle. We offer quarterly and bi-annual markup payment frequencies to ease the impact on your cash flows.

Easy Access to Cash: With your Swift Account, you do not have to restrict yourself to make or withdraw cash from SCBPL Branches only. Now you can withdraw funds from any of our 200+ ATM machines across Pakistan. You can also use your VISA Debit Card to make purchases directly from your Swift Finance Account. Now you don’t need to carry large cash as your VISA Card is accepted by more than 10 million merchants in more than 160 countries.IllustartinForget the fear of defaulting if you do not service your monthly payment. We offer you the facilities at the most competitive rates available in the market with the option of servicing markup quarterly or bi-annually (whichever suits your cash flow cycle)Attached is the demonstration of how much you can save through Swift Finance.

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  Compared to Credit Cards

Compared to Unsecured Credit

Markup rate 34 % 24 %

Markup based on PKR 100,000 loan

30,000 24,000

Markup based on PKR 100,000 Swift Financing against Term Deposit

12,500 12,500 **

Savings 17,500 11,500

Through Swift Finance, you can save more than 50% on your annual markup.* All pricing is based on KIBOR** markup rates are for demonstration purpose only

Debit and Credit Card

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Visa Debit Card

Convenience of Visa Debit, using your own moneyWant access to your money wherever and whenever you want? With the Standard Chartered ‘Visa debit Card ’ you get the convenience of making purchases or withdrawing cash wherever Visa is accepted.Visa Debit Card is an ATM/Debit card that lets you shop worry-free and cash-free. No bill payments at the end of the month as you make purchases using your own money. You can use your Visa Debit Card almost anywhere in the world wherever you see the Visa symbol. It’s quick and secure and you can use it for purchases big or small.

Features at a glance Use your own money at 27 million outlets and 160 countries worldwide wherever Visa is

accepted Each withdrawal taken directly from your Standard Chartered Bank Account Enjoy peace of mind by not having to carry cash You can call support 24 hours a day, 7 days a week with any queries All POS transactions on your card are signature based. Simply swipe and sign!

Special features:Exclusive benefits available on Visa Debit Card:

Shopping: Use your debit card for all your shopping, at home and abroad

Petrol: Use your debit card to pay for petrol at any filling stations

Restaurant: Use your debit card to pay for dinner at your favourite restaurants

Cash: Use your debit card to withdraw cash at any Standard Chartered Bank ATM or any ATM worldwide that displays the Visa symbol

eStatement Service: With our eStatement service, you can relax and enjoy the convenience of receiving the summary of your debit card transactions on a monthly basis in your email inbox. Subscribe for this service, free of charge by filling out a form at your parent branch

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Choose your own PIN: You can generate your ATM PIN by calling up our 24Hr Helpline 111-002-002 and following the directions through IVR (interactive voice response). You may change your PIN any time by visiting the nearest Standard Chartered ATM.

Lost or stolen cards:If you become aware that your debit card is lost or stolen, immediately call our 24-hour Phone Banking at 111-002-002 / 0800-66-666 or from outside Pakistan call (9221) 111-002-002 / 0800-66-666 to report loss / theft. You are protected from financial liability arising from any unauthorised transaction done on your card after being reported lost/stolen. We’ll cancel your old card and order a new one for you straight away.

Fee and charges

Item Description

Card Fees

Issuance fee:Rs.500 for Current AccountRs.750 for Savings AccountAnnual card fee:Rs.500 for Current AccountRs.750 for Savings Account

Cash withdrawal / Balance Enquiry at SCB ATMs

No charges apply

Cash withdrawal / Balance Enquiry at non-SCB ATMs

Rs. 15 for cash withdrawalRs. 5 for balance enquiry

Credit Card

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Following different types of credit cards are available in SCB

Standard Chartered VISA Platinum Credit Card

The SCB VISA Platinum is more than just a credit card. It’s a lifestyle, guaranteeing you an unparalleled level of service wherever life takes you.The Standard Chartered Platinum Credit Card is offered in two variants:1. Standard Chartered VISA Platinum Credit Card2. Standard Chartered VISA PIA Platinum CoBrand Credit Card

Special Features:

1. VISA Platinum:The Standard Chartered Visa Platinum Credit Card symbolizes your success and encourages you to enjoy it. Take advantage of an unrivalled Rewards program and earn 5 Reward Points for every PKR 200/- that you spend. Redeem your reward points for any gift of your choice from our Treasures catalogue through the VISA Platinum Credit Card. You can now enjoy a comprehensive reward program that allows to you to redeem your reward points for exceptional gift items and much, much more. 

