Bank introduces its first GCC/Arab Equity-linked product
Standard Chartered UAE, one of the leading international banks in the Emirates, has launched Khazana Note - its first GCC/Arab Equity-linked product and the first of its kind in the Gulf and Middle East.
"This ground-breaking product, with a six-year holding term, is targeted specifically at our international banking clients," explained Ray Ferguson, Chief Executive, Standard Chartered UAE. "Being the first in the market with a GCC/Middle East themed capital protected product, once again demonstrates our ability to lead the way."
Societe General Asset Management, a Standard and Poor's AA rated issuer, is providing the product to Standard Chartered UAE on an exclusive basis and managing the Khazana Note fund basket.
"Khazana Note is the first product in the GCC and Middle East that allows investors a capital guaranteed route to some of the best performing markets worldwide," added Ferguson. "Though we require a total initial investment of US $15 million for the structure to go ahead, we are extremely confident, given our first mover advantage and the consistent demand for regional products, that we can exceed this target."
Khazana Note's performance is linked to a dynamic basket of funds including, the Morgaon Stanley Emerging Europe and Middle East Fund, the Shuaa Capital Arab Gateway Fund, the Goldman Sachs Enhanced Cash Fund and Schroders SSF Dynamic Reserve Fund.
"Investors can look forward to positive growth in the basket," explained Ferguson. "The note has been structured around some very strong funds as evidenced by the strong regional reputation and stellar performance of the Shuaa Capital's Arab Gateway fund. With oil prices at an all-time high and recent corrections in several GCC economies, the time is right to gain exposure to these powerful market conditions."
The minimum investment in Khazana Note is US $20,000 with a nominal amount of US $1 per note. The offer period ends on September 18 this year, with the issue date scheduled for September 28 and the maturity date on September 28, 2011.
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About the company
Standard Chartered - leading the way in Asia, Africa and the Middle East, Standard Chartered employs 38,000 people in 950 locations in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. Standard Chartered is one of the world's most international banks, with employees representing 80 nationalities.
Standard Chartered PLC 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, securities services, foreign exchange, debt capital markets and corporate finance.
Standard Chartered is well-established in growth markets and aims to be the right partner for its customers. The Bank combines deep local knowledge with global capability.
The Bank is trusted across its network for its standard of governance and corporate responsibility as well as its commitment to making a difference in the communities in which it operates.
For further information please contact:
Niall McLoughlin
Head of Corporate Affairs
Standard Chartered Bank
Tel: 971 0 4 5070467
Fax: 971 0 4 3594174
Mob: 971 0 50 6251329
E-mail: niall.mcloughlin@ae.standardchartered.com
© Press Release 2005
