Internship Report on Standard Chartered Bank Karachi 2009

Internship Report on
Standard Chartered Grindlays Bank, Centenary Branch, Karachi.





Submitted To:
Incharge Internship Program
Mrs. Sajida Nisar


Submitted By:
Rehan Meer
MBA 2000-52











DEDICATED
TO MY PARENTS AND MY NANI AMMI
ACKNOWLEDGEMENTS

‘In the name of Allah, the most Gracious, the most merciful’

Writing an internship report appeared to be a great experience to me. It added a lot to my knowledge while I was working on this report. If I say that this report is one of my memorable experiences in student life, then it would not be wrong.

Completion of internship report is not an easy task. It requires continuous hard work and zeal. Completion of this report would have not been possible with out the support of all staff members at the bank, my respected teachers, my friends and my well wishers. I would like to mention that Mr. Tariq Hamid, who is presently serving the bank as Area manager has been very kind and supportive through out my stay at the branch.

I would like to pay my gratitude to Professor Malik Ehsan Ahmad, Mrs. Sajida Nisar and all my respected faculty members for their guidance and assistance in the completion of this report.

My gratitude will always remain due to the University of the Punjab, especially Hailey College of Commerce and Institute of Business Administration for expanding my knowledge and experience. Both these prestigious institutions will have a lasting impact on my life.

May Allah Bestow His Blessings On All Of Us
PART 1 7
Introduction, History And Present Status Of The Organization 7
INTRODUCTION 8
HISTORY 12
PRESENT STATUS 18
The Merger 20
Strengthening position 21
ANZ pulls out 21
Objectives and Core Values 26
How will we win? 26
How will we deliver the challenge? 27
Core Values 27
Responsive 27
International 28
Creative 28
Trustworthy 28
Comparison Chart 29
Competitive Profile Matrix (CPM) 30
PART 2 32
Company Management System 32
Organizational Chart 33
Organizational Chart 33
Organizational Chart 34
Top Management 37
Policy Formulation Process 40
Policy Statement 40
Scope 42
Core Principles of This Policy 44
1. Respect for the Privacy of Employees 45
2. Data Protection and Privacy Laws 46
3. Collection and Use of Personal Data 48
4. Rights of the Individual 49
5. Sensitive Personal Data 51
6. Disclosure of Personal Data 53
7. Data Security 54
8. Cross Border transfer of Personal Data 55
9. Automated Decisions 56
10. Appointment of Delegates 57
Elementary housekeeping is vital 59
Laptop computers present special risks. 59
Names, Designations and Qualifications 60
Personnel In Each Department 61
Job Description Of Various Employees 62
Locker Custodian 62
Customer Relation Ship Officers (Job Description) 65
Bsu Teller Incharge (Job Description) 71
Standard Performance Assessment Form 82
Managerial Policies 82
Service Policy 83
Priority Centers 83
Speaking Up Policy 84
Human Rights Policy 84
Donations Policy 86
Audit Policy 88
Regulatory Audit 88
Group Audit 89
Internal Audit 89
Human Resource Policy 90
Pay For Performance 94
Product Promotion Policy 95
Investment Policy 96
Lending Policy 96
Research and Development Policy 97
Marketing Policy 98
Environmental Policy 99
Money Laundering Policy 100
Security Policy 101
e – Training 102
PART 3 104
Administrative / Management Styles 104
Administrative / Management Styles 105
PART 4 107
Production Facilities 107
Production Facilities 108
PART 5 112
Company Marketing Mix 112
Company Marketing Mix 113
Products 114
First Grindlays Modaraba 168
Place 171
Price 175
Promotion 182
PART 6 188
Company Accounting System 188
Financial Statements 189
Limitation 189
Balance Sheet As At 31st December 1998-2001 190
Income Statement for the Year Ended 31st December 1998-2001 191
Horizontal Analysis of Balance Sheet (Fixed Base Method) 192
Horizontal Analysis of Balance Sheet (Chain Base Method) 193
Interpretation of Balance Sheet 194
Horizontal Analysis of Income Statement (Fixed Base Method) 202
Horizontal Analysis of Income Statement (Chain Base Method) 204
Interpretation of Horizontal Analysis Of Income Statement 204
Vertical Analysis 208
Vertical Analysis of Income Statement 211
Vertical Analysis of Income Statement 212
Interpretation of Vertical Analysis of Income Statement 212
Accounting ratios 215
Liquidity Ratios 215
Interpretation 216
Coverage Ratios 221
Profitability Ratios 223
Activity Ratios 226
Other Ratios 228
PART 7 241
Training Program 241
Training Program 242
Functions of BSU 242
Cash Department 255
Lockers 256
Personal Financial Consultant Unit 257
Types of Accounts 257
Accounts Opening Procedure 260
Lending Functions 272
Financing 273
Assignments I handled 286
Strengths, Weaknesses, Opportunities and Threats (Swot) Analysis 289
PART 8 291
Conclusion And Recommendations 291
Conclusion 292
Recommendations 293
References 296



PART 1

Introduction, History And Present Status Of The Organization
INTRODUCTION
“Let Blue and Green Set the Standard for You”

With over 140 years of unrivalled commitment to this region, grow with Pakistan's largest foreign banking group and one of the world's leading banks which offer a rare combination of product and services benefits in 600 offices across 56 countries. In Pakistan, across 21 online branches in all four provinces, their competent, friendly staff insists that your business is carried out quickly and efficiently. Your helpful Personal Financial Consultant will look after all your needs from a single desk. What's more, their Priority Banking Centers offers an unmatched private banking service where customers receive a higher quality of service and personal attention in an exclusive and elegant environment. So let green and blue set the standard for you. With global headquarters at London, Standard Chartered is clearly the world's leading emerging markets bank with assets of over $90 billion, employing 30,000 people in over 500 offices in more than 50 countries primarily in the Asia Pacific Region, South Asia, the Middle East, Africa and the Americas.

In Pakistan, Standard Chartered Group comprises of Standard Chartered Bank and First Grindlays Modaraba. Standard Chartered has 21 branches in Pakistan; 9 in Karachi, 5 in Lahore, 2 in Islamabad and 1 each in Rawalpindi, Quetta, Peshawar, Sialkot and Faisalabad and offers Consumer Banking (incl. Credit Cards), Corporate & Institutional Banking (incl. Cash Management products & services), Global Markets, and Custodial Services to its customers. Standard Chartered has been providing banking services in this region for over 140 years. First Grindlays Modaraba has 3 offices in Pakistan; 1 in Karachi, 1 in Lahore and 1 in Islamabad, and offers leasing and Islamic finance facilities to its customers. First Grindlays Modaraba has been providing services in Pakistan for over 15 years.

Standard Chartered Grindlays1 ltd is a foreign banking company incorporated in the state of Victoria, Australia .The Group operates through a network of fifteen branches in Pakistan, which are engaged in the banking services as defined in the Banking Companies Ordinance, 1962. In Pakistan, Mr. Azhar Hamid is the Group Chief Executive under whose dynamic leadership; Standard Chartered Grindlays Bank is growing year by year. It derives its name after two banks - Standard Bank of British South Africa and the Chartered Bank of India, Australia and China - that merged in 1969. The Chartered Bank was founded in 1853 following the grant of a Royal Charter from Queen Victoria, and opened its first overseas branch ever in Calcutta, as it was then known.
Standard Chartered2 has been in Pakistan since 1863 and is one of the longest operating foreign banks. There are 6 branches that offer full banking services in corporate, institutional and consumer banking and custody services. Adopting a pro-active approach, we are able to offer a flexible and comprehensive range of financial services, in particular transactional banking products. We have also invested in our branches to ensure that our business is supported by high-tech operations using state-of-
the-art technology. We have dedicated Customer Service Centers with solution-oriented cash product specialists to provide our customers with cost-effective solutions. Electronic delivery system has been put in place to give our customers maximum control of their transactions. Pakistan's currency is the Rupee (SWIFT code: PKR).

Standard Chartered fully understands the importance of time, convenience and efficiency to the success of your business. We make easy the complex financial world for you and help you maximize every opportunity.