2. VISA PIA CoBrand Platinum:In addition to all the benefits of the Platinium Credit Card, the VISA PIA CoBrand Platinum offers an exclusive range of travel privileges with PIA's frequent flyer program; PIA Awards +Plus. 

15% Savings on PIA Tickets:Enjoy unmatched savings on international as well as domestic airfare. When you use your SCB

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VISA PIA CoBrand Platinum Credit Card to purchase your PIA Ticket from any one of PIA Booking Offices or PIA Reservation Counters, you will save 15% on the ticket’s airfare.

Complimentary PIA Awards +Plus Membership:You shall receive a Diamond Awards +Plus Membership Card absolutely free with your SCB VISA PIA CoBrand Platinum Credit Card. As a Diamond Award +Plus Cardholder, you are entitled to the following special benefits and many, many more: 

Earn 50% Bonus Airmiles on all PIA Trips Earn an additional 10% Airmiles on Economy Plus Class PIA Flights Earn an additional 25% Airmiles on Business Class PIA Flights Complimentary access to CIP lounges in Karachi, Lahore and Islamabad airports

Airmile Redemption & RewardsYou can now redeem your Airmiles against Free Tickets, Class Upgrades, Excess Baggage and a host of other exciting PIA Rewards.

MasterCard Titanium Credit Cards

The Standard Chartered MasterCard Titanium Credit Card is a value-added and distinctive credit card, uniting the exclusive privileges of MasterCard with never seen before Cashback benefits, guaranteed to help you manage your expenses in the most cost effective manner.

Special Features:

No matter where you are in the world, the premium MasterCard Titanium Credit Card allows you to enjoy round-the-clock travel and entertainment support with the vibrant Concierge Service program. All so you can relish personalized customer service as well as travel, dining and a host of other dynamic MasterCard benefits, truly befitting of your life status. 

MasterCard Cashback Credit Cards

Your Standard Chartered MasterCard Cashback Credit Card combines the global acceptability of MasterCard with amazing Cashback rewards.This revolutionary card promises you the most attractive and transparent rewards program in Pakistan; guaranteed Cashback on fuel, groceries and all other retail expenditures, absolutely

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anywhere in Pakistan! Plainly, this credit card is committed towards reducing the burden of your monthly expenses by ensuring that you save and gain every time you spend.

Special Features

Fuel:You can go to any fuel outlet in Pakistan to purchase fuel, lubricants, car-servicing, etc. and get an instant 5% Cashback on your transactions.Each month you can avail 5% Cashback on up to PKR 20,000 of fuel transactions, implying that you can save up to PKR 1,000 on fuel each month! Use your MasterCard CashBack Credit Card to save a maximum of PKR 12,000 on fuel related transactions every year! With the MasterCard CashBack, life was never this rewarding.

Supermarket:In addition to your Cashback rewards on fuel, you can also avail Cashback rewards at Supermarkets. You can go to any supermarket in Pakistan to buy groceries, detergents, toiletries, etc. and get an instant 5% Cashback on your transactions. Each month you can avail 5% Cashback on up to PKR 20,000 of supermarket transactions. Simply put, you can save up to PKR 1,000 on groceries every month!

Retail Transactions:Just when you think that the SCB Cashback Credit Card is just too good to be true, it gets even better. In addition to the PKR 2,000 that you can save each month on your fuel and grocery transactions, you will also get 1% Cashback on all other retail transactions. Whats more, this category has no upper monthly limit! All, so you can enjoy unlimited Cashback for life!

VISA Card

Standard Chartered VISA Card is a globally renowned brand that has world wide acceptance. You can avail of exciting features and benefits attached with this Card. Get ready to bring ultimate indulgence to your lifestyle.

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Exclusive features and benefits of VISA Card: Global Acceptability: 

Standard Chartered Credit Cards can be used at 24 million establishments across the globe in 210 countries including 10,000 in Pakistan displaying the Credit Cards logo.

Cash Advance Facility:

You can withdraw cash up to 30% of your available credit limit at any VISA/MasterCard ATM across the globe.

