Stanchart Bank Unveils New Product
Wednesday, January 3, 2007
STANDARD Chartered Bank has launched import and export financing for small and medium enterprises (SMEs).
The product has an international trade account and the SME express trade product, Herman Kasekende, the SME Banking general manager, said last week.
He explained that the product was designed to make international trade cheaper, faster and convenient. Sh1m will be required to open this type of account.
Kasekende added that the operators of the international account would benefit from a multi- currency deposit account and better rates for purchase of foreign currency.
“There will be preferential pricing for customers with this trade account. They will make free telegraphic transfers across our global network,” he said.