With over 140 years of experience in trade finance and an extensive international branch network, Standard Chartered is committed to help you succeed in every competitive environment. To keep pace with your changing needs, we will constantly review our comprehensive cash, trade and treasury products and services, ensuring that a full range of flexible and innovative services is always available for you wherever you trade.

The new millennium brought with it two of the largest acquisitions in the history of the Bank – the purchase of Grindlays Bank from the ANZ Group for a consideration of $1.34 billion and the acquisition of the Chase Consumer Banking operations in Hong Kong for $1.32 billion. These acquisitions demonstrate Standard Chartered's firm commitment to the emerging markets, where they have a strong and established presence and where they see their future growth.

Standard Chartered Grindlays Bank is the oldest and largest foreign bank in Pakistan. It enjoys a unique position in the financial sector of Pakistan. The Bank opened its first branch in 1884 in Karachi. Today the Bank operates 15 branches and staff strength of approximately 500. The 15 branch network includes 7 in Karachi, 3 in Lahore, 1 each in Rawalpindi, Islamabad, Peshawar, Quetta and Sialkot.















1 Standard Chartered Grindlays is incorporated in the State of Victoria, Australia. It has 15 branches in Pakistan.
2 Standard Chartered Bank is incorporated in England. It has 6 branches in Pakistan.
HISTORY
‘Believing since 1853’
Standard Chartered is the world's leading emerging markets bank headquartered in London. Its businesses however, have always been overwhelmingly international. Following is the summary of the main events in the history of Standard Chartered and some of the organizations with which it merged.

Standard Chartered is named after two banks which merged in 1969. They were originally known as the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China. Of the two banks, the Chartered Bank is the older having been founded in 1853 following the grant of a Royal Charter from Queen Victoria. The moving force behind the Chartered Bank was a Scot, James Wilson, who made his fortune in London making hats. James Wilson went on to start The Economist, still one of the world's pre-eminent publications. Nine years later, in 1862, the Standard Bank was founded by a group of businessmen led by another Scot, John Paterson, who had immigrated to the Cape Province in South Africa and had become a successful merchant. Both banks were keen to capitalize on the huge expansion of trade between Europe, Asia and Africa and to reap the handsome profits to be made from financing that trade. The Chartered Bank opened its first branches in 1858 in Chennai and Mumbai. A branch opened in Shanghai that summer beginning Standard Chartered's unbroken presence in China. The following year the Chartered Bank opened a branch in Hong Kong and an agency was opened in Singapore. In 1861 the Singapore agency was upgraded to a branch which helped provide finance for the rapidly developing rubber and tin industries in Malaysia. In 1862 the Chartered Bank was authorized to issue bank notes in Hong Kong. Subsequently it was also authorized to issue bank notes in Singapore, a privilege it continued to exercise up until the end of the 19th Century. Over the following decades both the Standard Bank and the Chartered Bank printed bank notes in a variety of countries including China, South Africa, Zimbabwe, Malaysia and even during the siege of Make king in South Africa. Today Standard Chartered is still one of the three banks which print Hong Kong's bank notes.

The Standard Bank opened for business in Port Elizabeth, South Africa, in 1863. It pursued a policy of expansion and soon amalgamated with several other banks including the Commercial Bank of Port Elizabeth, the Coles berg Bank, the British Kaffarian Bank and the Fauresmith Bank. The Standard Bank was prominent in the financing and development of the diamond fields of Kimberly in 1867 and later extended its network further north to the new town of Johannesburg when gold was discovered there in 1885. Over time, half the output of the second largest goldfield in the world passed through the Standard Bank on its way to London. In 1892 the Standard Bank opened for business in Zimbabwe, and expanded into Mozambique in 1894, Botswana in 1897, Malawi in 1901, Zambia in 1906, Kenya, Zanzibar and the Democratic Republic of Congo (D.R.C.), in 1911 and Uganda in 1912. Of these new businesses, Botswana, Zanzibar and the D.R.C. proved the most difficult and the branches soon closed. A branch in Botswana opened again in 1934 but lasted for only a year and it was not until 1950 that the Bank re-opened for business in Botswana. In Asia the Chartered Bank expanded opening offices including Myanmar in 1862, Pakistan and Indonesia in 1863, the Philippines in 1872, Malaysia in 1875, Japan in 1880 and Thailand in 1894. Some 34 years after the Chartered Bank appointed an agent in Sri Lanka it opened a branch in 1892 to take advantage of business from the tea and rubber industries. During 1904 a branch opened in Vietnam. Both the Chartered and the Standard Bank opened offices in New York and Hamburg in the early 1900s. The Chartered Bank gaining the first branch license to be issued to a foreign bank in New York.

Even the First World War offered opportunities for expansion when the Standard Bank set up a branch in Tanzania shortly after British troops occupied the formerly German administered Dar es Salaam in September 1916. Both banks survived the inter-war years but the world trade slump led to the closure of operations in the Canary Islands, Liberia, the Netherlands, and Equatorial Guinea. Disaster struck the Chartered Bank's office in Yokohama, Japan, when it was destroyed by an earthquake in 1923 killing a number of staff. The Chartered Bank was particularly effected by the Second World War when numerous Asian countries were occupied by Japan.

After the Second World War many countries in Asia and Africa gained their independence. This led to local incorporation in some countries, particularly in Africa. Other operations such as those in Iraq, Angola, Myanmar and Libya were nationalized, while in Indonesia the Jakarta office was destroyed in an attempted coup d'etat. In 1948 the Chartered Bank opened in Bangladesh and during 1957 it acquired the Eastern Bank. The Eastern Bank gave the Chartered Bank a network of branches including Aden, Bahrain, Beirut, Cyprus, Lebanon, Qatar and the United Arab Emirates. The Chartered Bank also entered into a joint venture to form the Irano-British Bank which opened for business in 1959. The bank grew rapidly and had 24 branches when it was nationalized in 1981. By the mid 1950s the Standard Bank had around 600 offices in Southern, Central and Eastern Africa. Its network grew substantially in 1965 when it merged with the former Bank of British West Africa which had some 60 branches in Nigeria, 40 branches in Ghana and eleven branches in Sierra Leone in addition to operations in Cameroon and Gambia. Despite these acquisitions and expansion into new countries such as Mexico, South Korea and Oman (1968), both the Standard and Chartered Bank networks were comparatively small. Both viewed the future with some trepidation as the need to protect them from acquisition became ever more apparent. Standard Chartered PLC In 1969 the decision was made by the Standard Bank and the Chartered Bank to undergo a friendly merger thus forming Standard Chartered PLC. It was one year later that the descendants of the "Chartered Bank of India, Australia and China" were finally permitted to open a representative office in Sydney, Australia. Standard Chartered subsequently acquired the UK based Hodge Group, in which it already had a minority shareholding, and the Wallace Brothers Group. The Hodge Group brought to Standard Chartered an extensive network of UK offices specializing in installment credit and industrial leasing, and after a period of rationalization its name was changed to Chartered Trust Limited. Standard Chartered's operations in Jersey emerged from the integration of other Hodge Group businesses with those of Wallace Brothers Bank (Jersey), Limited.

Standard Chartered decided, after the merger, to expand the Group outside its traditional markets. In Europe a number of offices were opened including Austria, Belgium, Denmark, and Ireland, Spain and Sweden as well as several major cities in the UK. Standard Chartered also opened offices in Argentina, Canada, Colombia, the Falkland Islands, Panama and Nepal. In the USA a number of offices were opened and three banks were acquired. These included the Union Bank of California which gave Standard Chartered a presence in Brazil and Venezuela. The opening of a branch in Istanbul in 1986 was overshadowed by a far more dramatic event when Lloyds Bank of the UK made a hostile take-over bid for Standard Chartered. Standard Chartered won its right to remain independent but entered into a period of considerable change.

By the late 1980s Standard Chartered already had considerable exposure to third world debt. To this were added provisions against loans to corporations and entrepreneurs who could not meet their commitments. Standard Chartered reviewed its operations and decided to focus on its core strengths of Consumer Banking, Corporate & Institutional Banking and Treasury in its well established operations in Asia, Africa and the Middle East. This led to a series of divestments notably in Europe, the United States and Africa. During this time staff numbers were reduced; businesses not considered core were sold or closed; associate holdings disposed of; unprofitable branches closed and back office functions consolidated. In addition expensive buildings were sold with the proceeds reinvested in the business, and the senior management team was radically changed and strengthened.