24hr Phone Banking: Quick and easy access to your credit details is just a phone call away! Just dial 111-002-002 and start making online transactions 24 hours a day, 7 days a week.

eStatements:Now you can receive your Credit Card statements through email anywhere in the world - absolutely free.

Dial -a- Draft:Make payments to places where cards are not accepted such as clubs, schools or utility bills. Just call our Customer Services and order a draft/Pay Order to be made. It will be delivered to you within 2 working days.

Treasures:

The most comprehensive rewards program for VISA/MASTERCARD Credit Card members packed with more style, variety and unbeatable value than ever before. For every Rs. 50 you spend on your Credit Card, earn 1 Treasure Point. So the more you spend, the more points you gain. Then simply exchange the accumulated Treasure Points from a range of exciting gifts present in our Treasures Catalogue.

Travel Privileges:

You also have the opportunity to avail some of the best travel packages, offered from time to time by Akbar Group - one of the largest airline reservation networks, representing most prestigious international airlines.

Zero Loss Liability: 

Isn't it comforting to know that if you lose your Card you would have nothing to worry about? You are covered for all fraudulent charges made on your Credit Card as soon as it has been reported lost to Standard Chartered. So make sure you report the loss immediately upon discovery.

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Easy Credit Card

One of the most unique products, the Pakistan Standard Chartered Easy Credit (EC) combines the power of a Credit Card with the convenience of a Cheque book. As an EC card member you will be entitled to a host of benefits that no other facility offers. EC provides you with the lowest financial charge and access to Standard Chartered services around the globe. This means that Easy Credit is the best credit facility offering more and more across the country.

Features and benefits of Easy Credit Card that make your life easier:

Lowest Service Charges:Standard Chartered Easy Credit Card offers you global acceptability with a higher than usual credit limit and a highly competitive financial charge of only 3.0% per month. Financial charges are levied on the amount from the transaction date and will apply on the billing date.

Cheque Book Convenience:When you receive your Easy Credit Card (EC) you also receive an Easy Credit Cheque book. As an added convenience you can issue EC Cheques in Pakistan to your friends and family or to anyone you absolutely please. Furthermore, you can also issue EC Cheques at all places where Credit Card processing machines are not available.

ATM Convenience:Your Easy Credit Card can also to act as an ATM Card. It lets you withdraw cash at ATMs bearing the MasterCard or M-Net logo worldwide.

Global Acceptability:With EC Card's global acceptability - you have no fear of running out of cash anywhere in the world. You can use your EC Card globally and benefit from MasterCard's legendary global acceptability.

American Express Credit Card

Standard Chartered proudly introduces the American Express Credit Card with its unmatched power, wide ranging prestige and complete financial flexibility. The Card is your one stop ticket to getting the finer things in life, while enjoying the success and recognition that you deserv

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Special Features

American Express SELECTSSM brings you a world of privileges with an exciting selection of year round offers and savings. Wherever you find yourself, from New York to London to Sydney, you'll enjoy exceptional value and privileges in travel, leisure, dining and shopping. So use your card now and discover an array of attractive benefits in key destinations worldwide.

Dining the American Express Way:Indulge in the finer things in life.

Host of special benefits offered on American Express Credit Card: Instant Recognition:

The American Express Credit Card is warmly welcomed at thousands of merchant establishments in Pakistan and millions worldwide. You can rely on it as your trustworthy partner while dining, shopping, and traveling or simply spending on a daily basis.

Revolving Facility: American Express Credit Card offers you the option of paying your monthly outstanding balance in full or over a period of time. A service charge of only 3% per month gives you an added comfort in managing your finances every month.

Balance Transfer:You can conveniently transfer the balances from your other credit or charge cards to the American Express Credit Card. With a balance transfer rate of only 1.67% per month, you may enjoy substantial savings on the service charges.

Express Cash:You can use the American Express Credit Card to avail instant cash advance facility from 200+ designated ATMs of Standard Chartered Bank in Pakistan and over 550,000 ATMs worldwide.

Travel Service Locations:American Express Credit Card has the power to redefine traveling, whether within the country or across the globe. The dedicated staff in more than 1700 American Express Travel Service Offices in over 130 countries is readily available to assist Card members with their travel-related needs. Invaluable assistance can be provided for travel arrangements, car rentals, local area/culture information and hotel bookings etc.

