25 October 2004

Standard Chartered Bank, one of the leading international banks in the UAE, has reinforced its support of the local business community, focusing particularly on small to medium enterprises (SMEs), with the introduction of its Visa Business Debit Card, the first of its kind to be launched in the country and the first in the Middle East.

SMEs are an engine of local economic growth and employment and face unique challenges in trying to develop their businesses. Research carried out by Visa International into the SME sector indicated that there was a clear need for an effective solution to cash flow management problems. SMEs are looking to improve their accounting practices, have better control on expenditure, separate personal from business spend and access their account funds more conveniently.

The new card aims to respond to these needs giving employees increased convenience and security and providing employers with a flexible and effective means of controlling and tracking spending locally, regionally and globally.

?Standard Chartered is strongly committed to SMEs, a sector which continues to contribute significantly to the rapid economic growth of the UAE and remains committed to providing tailored solutions to the business community at large,? said Ray Ferguson, Chief Executive, Standard Chartered Bank UAE.

While specifically suited to SMEs, which Standard Chartered defines as a company with less than USD 5 million annual turnover, the flexibility and convenience of the card also make it an attractive business solution for large corporate account holders and multi-national corporations.

?The new Visa Business Debit Card will provide both our SME and corporate account holders with greater convenience, efficiency and control over expenditure.  Furthermore, specific business related benefits will be offered, such as discounts at international merchants and global assistance services,? Ferguson explained.

Cardholders can use the new cards, which are accepted at ATM machines and point of sale terminals globally, as a substitute for less efficient cash and cheques. This type of product, which carries the familiar Visa Flag, is only offered in markets with a high degree of electronic acceptance at point of sale reflecting the level of maturity of the local market.

?We are very proud to partner with Standard Chartered on this unique and flexible product and are particularly pleased to be able to support the development of business entrepreneurship in the UAE,? said Kamran Siddiqi, General Manager, Visa International.

?With enhanced security features, this product allows issuing banks to set more stringent risk control standards meaning they can reach an entirely new cardholder segment that may not have qualified for a Visa card in the past,? he added.

The Visa Business Debit Card will reduce the amount of paperwork required for purchases and remove the requirement for time-consuming approval processes. The card will also provide businesses with ultimate convenience, utility and acceptance when employees travel, both within the UAE and abroad. At the same time, it provides access to detailed transaction information, allowing businesses to track and monitor all purchases and expenses.  Individual, predefined spending limits can also be set for each card, which means employees are provided with different levels of spending power according to the needs of the employer.

?Standard Chartered is committed to being ?The Right Partner? to its customers by offering them a one-stop solution for all of their financial and banking requirements. The launch of the Visa Business Debit Card is another example of how we are working towards that aim,? added Ferguson.

-Ends-

Notes to Editors:
Standard Chartered Bank UAE   Leading the way in Asia, Africa and the Middle East
In Global terms, the United Arab Emirates represents the fourth largest market for the Standard Chartered Group. Operations began in the UAE in 1958 with the opening of a branch in Sharjah and the bank now has a presence across the UAE, with branches in Dubai, Abu Dhabi, Sharjah and Al Ain. Standard Chartered is one of the top international banks and the fifth largest bank in the country in terms of trading profits as well as the leading credit card issuer and also the number one Visa card issuer in the UAE.

The Standard Chartered Group employs 30,000 people in over 500 locations in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. It is one of the world?s most international banks, with a management team comprising 70 nationalities. Standard Chartered is listed on both the London Stock Exchange and the Stock Exchange of Hong Kong and is in the top 25 FTSE-100 companies, by market capitalisation.

It serves both Consumer and Wholesale Banking customers. Consumer Banking provides credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals and small to medium sized enterprises. Wholesale Banking provides corporate and institutional clients with services in trade finance, cash management, lending, security services, foreign exchange, debt capital markets and corporate finance.

The wealth of accolades that Standard Chartered UAE has received since its inception supports its commitment to becoming ??The Right Partner?? to customers, communities and investors. It has been awarded the Best Cash Management Bank, Middle East at the Euromoney Awards in both 2003 and 2004.

Standard Chartered Bank is committed to making a difference in the communities in which it operates. The bank strongly supports both international and local charity events and is trusted and caring in the communities in which it operates.

In the UAE, it has recently become the title sponsor of the Standard Chartered Dubai Marathon 2005 and the seasonal sponsor of the Arabian Gulf Rugby Football Union in addition to being a major supporter of the Dubai Community Arts Centre.

About Visa:
Visa is the world?s leading payment brand generating nearly US$3 trillion in annual card sales volume. Visa has unsurpassed acceptance in more than 150 countries. The Visa organisation plays a pivotal role in developing innovative payment products and technologies to benefit its 21,000 member financial institutions and their cardholders. Visa is a leader in Internet based payments and is pioneering the creation of u-commerce, or universal commerce??the ability to conduct commerce anywhere, anytime, and any way. For more information, visit www.corporate.visa.com 

Visa International is committed to working with governments, regulators and its member banks to support the development of a cashless society. Electronic payments such as Visa card payments support economic growth through increased banking deposits, which provide additional funds for commercial loans C the lifeblood of a growing economy - bringing benefits to consumers, merchants, the banking sector and the economy.

For further information, contact:
Niall McLoughlin
Head of Corporate Affairs,
Standard Chartered Bank
Tel: +971 (0) 4 5070467
Fax: +971 (0) 4 3594174
Mobile: +971 (0) 50 6251329
Email : niall.mcloughlin@ae.standardchartered.com

© Press Release 2005