Even within this period of apparent retrenchment Standard Chartered expanded its network, re-opening in Vietnam in 1990, Cambodia and Iran in 1992, Tanzania in 1993 and Myanmar in 1995. With the opening of branches in Macau and Taiwan in 1983 and 1985 plus a representative office in Laos (1996), Standard Chartered now has an office in every country in the Asia Pacific Region with the exception of North Korea. In 1998 Standard Chartered concluded the purchase of a controlling interest in Banco Exterior de Los Andes (Extebandes), an Andean Region bank involved primarily in trade finance. With this purchase Standard Chartered now offers full banking services in Colombia, Peru and Venezuela. In 1999, Standard Chartered acquired the global trade finance business of Union Bank of Switzerland. This acquisition makes Standard Chartered one of the leading clearers of dollar payments in the USA. Standard Chartered also opened a new subsidiary, Standard Chartered Nigeria Limited in Lagos, acquired 75 per cent of the equity of Nakornthon Bank, Thailand; and agreed terms to acquire 89 per cent of the share capital of Metropolitan Bank of the Lebanon.

PRESENT STATUS
Today Standard Chartered is the world's leading emerging markets bank employing 30,000 people in over 500 offices in more than 50 countries primarily in countries in the Asia Pacific Region, South Asia, the Middle East, Africa and the Americas.

The new millennium has brought with it two of the largest acquisitions in the history of the bank with the purchase of Grindlays Bank from the ANZ Group and the acquisition of the Chase Consumer Banking operations in Hong Kong in 2000.

These acquisitions demonstrate Standard Chartered firm committed to the emerging markets, where we have a strong and established presence and where we see our future growth.

Standard Chartered Grindlays Bank is the oldest and largest foreign bank in Pakistan enjoying a unique position in the financial sector of Pakistan. The Bank opened its first branch in 1884 in Karachi. Today the Bank operates 15 branches and staff strength of approximately 500.
The 15 branch network includes 7 in Karachi, 3 in Lahore, 1 each in Rawalpindi, Islamabad, Peshawar, Quetta and Sialkot.
Corporate & Institutional Banking focuses on relationship banking to offer a single window for servicing the needs of corporate customers. The product range consists of working capital finance, term finance, trade finance and correspondent banking services along with fund transfer facilities and electronic banking through link products.
Consumer banking shares the group vision to make Banking an enjoyable experience for customers. Our products are designed to bring value to our customers and cater to their individual needs. Our broad range of Products and Services includes Deposit accounts, Credit Cards, 24 hrs ATMs, Lockers, fund transfer, trade finance, loans and overdraft facilities.
Standard Chartered Grindlays VISA is a globally accepted credit card welcomed at locations displaying the Visa logo. The Card can be used at over 14 million establishments in 160 countries around the globe and over 10,000 outlets in Pakistan. The attractive features of Standard Chartered Grindlays VISA include revolving credit facility, zero loss liability, hotel & travel privileges, travel insurance cover and hospital income plans. Card member can also avail banking services such as Dial 'a' Draft and Auto debit facility, backed by 24 hour customer service.
Standard Chartered MasterCard is the other card product from the Bank. The card is a practical solution for pragmatic, long-term purchases. The product offers a low financial charge of 2.33% per month.
Standard Chartered Grindlays Bank is one of the first foreign banks to have introduced 24 hours, 7 days a week ATM service in Karachi back in 1991. ATM cards give round the clock access to a customer's Bank account enabling them to withdraw and deposit cash at their own convenience. ATM Card is also a Cheque Guarantee Card enabling customers to encash personal cheques from any of our 15 branches in Pakistan. The Bank has the largest ATM network amongst the foreign banks with 9 ATMs, four in Karachi, two in Lahore and one each in Islamabad, Rawalpindi and Peshawar.
Standard Chartered Grindlays is one of the few banks in Pakistan that offers a complete range of investment banking services. Investment Banking Division comprises of specialist units that offer global corporate finance & advisory skills as well as project finance and capital markets & syndications expertise. As such our services include advice on privatization, mergers & acquisitions, divestitures, financial and operational restructuring, as well as project financing, loan syndications, private placements of debt and equity, underwriting and the development/structuring and flotation of securities.
As a major global bank, Standard Chartered Grindlays Bank has paid particular attention to the development of its international banking activities. International Network Services is a specialized unit that provides a full range of Trade, Correspondent banking and Custodian services products.
Financing through a Modaraba in 1987 - "First Grindlays Modaraba". First Grindlays Modaraba has now become a leading Islamic leasing modaraba which is actively contributing to the development of Islamic modes of financing.

The Merger

"We are going to take the advantage of the opportunity as the combined network of products and services will reduce our costs with higher per client lending limits,".

(Zahid Rahim, chief executive, SCBP)
The British-based bank Standard Chartered has bought the Grindlays network of branches in South Asia and the Middle East.
It has paid the Australia and New Zealand Banking group (ANZ) $1.3bn in cash.
The development makes Standard Chartered one of the biggest banks in the region.
Standard Chartered has a long-established presence across Asia, but this move means it is now competing to be the biggest foreign bank in several countries, including India, Pakistan and Bangladesh.

Strengthening position
This is Standard's biggest takeover yet, and chief executive Rana Talwar said this would probably be the last one in South Asia.
Instead it will be looking to strengthen its position in important East Asian markets including Taiwan and Thailand.
That in itself is a sign of how far the bank has now come.
Since the appointment of Indian-born Mr. Talwar in 1998, the bank has focused on Asia's recovering economies.

ANZ pulls out
Grindlays is a respected name across the region with most of its 870,000 customers in India - its network of branches in villages means it is more like an Indian bank than a foreign one.
But in recent years ANZ has struggled to squeeze out profits, after making heavy provisions for bad debts.
However, Standard Chartered said that Grindlays made around $100m in the past few years.
Analysts say ANZ is getting a decent price for what had been a problem business.
In return the move allows ANZ to focus more on markets closer to home.
As for consumers - they will see one less big competitor among the foreign banks - but the takeover underlines Standard Chartered's commitment to being a dominant force in the region.
Standard Chartered Bank3 concludes integration process in Pakistan
Standard Chartered Bank, in a landmark transaction, acquired the Grindlays operations in the Middle East and South Asia, from the ANZ Banking Group on 31st July 2000. Since then, the process of integration has been in progress in terms of aligning the systems and processes of the two banks.
Standard Chartered Bank is pleased to announce that all aspects of this exercise have been successfully accomplished and with the formal amalgamation approval from the State Bank of Pakistan, the Pakistan operations of Grindlays have been amalgamated with Standard Chartered Bank, today. As a result, the amalgamated entity will be known as Standard Chartered Bank, effective December 1, 2002.
In Pakistan, Standard Chartered is the largest foreign bank and the only one with a presence in every province. Customers of the Bank can enjoy access to a wide network of 21 branches and over 120 ATMs across Pakistan.

“The merger of Grindlays with Standard Chartered Bank will create the premier international bank in Pakistan and put us in a position to deliver significant benefits in terms of network, products and customer service”, said Azhar Hamid, Chief Executive, Standard Chartered Pakistan. He also placed on record, "the exceptional level of support and encouragement from the State Bank of Pakistan during the integration process."
“The significant value that the Grindlays franchise has brought to the Standard Chartered Banking Group was clearly reflected in our annual results for the year 2001-2002 and Pakistan is now a key market for growth within the Group”, he added.

The two banks will begin to operate as a single legal entity under a new corporate identity, the logo of which has been incorporated across all branches in Pakistan. The Bank's new logo has been changed to invigorate the brand, making it distinctive and appealing to our customers. In essence, it reflects the Bank's most desirable Brand proposition, “The Right Partner”.

