StanChart, Bahrain society ink banking agreement
Manama, February 26, 2013
Standard Chartered Bank has signed a partnership agreement with the Bahrain India Society as its official banking partner, strengthening ties between the bank and the local business community and within the SME sector in particular.
The signing ceremony took place at the society’s main offices in the presence of Hassan A Jarrar, Standard Chartered Bank CEO in Bahrain and Mohammed Dadabai, chairman of Bahrain India Society.
The society, which a non-profit organisation, has more than 200 members and conducts monthly meetings to promote business cooperation, trade flows and economic initiatives to benefit both Bahrain and India. Standard Chartered has a strong footprint in both Bahrain and India which can help facilitate SME financial transactions in India.
As part of the partnership, the bank will be able to conduct training sessions and round table discussions on market and sector trends.
“With a strong footprint in both Bahrain and India, we are well placed to support and facilitate trade and investment flows by helping large companies and government agencies trade with each other and invest, or helping SMEs navigate the complexities of cross-border trade and expansion into new markets,” Jarrar said. “The Indian community is an important pillar of the Bahraini economy - given that India is one of Bahrain's main import partners.”
“We would like to express our appreciation to Standard Chartered Bank for being our
2013 Banking Partner and we are very pleased be associated with a leading international bank. The Bahrain India Society aims to help and provide support to its members who have strong business and cultural ties in both countries. We are confident the partnership with the bank will help us realise our objectives throughout the year," Dadabai said.
In addition to the various current account packages designed for SMEs, Standard Chartered
Bank in Bahrain also offers the SME Finance Scheme (in collaboration with Tamkeen). Through this scheme, Tamkeen will offer the bank a 50 per cent guarantee for the total financing amount as well as subsidise 50 per cent of the profit payments due from the benefitting enterprises. The scheme offers Sharia-compliant financing enterprises incorporated in Bahrain, the statement said.
The bank also offers a dedicated SME help desk to address any service related issues, dedicated relationship managers that provide solutions based on the customer needs and the ability for SMEs to leverage on its international experience foreign exchange and trade transactions. – TradeArabia News Service