Marhaba - Meet and Greet Service: You can avail complimentary Marhaba - Meet and Greet Service on international travels at the Quaid-e-Azam International Airport Karachi. Trained staff of Marhaba will escort you through all check-ins to minimise the hassle of standing in long queues at the airport. The service is available at special rates and accompanying family members and friends, on both domestic and international flights.

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Free Travel Accident Insurance:Every time you use the American Express Credit Card to purchase airline or railway tickets, you and your spouse along with any dependent children under 23 years of age are automatically covered through Travel Accident Insurance. The cover amount is Rs. 60,00,000 on the Green Card and Rs. 1,20,00,000 on the Gold Card.

Membership Rewards:The American Express Credit Card earns you 1 Membership Reward point for every Rs. 50 spent on the Card (excluding cash advance and balance transfers). These points can easily be translated into exciting gifts from a wide range of categories including travel, retail, fashion, and dining to name a few.

24 - Hour Toll-Free Customer Service:As an American Express Card member you can enjoy round-the-clock access to customer service from virtually anywhere in the world.

American Express Reward ProgramAnnual Fee Waiver :: Camera :: Candy Bouquet :: Digital Bytes :: Dining :: Shopping :: Donation Option :: PerfumesHome & Entertainment :: Kitchen Appliances & Accessories :: Leather Accessories :: Magazine Subscriptions :: Pens :: Watches

ISLAMIC BANKING

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Islamic Banking

Islamic banking is a rapidly growing phenomenon in the global financial markets. Muslims have always shielded away from conventional banking, as it does not conform to their religious tenets.

Why SCB Islamic?Standard Chartered Bank is the largest international bank operating in Pakistan. With a presence of over 150 years in this industry, the bank is able to fully leverage its capabilities and product expertise to provide tailor-made solutions to its valued customers.Standard Chartered employs 38,000 people in 950 locations in more than 56 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas.Standard Chartered Bank, with an aim to respond to the desire of its customers for Shariah compliant solutions that are fully differentiated from our conventional financial services, offers Standard Chartered Saadiq, a wide suite of Islamic solutions, to its customers to meet financial needs without compromising their beliefs and values.Standard Chartered Saadiq PakistanStandard Chartered Saadiq, was established as a dedicated Islamic Banking Division within Standard Chartered Bank (Pakistan) Limited with an aim to meet the unique needs of its customersStandard Chartered Saadiq comprises a team of qualified professionals who design and structure Islamic financial solutions and ensure that they are in line with Shariah principles on Islamic banking and finance

Types of saadiq Account

Saadiq Current Account

When you deposit your funds in Standard Chartered Saadiq Current Account, you can be sure that your funds will only be used in a Shariah compliant manner. There are no interest-related charges on Saadiq Current Account.We at Standard Chartered Saadiq are committed to offering Shariah compliant banking services and ensure that your hard earned funds remain Riba-free.

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Benefits

Peace of mind in placing funds with a bank that uses it in Halal (Riba-free) transactions Complete transactional convenience Funds are accessible with Saadiq VISA Shopping Card 24 / 7 at over 2000 ATMs and

20,000 outlets in Pakistan Saadiq VISA Shopping Card is accepted at 1 million VISA network ATMs and 24 million

outlets worldwide World class benefits of Free Internet, SMS and Phone Banking services available 24 / 7

Saadiq Foreign Currency Current Accoun

Everyday solutions with responsibility

When you deposit your funds in Standard Chartered Saadiq Current Account, you can be sure that your funds will only be used in a Shariah compliant manner. There are no interest-related charges on Saadiq Current Account.We at Standard Chartered Saadiq are committed to offering Shariah compliant banking services and ensure that your hard earned funds remain Riba-free.

Benefits

Peace of mind in placing funds with a bank that uses it in Halal (Riba-free) transactions Complete transactional convenience World class benefits of Free Internet, SMS and Phone Banking services available 24 / 7

Salient Features

Shariah compliant current account

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Available in USD, GBP and EUR currencies Unlimited deposits and withdrawals Free online transaction(s) upto PKR 100,000/-per day (FCY Equivalent) Avail free Internet Banking, SMS, eStatement and Phone Banking services 24 / 7 via

phone banking

Saadiq Saving Account:

Saving with responsibility

At Standard Chartered Saadiq, we believe that banking should come with a peace of mind. That’s why we are happy to present Saadiq Saver that offers competitive profits on your investments without compromising your religious beliefs.