Mr. Azhar Hamid added, "A true partnership is based upon shared goals, as well as a deep and underlying trust. We believe that how we are seen and how we act are key factors in keeping and strengthening our relationships with our customers. Our new logo reflects the values, which underpin our future development and progress. Over the ensuring weeks, all our branches, ATMs, advertisements, stationery and marketing material will start to use our new identity."
Standard Chartered Group And First Grindlays Modaraba (FGM)
The Standard Chartered Group is a London based international bank, focused on emerging markets of Asia, the Middle East, Africa and Latin America, with a network of over 600 offices in more than 56 countries and assets of approximately USD 90 billion. In Pakistan, the Group comprises of Standard Chartered Bank and Standard Chartered Grindlays Bank, the largest foreign banking group of the country, with a total 21 branches nationwide. The Standard Chartered Group has 100% management control of FGM which is one of the largest leasing entities in the country with gross leased assets of over Rs. 3.5 billion. FGM maintains the highest entity rating in the modaraba sector of A2 which signifies a modaraba in outstanding financial condition with a consistent record of above average performance.
COM scheme of FGM has been formulated within parameters laid down by the Religious Board and has been specifically approved by the Securities and Exchange Commission of Pakistan. These certificates are similar to certificates of investments of leasing companies with maturities ranging from 3 months to 5 years. For only Rs.10,000 you can invest in COMs directly from FGM or across 21 Standard Chartered Bank (SCB) or Standard Chartered Grindlays Bank (SCGB) branches without even opening an account. COMs pay profits quarterly and the certificate is transferable and encashable at any time. These transfer and encashable features are similar to those found in shares of a company and make COMs extremely liquid.
A certain percentage of total profits (stated on the face of each certificate) is shared by FGM's certificate holders (shareholders) and the COM holders. The profit (and also the encashed/matured principle) can be credited to any SCB or SCGB account on a quarterly basis or if the investor does not have an account with these banks the profit cheque is delivered to the investor's address.
The COM scheme affords many safeguards to its investors like, disclosure of credit rating on all offer for sale and advertising materials, publication of quarterly profit and loss account in two national dailies for the information of COM holders, premature encashment at any time, appointment of a Trustee (A.F.Fergusons & Co.) to oversee the use of a Redemption Reserve Fund created for premature encashment and strict reporting requirement of the SECP.
FGM's web site (www.grindlays modaraba.com) contains inter-alia, full terms and conditions of the COM scheme.



















3 In December 2002, the integration process has been completed. Now both the banks are operating under the name of Standard Chartered Bank having 21 branches of Pakistan. Mission Statement
Our aim is constantly to provide world class service for our customers, deliver value for our shareholders and make Standard Chartered a great place to work for our employees

Objectives and Core Values

Our objective is to offer outstanding value to customers by providing knowledgeable, efficient and reliable service in a personal, helpful and responsive manner. And, we are committed to consistently offer superior, differentiated financial solutions helping customers manage their money better.

· We need to be fast, focused and determined.

· Its tough out there – we face brutal challenge from both global competitors and local banks.

· Like the leopard – be more agile, move swiftly, respond faster and work smarter.

How will we win?
· Focus
Wealth management, secured loans } creating value
Unsecured loans, BFS and } for customers and shareholders
Shared distribution } and employees

· Transformation
Focus our organization against the opportunities } 5 core values
· Involvement and mobilization
Teamwork } delighting customers

How will we deliver the challenge?
· Focused objective
· Winning as a team
· Excellence in delivery
· Relentless quality
· Sales

Core Values
The bank believes in the following five core values
Courageous

A commitment to being there for you, in good times and bad. We help you achieve your aspirations by guiding you towards the right choice, not just the easy one.

Responsive
we are good on our word. We are accessible whenever and wherever you need us. Not only do we strive to deliver solutions, we also aim to exceed your expectations.

International
We understand the balance between global and local. You trust us to be established and internationally-networked, while at the same time sensitive to your individual needs. Our strong network across cultures helps us build stronger relationships based on ideas, not formulae.

Creative
Creative thinkers are not limited by convention. They allow their minds to soar beyond predictable solutions. That's how we approach each challenge posed to us, which is why we base our products and services on ideas that are innovative, perceptive and instinctive.

Trustworthy
we respect you, and the life you live. By understanding your needs and tailoring the right financial solutions for you, we earn your trust.

VISION STATEMENT
Be the emerging markets leading consumer bank winning 2 * economic profit in 2 to 3 years

Comparison with Other Banks

Comparison Chart


S.No NATURE OF SERVICE SCB CITI BANK BANK ALFALAH UNION BANK FAYSAL BANK
1 ATM Yes Yes Yes Yes
2 Credit Cards Yes Yes Yes Yes
3 Car Financing Yes Yes Yes Yes Yes
4 Drop Box Yes Yes ----- ----- -----
5 Lockers Yes Yes Yes Yes -----
6 On Line Banking Yes Yes Yes Yes
7 E Banking ------ Yes ------ ------ ------
8 Personal Loans Yes Yes Yes Yes
9 Employee Turn Over High High Low Moderate High
10 Phone Banking Yes Yes ------ ------ ------
11 Timings 9to5 24hrs 9to5 9to5 9to5
12 Profit Rates Moderate Moderate High Moderate Moderate
13 Management Good V.Good Good Good Good
14 Job Insecurity High High Low High High
15 Pay O.K Good Good O.K O.K
Min. Req. on
16 Savings A/c Rs25000 Rs25000 Rs5000 Rs25000 Rs20000
17 Current A/c
Rs25000 Rs1 Lac Rs10000 Rs25000 Rs10000
18 Business A/c
Rs2 Lac Rs2.5 Lac ----- ----- Rs1 Lac





Competitive Profile Matrix (CPM)
The competitive profile matrix identifies the firm’s major competitors and their particular strengths and weakness in relation to sample firms’ strategic position.
To have a look on the market standing of Standard Chartered Grindlays we will just compare it with Bank Alfalah following the procedure of CPM. The factors and the calculations are as under:


Critical success factors
Weights
Bank ALFALAH STANDARD CHARTERED BANK
Rating Score Rating Score
Market development 0.1
4 0.4 4
0.40
Product mix 0.1 4 0.4 4 0.40
Service mix 0.17 4 0.68 4 0.68
Advertising 0.09 2 0.18 2 0.18
Customer mix 0.05 3 0.15 2 0.10
Market share 0.1 3 0.3 3 0.30
Global reach 0.09 3 0.27 3 0.27
Technology management 0.1 4 0.4 2 0.20
Priority centers 0.03 4 0.12 3 0.09
Social responsibility 0.05 2 0.10 2 0.10
Call Centers 0.05 2 0.10 3 0.15
Professional Management 0.05 3 0.15 3 0.15
ATM facility 0.05 3 0.15 4 0.20
Market Response 0.05 3 0.15 3 0.15
Total 1.00 3.55 3.37


The score of both the banks are near to 4.which shows that market standing for both the banks is pretty good. While comparing both the figures of 3.55 and 3.37 we cannot say that Bank Alfalah is 0.18% better than the Standard Chartered Bank. These are just the assumed figures and don’t give us the exact difference but only shows the comparative upper hand.






