They never believed much in branding, yet, their relationship with customers didn’t go down. We question Jaspal Singh. Bindra, Group Executive Director, Standard Chartered, to know how
As an international bank of repute; Standard Chartered has set unprecedented benchmarks in the global banking arena, especially in Asia, Africa and Middle-East. Their focus on these regions has helped them move out of the global financial crisis unhurt. With a proven strategy in place, it’s really a small wonder that Standard Chartered has combined its global capability, deep local knowledge and creativity to outperform its competitors in India. But what is more intriguing is the contribution of the bank’s India operations to its income statement. As per records, India is now the second largest market for Standard Chartered Plc. in terms of profit before tax. With such a bonding existing between the bank and India, it has now added one more brick to the 150-years old relationship by launching the first ever IDR in the country. 4Ps B&M’s DEEPAK RANJAN PATRA and AVNEESH SINGH run into Jaspal Singh Bindra, Group Executive Director, Standard Chartered Bank and question him about the bank’s future plans for India…

While many of your peers witnessed a fall in both toplines and bottomlines during the global meltdown, you grew 38% CAGR in terms of the last 3 years’ profit before tax. What was the reason behind your success?
We were disciplined and never lost sight of the basics of doing banking. We stayed true to our unique culture. That’s why even during the recession, we never needed to take any sort of help from any government or financial authorities. We never even required any kind of debt from the market during that period.

The global banking industry is undergoing a phase of consolidation. Do you have any M&A plans?
We will definitely look for such opportunities as and when we get a chance. But I must say, we are not completely dependent on mergers and acquisitions for achieving the desired growth. We believe in organic growth for creating value for our shareholders.

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Source : IIPM Editorial, 2010.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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