Benefits

Peace of mind in placing funds with a bank that uses it in Halal (Riba-free) transactions More savings – Higher Halal Profits Complete transactional convenience Funds are accessible with Saadiq VISA Shopping Card 24 / 7 at over 2000 ATMs and

20,000 outlets in Pakistan Saadiq VISA Shopping Card is accepted at 1 million VISA network ATMs and 24 million

outlets worldwide World class benefits of Free Internet, SMS and Phone Banking services available 24/7

Saadiq Sahulat Online Account

Transactions with responsibility

When you deposit your funds in Standard Chartered Saadiq Sahulat Online Account, you can be sure that your funds will only be used in a Shariah compliant manner. There are no interest-related charges on Saadiq Sahulat Online Account.We at Standard Chartered Saadiq are committed to offering Shariah compliant banking services and ensure that your hard earned funds remain Riba-free.

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Benefits

Peace of mind in placing funds with a bank that uses it in Halal (Riba-free) transactions Complete transactional convenience Funds are accessible with Saadiq VISA Shopping Card 24 / 7 at over 2000 ATMs and

20,000 outlets in Pakistan Saadiq VISA Shopping Card is accepted at 1 million VISA network ATMs and 24 million

outlets worldwide World class benefits of Free Internet, SMS and Phone Banking services available 24 / 7

Saadiq Term Deposit Account

At Standard Chartered Saadiq, we believe that banking should come with a peace of mind. That’s why we are happy to present Saadiq Term Deposit Account that offers competitive profits on your investments without compromising your religious beliefs.

Benefits

Peace of mind in placing funds with a bank that uses it in Halal (Riba-free) transactions More Investments – Higher Halal Profits No penalty on pre-mature upliftment (early withdrawal) Automatic Rollover Flexible profit payments

Salient Features

Shariah compliant fixed deposit account Minimum deposit placement of PKR 50,000 only Flexible profit payments Automatic Rollover

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3 options at the time of maturity:

  1. Rollover principal only  2. Rollover principal with profit only  3. Upliftment

No penalty on pre-mature upliftment (early withdrawal) Non-stop Branch Banking from 9 AM to 5 PM daily* (except Friday prayer break) 9 AM to 7 PM daily non-stop Branch Banking at selected branches (except Friday prayer

break)

Visa card types:

Sadiq visa debit card Sadiq visa credit card

Saadiq VISA Credit Cards

At Standard Chartered, we believe in respecting your values. We are pleased to introduce Standard Chartered Saadiq VISA Credit Cards – Pakistan’s first Shariah compliant Riba-free Credit Cards, which combine the international acceptability of VISA with worldwide reliability and excellent service.Saadiq VISA Credit Cards have been carefully developed by an international team of professionals with Islamic financial expertise, who ensure that our products are within the guidelines of Islamic finance. Saadiq Credit Cards operate on the ‘Ujrah’ concept which is based on a fixed fee structure, meaning that only fixed fee will be charged to the customer. The Card would not be levied with any floating percentage fee dependent upon the outstanding balance.Saadiq VISA Credit Cards give you the option of either paying the entire outstanding amount or pay only a minimum amount of the outstanding balance by the payment due date. In consideration of the continued usage of the card and the benefits and privileges associated with the Card, a fixed maintenance fee will be payable on a monthly basis.

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Features & Benefits Shariah Compliant Solution

Pakistan’s first Riba-free Credit Card that provides easy acceptability and convenience Fixed Fee Structure

The entire fee structure is based on fixed fee unlike conventional credit cards, where fee is a percentage of the outstanding amount or transaction amount

Global Acceptability

Your Standard Chartered Saadiq Credit Card can be used at more than 30,000 establishments in Pakistan and over 24 million locations worldwide. This gives you convenience, recognition and security wherever you are. With the Standard Chartered Saadiq Credit Card, you can pay for shopping, meals, travel, entertainment; virtually anything that money can buy. Whether you spend in dollars or in any other currency, all your billings will be in Pak Rupees.