PART 2

Company Management System








Organizational Chart

Organizational Chart

BOARD OF DIRECTORS
EXECUTIVE DIRECTORS
GROUP CHIEF EXECUTIVE (region)
HEAD OF COR HEAD OF CORPORATE & INSTITUTIONAL BANKING & CHIEF EXECUTIVE


GROUPs GrouGROUP’s SENIOR REPRESENTATIVE & CHIEF EXECUTIVE (country)





Organizational Chart



HEAD OF
FINANCE AND ADMIN
CHIEF OPERATING
OFFICER
HEAD OF GROUP
TECHNOLOGY SERVICES
SENIOR
CREDIT OFFICER
HEAD OF
TREASURY
HEAD OF
HUMAN RESOURCE
HEAD OF
CONSUMER BANKING
HEAD OF
EXTERNAL AFFAIRS
HEAD OF CORPORATE & INSTITUTIONAL BANKING & CHIEF EXECUTIVE

















Organizational Chart Centenary Branch
Top Management
Azhar Hamid
Group's Senior Representative & Chief Executive
Standard Chartered Grindlays
Tel:
(92-21)241 6541, (92-21)241 4131
Fax:
(92-21)241 4914
Ahmed Rehman
Head of Corporate & Institutional Banking & Chief Executive
Standard Chartered Grindlays
Tel:
(92-21)241 9075, (92-21)241 5510
Fax:
(92-21)241 8788
Imran Ahad
Head of Treasury
Standard Chartered Grindlays
Tel:
(92-21)242 3570
Fax:
(92-21)242 7617
Abid Sattar
Head of Consumer Banking
Standard Chartered Grindlays
Tel:
(92-21)241 6922
Fax:
(92-21)243 7102
Sadia Saeed
Head of Human Resources
Standard Chartered Grindlays
Tel:
(92-21)242 2808
Fax:
(92-21)242 2408
Salman Liaqat
Head of Finance and Administration
Standard Chartered Grindlays
Tel:
(92-21)241 4709
Fax:
(92-21)242 8655

Shariq Saleem
Chief Operating Officer
Standard Chartered Grindlays
Tel:
(92-21)241 7176
Fax:
(92-21)241 4914
Arif Siddiqui
Head, Group Technology Services
Standard Chartered Grindlays
Tel:
(92-21)242 3424
Fax:
(92-21)244 4004
Sima Kamil
Senior Credit Officer
Standard Chartered Grindlays
Tel:
(92-21)242 7087
Fax:
(92-21)241 0032
Khadija Hashimi
Head of External Affairs
Standard Chartered Grindlays
Tel:
(92-21)583 4529
Fax :
(92-21)587 3644
Policy Formulation Process

Policy Statement
Operating our businesses to the highest standards of ethical conduct is crucial to the preservation and enhancement of our reputation. Individually, and as a Group, we must earn that reputation every day by consistently demonstrating unquestionable integrity and good judgment in the conduct of our banking business.

Our Group faces a particular challenge - to uphold consistent standards of conduct while at the same time respecting the culture and varying business customs of all the countries in which we do business.

For these reasons, we have taken various steps over the years to develop our compliance standards, such as issuing the Group Code of Conduct and growing a network of compliance officers to help businesses operate to the required standards. We now have to achieve a more fundamental goal.
The goal is to fully integrate compliance into our day to day operations, so as to develop and enhance the culture of compliance in the Group. This is particularly achieved by continually evaluating the compliance risk areas and successfully managing them through comprehensive compliance training programs, implementation of policies and procedures and ongoing awareness program within the various businesses.

Demonstrating a high level of compliance will provide the necessary reassurance to the Board, our stockholders and to our regulators. It therefore follows that responsibility for compliance lies with every individual in each area of operation. It is essential to our continued success that we all accept this personal responsibility and treat compliance as a priority. This will help us to achieve our goal of a successful compliance culture.
Group Chief Executive
July 2001
Introduction to Policy Formulation Process
In the ordinary course of business the Standard Chartered Group (the Group) collects, holds, processes and transfers personal data of its employees (current, past, prospective and temporary employees, and their dependants).

As a first class international banking group it is vital that the Group establishes and operates to a very high standard of data protection for personal data and for commercial data. Failure to do so can have serious commercial and legal implications for the Group. Clearly personal data in some contexts means personal data about customers, but this Policy is designed for employee personal data.

This Data Protection & Privacy Policy relates to the handling and processing of all Group employee personal data, whether held manually or electronically. It forms an important part of the overall Group data protection environment, the other key parts of which are

· The Transborder Data Protection Agreement for Human Resources, by which all entities in the Group are committed to comply where necessary with the Group global standard of personal data protection, and
· Data Protection & Privacy Statements for Group Employees, Temporary Employees and Job Applicants, by which the Group states to its employees the purposes for which data will be used and the circumstances in which data will be disclosed.

This Policy sets out the minimum global standards of conduct and procedure the Group expects from data users in HR and other functions for the handling of personal data wherever the Group operates.

If country HR heads consider that it is necessary to provide staff with translations of this Policy, or of other associated documents, they may do so provided that the translations accurately reflect the requirements of the original.

If local legislative requirements or local procedures are more stringent they must also be complied with. Local legislation must be complied with at all times.


Scope
Who does this Policy apply to?
· All users of personal data, that is
· All entities within the Group, including all country offices and branches,
· All managers, i.e. line and business managers (and their delegates) who use personal data,
· Everyone in HR, and
· All employees who use personal data, whether permanent, temporary or contractors.
Failure by any of these parties to adhere to this Policy may result in civil or criminal legal action being taken against the Group, or against individual managers or other employees, by data protection authorities or by the individuals to whom the personal data relates.

It is the responsibility of managers to ensure that their staff are aware of and comply with this Policy, and willful or negligent non-adherence to this Policy by any manager or employee is a serious disciplinary matter which could result in dismissal.

If any one has any question about this Policy, or about data protection, he should consult the local HR department or his Legal & Compliance department who will provide clarification, liaising with Group specialists as necessary.

What does the Policy relate to?
The processing of employee personal data.

Processing means collecting, recording, holding, or carrying out any operation or set of operations on the data. In fact doing anything at all with the data, including transferring, amending, consulting, disclosing, sharing, archiving, and even destroying it.

Employee means prospective, current and former employees of the Group and their dependants, subcontracted employees, secondaries, temporary and contract employees, and voluntary workers.

Personal Data means any information at all related to employees, including their contact details, details of their family, employment and remuneration records, medical and absence records, expressions of opinion, appraisals, career plans, etc.

It makes no difference whether the data is in a computer database, on e-mails, or on paper in files and desk drawers.

Core Principles of This Policy

1. Respect for the Privacy of Employees

2. Data Protection and Privacy Laws

3. Collection and Use of Personal Data

4. Rights of the Individual

5. Sensitive Personal Data

6. Disclosure of Personal Data

7. Data Security

8. Cross Border Transfer of Personal Data

9. Automated Decisions

10. Appointment of Delegates

Core Principles of This Policy

1. Respect for the Privacy of Employees
The Group respects the privacy of the personal data provided by its employees, (current, prospective, former and temporary employees).

Personal data should only be available to those with a current legitimate need for it, and access should be discontinued if role changes make access unnecessary.

It is Group policy to use personal data only as indicated in the Data Protection & Privacy Statements, and in such a way as to safeguard the data from unauthorized and accidental disclosure or destruction. This Policy and the Data Protection & Privacy Statements must be provided to all employees.

Applicants should be presented with the Job Applicants Statement at the earliest practical time in the employment process, and in the event that the application is successful, new permanent and temporary employees should be provided with the Policy and either the Group Employees or the
Temporary Employees Statement upon joining.

When employment agencies are used they should be instructed to comply with this Policy.
The Statements do not permit the publishing of employee personal data on the Internet or any other publicly available medium without the written consent of the employee.

2. Data Protection and Privacy Laws
The nature of Group HR data systems, and in particular of the People wise and People Soft systems, are such that personal data is transferred and processed internationally, and is widely available to Line, Business and HR management internationally.

A growing number of countries have data protection and/or privacy laws which impose strict legal obligations on the Group to safeguard the rights of the individuals to whom the personal data relates.

Personal data originating in countries without data protection laws becomes subject to regulation if available in countries with such laws.

In general, regulated countries will only allow companies to transfer or to re-transfer personal data overseas to countries which have equivalent data protection laws. Many countries don’t presently have such laws, so the Group has had to establish its own corporate data protection environment, by means of the Transborder Data Protection Agreement for Human Resources, in order to be able to transfer personal data freely.

It is Group policy to comply with data protection and privacy laws in the countries in which we operate, and to ensure that regardless of the existence of any such laws, a satisfactory global data protection environment is created and maintained.

If local laws or local procedures are more stringent and provide for a higher level of protection than this Policy they must be adhered to.

For business reasons and for legal reasons therefore, it is essential that:
· You comply with this Policy,
· You understand and observe any data protection laws and procedures applicable to you, and
· You ensure that Group personal data is handled with appropriate confidentiality and security.
It is the responsibility of local Legal & Compliance heads to ensure that any relevant changes or anticipated changes to local data protection or other relevant laws are promptly communicated to the Head of Group Legal in London.


3. Collection and Use of Personal Data
The Group collects personal data in many ways; from application forms, CV’s, letters, websites, e-mails, appraisals, etc. and it is processed as part of the Group’s everyday operations. In all cases there should be valid and explicit reasons for collecting personal data, for holding and processing it, and for how long it is held.

The data is collected and used for a number of purposes, of which there are three main categories:
· Group obligations under the employment contract, (recruitment, training, appraisal, remuneration, welfare, etc).
· Group business purposes, (career planning, financial monitoring and decision making, administration and security arrangements, etc), and
· Legal and regulatory requirements.

It is Group policy to collect and use employee personal data only as indicated in the Data Protection & Privacy Statements.

The underlying principles for the collection and use of personal data are that:
· It should be processed fairly and lawfully. Personal data should only be collected and processed if there is a legitimate business need, it should be used only for purposes that are known to the individual, and it should be kept confidential. If the data is to be disclosed to a third party or transferred overseas, the individual should be made aware of the fact. The data should not be used for direct marketing without the prior written consent of the individual.
· It should be adequate, relevant, and not excessive. No more data should be gathered than is needed; - personal data should not be gathered or held “just in case”.
· It should be accurate and up to date. Personal data should be correctly recorded, it should be updated promptly when appropriate, and managers must ensure that departmental procedures and controls are in place to ensure that this is achieved.
· It should be kept no longer than necessary, or as required by law. Archive policies should be introduced and records should be marked with destruction dates.
· It should be protected. Measures should be in place to protect the data from accidental or unlawful disclosure, loss, destruction or damage.

4. Rights of the Individual
It is Group policy to respect the rights of individuals as laid down in local laws, and to provide them with reasonable access to data held electronically.

At their written request, employees should be provided with a copy of their personal data held on the People wise HR system or any other computer system which processes personal data in the
United Kingdom. It is Group policy not to charge employees for providing this information at the present time, though this will be subject to review.

Requested information should be provided within 40 days of receiving the request, or within a shorter timescale if laid down by local law, and employees should be permitted to correct or update the information as necessary.

Job applicants should also be provided with this information, upon written request, for which a charge of not more than £10 may be levied, at the discretion of the local head of HR. In some countries access to personal data is a legal right, which may also extend to manual records. Record keeping and archiving in those countries should therefore to be organized in such a way that data can be retrieved within the relevant timescale.

Managers at all levels, in all functions, should be aware that employees’ interview notes, training records, appraisals and any other personal data held could be subject to disclosure.

Records should be periodically reviewed to ensure they are satisfactory.

Someone should be nominated in every country HR department to handle data protection and

Personal data queries and their identity and contact details should be made known to employees.

That person should act as the conduit for queries raised with Group HR or Group Legal.


5. Sensitive Personal Data
Sensitive personal data is information on an employee’s racial or ethnic origin, political opinions, religious and similar beliefs, trade union memberships, physical or mental health, sex life, and criminal offences, convictions or proceedings.

It is Group policy to collect sensitive data only when absolutely necessary, and to manage it on a local basis. It must not be entered in People wise. Sensitive data should be made available only on a strict “need to know” basis, and managed with the highest practical level of security and confidentiality.

The collection and processing of sensitive personal data is very strictly regulated in some countries, including the UK, requiring the explicit, (i.e. written), informed consent of employees in order to collect and process it, unless the collection is a legally imposed obligation, for example equal opportunities monitoring. Even with written consent, it is necessary in regulated countries to ensure that access to sensitive data is limited strictly to those with a current legitimate need.

Regulated countries also apply these conditions to sensitive data which originates elsewhere.
Therefore, for sensitive data available in the UK, for reasons other than equal opportunities monitoring, the explicit, informed consent of the individual is needed even if the relevant individual resides in an unregulated overseas country. As before, access to the data must be strictly controlled.

If sensitive personal data is to be transferred to or from the UK or any other regulated country the head of Legal & Compliance in the regulated country must be consulted on the arrangements.

Ultimately it is the responsibility of the Heads of HR and Legal & Compliance in all countries to be aware of and to comply with any applicable laws, and to ensure that sensitive personal data is adequately controlled.

Explicit, informed consent means that the reason for the transfer, the destination of the data, the use to which the data will be put, and details of who will have access to it, must all be advised to the individuals affected. Their consent must be freely given (no coercion), it must be in writing, and the individual must be given the right to withhold consent.

If possible sensitive data transferred to or from regulated countries should be “anonymised”, as restrictions do not apply if specific individuals cannot be identified from the data.

Sensitive personal data which remains within unregulated countries should be a purely local matter.

Sensitive personal data should only be gathered from job applicants if it is essential, in which case any necessary written consent should be obtained. It must not be entered in People wise.

6. Disclosure of Personal Data
It is Group policy to ensure that personal data is protected at all times, and it is the responsibility of all users of personal data to ensure that data is treated confidentially.

It may be necessary to disclose personal data where this is -
· To enable the Group to perform its obligations under the contract with the individual,
· Necessary for the conduct of Group business, or
· Required by law.
The purposes for which personal data may be disclosed, and the parties to whom personal data may be disclosed, are set out in the Data Protection and Privacy Statements. Disclosure other than as indicated is not permitted without the written consent of the individual.

Unauthorized disclosure of personal data may result in disciplinary proceedings, it could be grounds for dismissal, and it could also lead to criminal proceedings being taken against anyone who has done so.

If data users have any doubt as to whether personal data may be disclosed or transferred, they should seek the advice of local Legal & Compliance officers before doing so. If personal data is to be disclosed to outsourcing companies or data processors, whether external organizations or other Group companies, (for example for payroll processing, archiving, computer support, staff relocation, etc), proper security measures must be taken -_

· Country management must ensure that outsourcing companies and data processors are reliable, that they will keep data confidential,
· A contract must be in place that binds the outsourcing company or data processor to the same obligations as apply to the Group, under which they agree to use the data only in accordance with instructions from the Group and to take appropriate technical and organizational security measures when processing personal data, and
· No more data should be provided than is necessary for the performance of the contract.

7. Data Security
It is Group policy to adhere to the standards contained in the Minimum Security Standards for Cross Border (Personal) Dataflow document, and to ensure that technical and organizational security measures are in place to prevent accidental loss, disclosure, destruction or damage to personal data, whether in Group possession or in the possession of third parties.

The Group Minimum Security Standards (MSS) document can be viewed under the TSA section of SCyBernet, and queries should be addressed to the TSA-Security team in London.

Data transmission by e-mail and over the Internet must adhere to the security standards in the

MSS document and to the Group E-mail and Internet Use Policy.

Documents containing personal data whose loss could be detrimental to the Group or its employees should be marked CONFIDENTIAL – FOR INTERNAL USE ONLY.

Written contracts must be in place with data processors, (which includes third parties and other Group companies), under which they commit to the provision of adequate technical and organizational security measures equal to those in the MSS document or other internationally recognized security standards such as ISO 17799.

Country management must ensure that processors used adopt and continue to comply with such technical and organizational security measures.

8. Cross Border transfer of Personal Data
Whenever personal data is transferred cross border, whether within the Group or to third parties, the Group is obligated to protect the data in accordance with the data protection laws of the country of origin, which often specify that data transferred must have no less protection than applies in the home country.

Data transferred from an unregulated country to a regulated one is subject also to the laws of the regulated country upon receipt, and so the higher standard of protection of the two countries will normally apply.

In order to comply with national laws, all Group companies in all countries are required to sign the
Transborder Data Protection Agreement for Human Resources, (TDPA), which establishes high standards of data protection for all employee data throughout the Group, regardless of the existence of national data protection laws.

This Policy supports the TDPA, and it is essential that all users of personal data comply with the Policy in order to ensure that the terms of the TDPA are upheld.

9. Automated Decisions
Decisions regarding employee recruitment, promotion, performance, etc should not be based solely on automated processing of data (i.e. automated selection from a database based on

It is Group policy to avoid automated decision-making so far as possible, and to ensure that in circumstances in which this is considered necessary employees are advised of the logic behind any automated decision-making to which they are subject, and that they are given the right to object to such processing.

Measures should be taken to safeguard the individual's legitimate interests.

10. Appointment of Delegates
Managers and others may have the right to appoint delegates, who may acquire substantial rights to access and perform operations on personal data.