Buy Now, Pay Later

With your Standard Chartered Saadiq Credit Card, you have a free credit period of up to 51 days to pay for your purchases. The Standard Chartered Saadiq Credit Card gives you the option of paying the minimum amount, which would be only 5% of your outstanding balance or Rs 500 (whichever is greater) by the payment due date. Maintenance Fee will be levied and the balance amount is carried forward. The following month, either pay the full amount, or if you wish, pay only the minimum amount due and revolve again.

Cash Advance

You do not need to carry cash any more, if you have a Standard Chartered Saadiq Credit Card. Any amount up to 20% of your credit limit is available to you as cash. You can obtain cash advance at ATMs and financial institutions worldwide displaying the Visa logo

24 hours Phone Banking Customer Service

You now have access to round-the-clock banking. At Standard Chartered Phone Banking, you can avail a variety of services through our self-service banking option or speak to your personal Phone Banker. The services available include Credit Card account balance information, bill payments and much more. Our Phone Bankers are available round-the-clock to register complaints and respond to your queries. For more information, just dial 111-002-002 or email us at: Ask.us@sc.com

eStatements

It's always our priority to provide our customers with optimal convenience. Standard Chartered offers you the facility to have your Credit Card statements emailed to you, so you can stay updated no matter where you are.

SMS Banking

Get the convenience, privacy and security of banking through your mobile phone. Receive

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instant access to your account information including your outstanding balance or payment due date. Simply register your mobile number with Standard Chartered SMS Banking and get complete control of your account whenever and wherever!

Internet Banking

Our free Internet Banking Service gives you the ability to manage your Credit Card and Bank Account 24 hours a day, 7 days a week.

Saadiq VISA Debit Card

When you carry out transactions using Saadiq VISA Debit Card, you can be sure that your funds will be withdrawn from your Shariah compliant account. There are no interest-related charges on Saadiq VISA Debit Card.We at Standard Chartered Saadiq are committed to offering Shariah compliant banking services and ensure that your hard earned funds remain Riba-free.

BenefitsExclusive features you can avail of on your Saadiq VISA Debit Card:

Access your funds whenever and wherever you need it Accepted 24 hours & 7 days a week at over 2,000 ATMs & 20,000 outlets in Pakistan

and 1 Million VISA network ATMs & 24 Million outlets worldwide Easy activation through our Phone Banking service available to you 24 hours & 7 days a

week Instant shopping, swipe your card and sign a receipt Hassle-free shopping Manage your funds, spend only as much as you have in your account Safer than carrying cash Travel the World with one card Note: Fees and Charges will be levied according to prevailing Islamic Banking Schedule

of Charges, whereas Taxes and Zakat will be applicable according to Government regulations and directives of State Bank of Pakistan.

EMPLOYEE BANKING

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Saadiq Payroll Current Account

Saadiq Payroll Current Account is a non-profit bearing Shariah compliant Current Account based on Islamic Principle of Qarz (loan) whereby account-holder is a lender and bank is a borrower. The bank invests the Saadiq Payroll Current Account funds in halal business ventures only. The funds are payable to account-holders as and when required.We at Standard Chartered Saadiq are committed to offering Shariah compliant banking services and ensure that your well-merited money remains Riba-free.

Special Features

No monthly minimum balance requirement Unlimited deposits and withdrawals No transaction charges Free Saadiq VISA Shopping Card Free First Cheque Book Free Online transaction up to PKR 100,000/- per day

Saadiq Payroll Savings

At Standard Chartered Saadiq, we believe that banking should come with a peace of mind. That’s why we are happy to present Saadiq Payroll Saving Account that offers competitive profits on your investments without compromising your religious beliefs.Saadiq Payroll Saving Account is based on the Islamic principle of “Mudaraba Mutlaqa” (Unrestricted Mudaraba) whereby the account-holder is the investor (Rabb-ul-maal) and the bank acts as an investment manager (Mudarib) who invests the account-holders’ funds in Islamic assets to earn profits and share with them based on their pre-determined weightages declared at the start of every month.The product structure is based on a profit & loss sharing concept hence it may lead to a possibility of a net loss in any given period in which case the same will be passed on to the account-holders (investors) and the Mudarib will not be compensated for its efforts and expenses incurred on investment activities performed on behalf of the account-holders.We at Standard Chartered Saadiq are committed to offering Shariah compliant banking services and ensure that your well-merited funds remain Riba-free.