Delegation must be done with great care to ensure that only suitable delegates are appointed, and that they are made aware of this Policy and the serious implications of misuse or unauthorized disclosure of data.

Delegators remain responsible for the actions of their delegates, and they must therefore ensure that their delegates exercise their delegated rights in accordance with this Policy.

The golden rule is to respect the privacy of the individuals to whom the data relates, and to treat their data as highly confidential. Therefore

· Comply with this Policy in all respects at all times.
· Only record information which is necessary, and use it only as permitted in the Data Protection & Privacy Statements.
· Don’t use personal data for purposes of which the individual is unaware.
· Don’t provide information, whether to other employees, managers, contractors, data processors, or anyone else, without first checking that the recipient is who they say they are, and that they have a valid justification for receiving it. Provide only the data necessary for the purpose.
· Don’t provide information over the telephone, fax, or in any other way, if you are not certain
· Who will receive it? If in doubt, don’t give the information.

· When in receipt of information by telephone, fax, e-mail, etc ensure that it is kept confidential.
· Ensure that internal and external communications do not disclose unnecessary personal data.
· Take care with distribution lists on e-mails, memos and other communications to ensure that they do not inadvertently disclose confidential personal data, for example expatriate status, seniority, pension arrangements, etc. If necessary send “blind” copies.
· Ensure that sensitive personal data is kept even more securely, with access strictly limited, and use it only for the approved purpose. Don’t collect it unless it is essential to do so.
· Ensure that where sensitive personal data is to be transferred to or from the UK or any other regulated country, the head of Legal & Compliance in the regulated country is consulted first.
· Remember that records may be disclosed, so they must not contain inappropriate comments.
· Remember that willful or negligent non-compliance with this policy is a serious disciplinary matter that could result in dismissal and/or legal action by data protection authorities or the individuals to whom the personal data relates.

Elementary housekeeping is vital
· Keep passwords confidential.
· Keep manual data and files secure at all times.
· Don’t leave information unattended, whether paper records or unattended computer screens.
· Don’t take personal data outside the office unless it is essential to do so, in which case take
· Only what is necessary, and ensure that you keep it strictly confidential.
· Ensure that personal data records are accurate and up-to-date, and that unnecessary or outdated records are deleted/destroyed.
· Don’t print personal data if not essential to do so, and ensure that printouts are shredded when no longer needed.
· Ensure that you maintain strict control of personal data in all forms, whether held manually or on desktop or laptop computers, handheld devices and PDA’s, mobile telephones, organizers or any other manual or electronic device which holds or stores personal data.

Laptop computers present special risks.
· When out of the office, especially overseas, keep your laptop under strict supervision at all times.
· Don’t access the global HR database unless it is essential to do so, in which case never leave your laptop unattended when logged on.
· Don’t save personal data from HR databases to your hard disk.



EMPLOYEES IN VARIOUS SECTIONS
There were seventeen employees in the branch where I worked. Out of these, three were in the cash department, three in the BSU, four in PFC, one in the locker area, one branch manager. Further more there were four support personals and one photocopier.

Names, Designations and Qualifications


Mr. Tariq Hamid Area Manager MBA, LLB
Mr. Ahmad Jamal Khan Branch Manager B.Com
Mr. Raffat Ayub TSM Bachelor
Mr. Kamran Suhrwardy PFC MBA
Mr. Fawad PFC MBA
Mr. Aman ur Rehman BSU Teller Incharge B.Com
Mr. Amir Khan CRO MBA
Ms. Fareeha Hassan Locker Custodian MBA
Mr. Ather Siddiqui BSU Teller BCS
Ms. Mahwish Bashir CRO MBA
Mr. Zaigham Abbas Teller B.A
Mr. Ali Asghar Framewala Teller Bachelors
Mr. Rohinton Kapadia Teller Bachelors

Personnel In Each Department
AREA MANAGER
Mr. Tariq Hamid
BRANCH SALES AND SERVICE MANAGER
Mr. Ahmad Jamal Khan

BRANCH SYSTEM UNIT (BSU)
Number of employees = 3

Description
Mr Rafat Ayub BSU Teller Service Manager
Mr Aman ur Rehman Teller Incharge
Mr Muhammad Ather Siddiqui BSU Teller/Data Center Incharge

CASH DEPARTMENT
Cash Department comes under BSU.
Number of employees = 3

Description
Ali Asghar Framewala Teller
Rohinton Kapadia Teller
Syed Zaigham Abbas Syani Teller

PERSONAL FINANCIAL CONSULTANT UNIT (PFC)
Number of employees = 4

Description
Mr Kamran Suhrwardy PFC (Personal Financial Consultant)
Mr Imran Qureshi PFC (Personal Financial Consultant)
Ms Mahwish Bashir CRO (Customer Relations Officer)
Mr Aamir Khan CRO (Customer Relations Officer)

LOCKER SECTION
Number of employees = 1

Description
Miss Fareeha Hassan Locker Custodian

SUPPORT STAFF
Number of employees = 5

Description
Mr Aurangzeb Kitchen Incharge
Mr Imtiaz Support Staff
Mr Patras Support Staff
Mr John Helper
Mr Nasir Photocopy



Job Description Of Various Employees

Locker Custodian

Returns
· 2 Leaves returns to be sent every month.
· Fraud and forgery return

Administration
· Change VC on the 10, 20 and last day of every month and enter in file.
· Stationery intend by 5th of every month
· Maintenance of staff leave record (attend XLS)
· Maintenance of staff personal files
· Expense maintenance
· Payment to vendors
· Every 25th of the month payment to be made to guards from petty cash imprest account via pay order Rs 2550
· Payment to be made to the parking person by pay orders Rs 4000
· A copy of bill of metro services to be sent to the concerned person 0on 25 for the making of pay order
· K.E.S.E Billing/ PTCL Billing and maintenance/ KWSB Billing
· Some accounting entries are to be passed every month
· Custodian of Hold pins
· Custodian of TINS

Lockers
· Scrutinize Locker Application Form and ensure all relevant information / documentation has been obtained before allocation / surrender of lockers to/ from customer
· To undertake over all responsibility of Safe Custody Lockers with a view to provide an effective service to the customers
· To monitor recovery of locker rent and double rent to be charged to those customers who are not maintaining accounts or have accounts but are not maintaining the minimum balance requirement

· To arrange for the breakage of locker in case of loss in case of loss of key in the presence of authorized signatories and witnesses

· No locker to be operated by unauthorized person

· All due locker rents to be recovered 12 months from date of application

· Double rent to be charged to those customers who are not maintaining accounts or have accounts but are not maintaining minimum balance requirement

· Closely monitor all issuance and closure of lockers

· Zero discrepancy on all locker application forms. All exceptions to be resolved with in 15 days from application receipt

Back Up
Full time back up for BSU.

Customer Relation Ship Officers (Job Description)
· Reports directly to the Branch Manager for guidance and advice, and approvals

· Reports indirectly to the Personal Financial Consultant for guidance and advise

Job Purpose
To provide the highest personalized service to customers, core and priority

Key Responsibilities
· To assist and contribute in meeting sales targets

· To service walk-in customers

· To make cold calls and arrange appointment for all PFCs

· To ensure that the center maintains minimum standards of hygiene, cleanliness and comfort

· To answer incoming calls direct to the Center

· To provide back up support to the PFCs

· To identify / Compile potential customer list

· To assist Branch Manager in receiving accurate MIS reports

· To assist in typing of internal memos and customer contact letters etc

· To ensure that customer transactions are processed as per the agreed procedure and with in the time frame

· To intelligently asses the needs and problems of the existing customers and guide them with the best solutions of their queries and concerns in the absence of the PFCs
· To service the customers (core and priority)
· To handle all banks by mail/ fax customers after approval by Branch Manager
· To maintain all customers related files and records systematically to facilitate retrieval
· To scrutinize AOFS to ensure their correctness
· Ensure that statement of balances, cheque books and related mail are dispatched to customers in time
· Make phone calls/ Customer calls for liability mobilizations as approve with the Branch
Manager
· To adhere to Banking standards
· To collate and maintain Data base

Key Relation Ships (External and Internal)
Internal
Staff and operations in PB operations/ Marketing and Planning
External
Visiting customers
Contributes To
· Image enhancement of SCB in Personal Banking
· Maintenance of quality work
· Achievement of Personal Banking Service standards


Judgment / Complexity
· Judgment is needed in Day to Day basis when
· Answering customer queries
· Scrutinizing AOF for any error

Authorities
· University graduate
· Good interpersonal skills and multilingual communication skills
· Knowledge and familiarity of Personal Banking Operations
· Strong selling skills
· Strong customer service orientation
· Pleasant personality, clear voice / tone quality
· Knowledge of Personal Banking service standards, and other Personal Banking products/ services.