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Special Features

No monthly minimum balance requirement Unlimited deposits and withdrawals Saadiq VISA Shopping Card Cheque Book Free Online transaction upto PKR 100,000/- per day

SWOT ANALYSIS

An analysis indicating towards the organizations strengths, weaknesses, opportunities and threat is termed as SWOT Analysis. Such an analysis is very important for the management in

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retaining the strength, overcoming the weaknesses, capitalizing over the emerging market opportunities, and carving ways to successfully tackle with the threats and ultimately converting them in the strengths for the organization.

STRENGTHS

Largest Foreign Banking Network:

The Standard Chartered Bank is the largest foreign banking network in Pakistan with 21 online branches in eight major cities of the country. The acquisition of ANZ Grind lays in the last year has given added further to the reputation enjoyed by the bank and the positive results have started to appear.

Comprehensive Range of Money Transfer Options:

Through Standard Chartered Bank, one has at his disposal, a comprehensive range of money transfer options including cashier's orders, drafts and telegraphic transfers. The bank ensures its customers that whether it's local or foreign currency transfer to local or overseas destinations, their money will reach its destination safely and quickly.

Automatic Operations:

The operations performed by the bank are highly automated that result in assurance for the customers that their transactions are completed reliably, efficiently and securely.

9 to 5 Non-stop Banking

One can avail the benefit of the services provided at the bank till 5:00 P.m. which is highly useful for those customers who find it difficult to leave their officers in the morning.

ATM Network

The bank, in collaboration with the Muslim Commercial bank, has the largest ATM Network cross the country. The customers of SCB can withdraw access their funds any time at more than 150 Sites with MNET Logo.

Customized Solutions

The management of the bank believes in customer focused banking rather than the product oriented banking. The products and services designed by the bank are specifically tailored to the individual needs of its customers.

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Electronic Banking

The revolution in the banking in the form of electronic banking operations have opened avenues of excellent, efficient and quick services saving the time and costs of the customers and fortunately SCB is among those few banks who are already reaping the benefits of electronic transactions.

Technological Advancements

SCB’s management is quite prepared to adopt the latest advancements in technology resulting in revolution in the banking operations such as check clearing process, computer based teller equipment, automatic teller machines, and electronic funds transfers among the others.

Phone Banking

Phone banking service is very attractive for those classes of customers who don’t have time to personally come to the bank i.e. banking on the phone line thus saving the precious time of the customers.

Attractive Facility Layouts

The layouts of the service sector are very important for achieving the client customer goal of fats service. The fast service is supported by the automatic operations, scanners etc. which are widely used by SCB. The use of ATM for banking operations has ensured reduced costs and convenience for the customers as well as for the management. SCB’s facility layouts are the physical expression of the technological choices, the capacity utilization and the communication systems that interconnect the processes.

Ethical concerns and Public Image:

The organizations showing concern for the people, ethics, and environment enjoy good public reputation and are able to reap the benefits in the long run. SCB’s management is quite sensitive to this issue. Recently, the bank conducted a walk in the favor of clean environment that is why the name of this bank is continuously going up day by day. People feel proud having attached to this organization in one way or the other.

WEAKNESSES

In my opinions these are the points that might be detrimental to the efficiency and profitability of the bank.

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Low Job Satisfaction

Understanding and the effective management of the human resources is the most difficult challenge faced not only by the bank but by all the organizations. Even though the people have been sacrificed in the new organizational developments, it is becoming clear that the true lasting competitive advantage comes through human resources and how they are managed. SCB seems to not focusing on this highly critical issue as the job satisfaction level of the employees working at SCB. These are some of the possible reasons of this low morale based on my personal judgment.

• Contractual Hiring

• Low Salary Package

• Job In security

• Sales Pressures

• No additional perquisites, facilities, allowances

• Management performance oriented and not employee oriented

• Centralized decision making and low empowerments

• Strict rules & regulations

• Delayed Promotions

• Lack of recreational facilities

Lack of specialization

This famous and useful concept given by Adam Smith in 1776 seems to be missing in the bank. The employees are constantly rotated from one job to another job of totally different characteristic in the view of giving them the know-how of the working in all the departments. But I think this is not a very good tactics used by the management. Otherwise the situation might be like this ‘Jack of all and master of none.’

Basic Banking Service

The BBS software used by the bank in preparing pay orders and drafts is not as efficient as it often gets low or stuck even resulting in arrogance and delay for the customer. The job also becomes hectic for the employee.

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Centralization

There is a high degree of centralization in the bank. Almost all the decision-making is in the hands of the upper management. But centralization is effective up to a certain level otherwise it becomes inefficient and at times costly too.Delay occurred in the operations of the employees only due to the fact that they had not got any instructions from the head office.

Lack of training facilities

Presently there is no specific training program arranged for the new recruiters. They have to learn based on their observations and also their mistakes. It takes a bit time for the fresh one to learn the banking the result is huge amount of blunders, mistakes etc. resulting in monetary and non-monetary losses for the bank. There is pressure not only on the new learner but also on the person placed upon with this responsibility.

OPPORTUNITIES

Apart from the ones discussed in External Factors Evaluation Matrix, the following threats and opportunities are being faced by the bank currently:

Wholesale/Corporate banking

The corporate bond market is still in its infancy in Pakistan. Few companies such as Pakistan Telecommunications Ltd. (PTCL) and Water and Power Development Authority (WAPDA) introduced corporate bonds for general public and received good response but no similar initiative was taken by other companies. Market for corporate bonds needs to be developed as it will offer greater opportunities to the bank.

Joint Ventures

In order to capitalize on the emerging market opportunities, joint ventures offer the best strategy. Standard Chartered so far has just three joint ventures, one with MCB, the other one with McDonalds and the last one with the Akbar Group of Companies.

But if we look at some of it competitors, we find out that they have formed a no. of joint ventures such as Alfalah Bank with 42 and Prime Commercial Bank with 33. So the bank should also undertake joint ventures in order to be successful opportunist.

THREATS

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High Employees Turnover

As discussed above, the job satisfaction level of the employee is very low resulting in high turnover which is bad for any organization as there are huge monetary and non-monetary costs involved in the fresh recruitments.

High charges

The schedules of charges indicate that the fees charged by the bank on the various services it provides are extremely high. It may result in decrease in the number of its exiting customers. Further more, this could be very alarming situation for the bank in case some of the competitors grasped the opportunity and lowered its rates. The result would be either the lost of market share or decrease in the charges resulting in lowering the bank’s income.

Less attractive rate of return

Commercial banks face considerable competition in attracting deposits from individuals or small investors. In contrast, the Govt. of Pakistan national saving scheme offers attractive rates of return (approx. 16 to 18 percent annually) on 10-15 year fixed accounts, which banks find difficult to match.

Stiff Competition

SCB is currently facing strict competition from the foreign banks especially the American who banks enjoy a good market position. Collectively U.S. banks hold approximately 9 percent of all commercial banks' assets. At present, three American banks are operating in Pakistan: American Express Bank; Bank of America and Citibank.

Less Experienced Staff

Owing to huge turnover of the employees, the no. of experienced and well trained staff is very low. Majority of the staff working in the bank branches is quite young and inexperienced. If the bank failed to bring down its high employees turnover, then it would be lacking the most important resources of any organization i.e. the experienced staff.

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Suggestions:

Flexible Policies

The bank should be adopt flexible policies, specially in the areas of the recruitment, promotions, evaluation of the employees otherwise the high turnover observed in the bank will continue to create problems for the bank now and in the future.

Job security

The employees in the organization should be insured job security so that there is no pressure on the employees while performing their tasks.

Permanent Hiring

The fresh hiring should be made permanent so that they are secured of their future. Further the allowances and perquisites attached with the permanent jobs will also increase the motivation level of the employees.

Job Training Programs

The bank should place emphasis on the organization of effective training and development programs for its new as well as existing employees so that these are gradually updated regarding the recent developments in the field of banking.

Perquisites and Allowances

The number of allowances and perquisites for the employees should be increased to ensure that they put their body and soul in the jobs assigned to them.

Revival of the Charges

The rates for the various charges provided by the bank should be brought down a bit as it would result in increase in the number of customers of the bank.

Adoption of Effective technology

The current BBS system used by the bank is very slow in processing so my view is that the bank should try to adopt some other but more effective form of technology in order to provide comfort to the customers as well as the staff.

Decentralization

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The higher authorities should form team-based management rather than centralized management. It would result in improvement in uplifting the morale of the employees. They will be more motivated and involved in all their operations resulting in overall effectiveness of the organization.

　

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