STANDARD BASED OBJECTIVES (CRO)
Quality Standards
· To achieve the required standards for quality and completeness of work, accuracy and presentation.
· Providing utmost quality of services for branch customers.

Customer Services Standards
Enhance and improve Branch Service Delivery standards to achieve Best in Class rating.

Productivity Standards
· To achieve the required standards for volumes of work and meeting deadlines.
· Achieve / exceed net of attrition incremental deposits. Processing credits application for overdraft facility on time and have adequate security with the bank at all times.

Time Management
· To achieve the required standards for setting priorities, and for scheduling activities, to make best use of time.
· Ensure attendance of all training courses / seminars.

Resources Management
· To achieve the required cost effectiveness and avoidance of waste in the use of physical resources ( paper, telephone, fax etc).

Technology
· To achieve the required level of effectiveness in getting the best out of computer systems and packages (if applicable).

Team And Working Relationships
· To achieve the required contribution to team performance through effective working relationships with colleagues.

Constructive Contribution
· To achieve the necessary improvement to current practices through suggesting effective changes.

Compliance
· To achieve the required compliance with rules on process and disclosure, and with codes of conduct.

Sales and Cross Sales
· Contribute to liability sales and other services enhancement and initiatives.
· Net PKR liability sales PKR 10 million.
· Personal loans 2 units per month.
· Auto loans 2 units per month.
· Credit cards 2 cards per month.
· ATM’s to all account holders.
· Phone Banking to all accounts holders.
· Accounts per month 10.

Service Quality
· Enhance and improve branch service delivery standards to ‘achieve best in class’ rating.
Participate in 1 service huddle meeting per month.
· Take ownership of at least 2 service indicators, to ensure accurate monitoring and compliance with benchmark.

ATM
· Back up officer for the following.
· Daily collection of forms. Processing and forwarding to the card center.
· Checking for duplication of ATM’s before issuance.
· Maintain a register for all ATM cards received form card center.
· Prepare hot card application.
· All signs verified of customers upon delivery captured ATM cards.
· Balancing ATM register end of the month.
· Checking and destroying all un delivered ATM cards.
· ATM cards pending for over 3 month’s delivery.

Cheque Books
· Back up officer for preparing of cheque books request and forward them to card center, daily for onward processing.

Others
· Achieving deadlines by BSSM.
· Daily reporting of branch sales figures to marketing.
· Stationary stocks for PFC center in place.

Performance Ratings
Following is the rating criteria on which the employees are rated according to their performance.
· Exceeded performance (1)
· Achieved in all respects (2)
· Achieved the essential requirements (3)
· Did not achieve (4)

Bsu Teller Incharge (Job Description)
· Ensure account opening documents are sent to CSD on daily basis and recorded in Batch control Sheet.
· Verify all end of date reports on a daily basis against source documents ensuring 100% processing of all applications.

· Verify report BBSC – O/P, cheque book series maintenance is dependently checked.
· All high value and usual transactions should be reported to a TSM/BSSM in accordance with the group money laundering guidelines.
· Ensure all foreign currency conversions are reported to Treasury on a timely basis.
· Ensure all transfer requests are forwarded to CSD on a timely basis.
· Verify that the details on the cheque agree with the deposits and all cheques are in order.
· Date stamp cheques with bank crossing stamp immediately upon receipt. All deposits with unusual amount (Rs 10,00,000) of cheque for credit to an account must be reported to the Branch Manager for Money Laundering aspects.
· Ensure daily preparation of jolting and balancing of cheques and amount.
· Verify that all outward clearing cheques received before cut off time are processed the same day for presentation to Clearing House the next day.
· All requests to stop/ remove payment cheques should be date and time stamped upon receipt and should be based on appropriate customers authority (including signature verification) before stop payment is placed/released.
· Instructions on telephone may also be accepted subject to the receipt of duly signed request subsequently. Ensure that the letter confirming stop payment marked is sent to the customer.
· Upon receipt of stop payment instruction, ensure that a comprehensive cheque is performed to ensure that the cheque in question is not already paid. If so, advice customer in writing accordingly.
· Verify the following day’s BBS report on stop payment cheque to ensure customer’s instructions has been executed.
· Ensure that the cheques are sent for collection to CMO as per laid down procedure.
· Ensure that cheque books are delivered to the customers against their authority or in person and signatures are verified before delivery of cheque book.
· Ensure that all outward clearing cheques are processed on the day of receipt and dispatched/delivered to CSD.
· Verify that returned cheques are delivered correctly and undelivered cheques are posted /mailed as per procedure under dual control.
The following should be checked before draft/pay order/ SBP cheques are issued;
Applicant’s signature.
· Sufficient fund are available in the customer account or cash deposited.
· Whether account is blocked, dormant or under lien, if so, seeks necessary authority.
· Transactions resulting in overdraft/limit excess situation are referred to concerned authority for approval.
· Group guidelines on money laundering followed.
· Group guidelines on payment followed,
· The float of drafts/ pay orders should be verified and reconciled on a daily basis and kept in fire proof safe overnight under dual control.
· The float of traveler’s cheques should be verified daily and reconciled weekly.
The following should be checked, verified and evidence accordingly;
· Issuance against PTEQ and blanket permit.
· Customer identity confirmed, documented and signature verified.
· Original passport with valid travel visa.
· Original confirmed returned ticket.
· Applicable exchange quota as prescribed by SBP.
· Passport is stamped / endorsed with the amount of foreign exchange issued.
· Signed in the presence of the Teller.

Issuance against foreign currency account;
· Customer identity confirmed, documented and signature verified.
· Sufficient funds available in the customer account.
· Account is not marked under lien. If so, seek necessary authority.
· Signed in presence of Teller.
· Travelers cheques, refunds, if any, should be done as per the procedures laid down by
· Visa Interpayment Services.
· All procedures/instructions for the purchase of government securities should be as per procedure.
· Ensure that all the procedure for the purchase of government securities are processed promptly and as per laid down procedures.

The following should be verified before payment is made;
· In case of registered securities;
· Customer signature obtained on the back of the securities and verified.
· Check lien is not marked on the securities, if so, seek, necessary authority in case of under lien to SCB.
· Check no lost of securities reported.
· Calculate correct amount of profit and zakat (if applicable).
· Check C-Z 50 is already filed in case of non zakatable.

In case of bearer securities;
· Signature of the issuing bank/branch on the certificate verified from authorized signature book.
· Certificate is not already marked PAID on the face of the certificate.
· After completion of the above checks, release vouchers for cash payment/credit to customer account or as appropriate.
· Verify that all suspense accounts are received and balanced as per laid down frequency.
· Ensure CSA accounts are balanced on a daily basis and entries appearing are rectified on a daily basis.

STANDARD BASED OBJECTIVES (BSU TELLER INCHARGE)
Quality Standards
· To achieve the required standards for quality and completeness of work, accuracy and presentation.
· Providing utmost quality of services for branch customers.

Customer Services Standards
Enhance and improve Branch Service Delivery standards to achieve Best in Class rating.

Productivity Standards
· To achieve the required standards for volumes of work and meeting deadlines.
· Achieve / exceeds net of attrition incremental deposits. Processing credits application for overdraft facility on time and have adequate security with the bank at all times.

Time Management
· To achieve the required standards for setting priorities, and for scheduling activities, to make best use of time.
· Ensure attendance of all training courses / seminars.

Resources Management
· To achieve the required cost effectiveness and avoidance of waste in the use of physical resources (paper, telephone, fax etc).


Technology
· To achieve the required level of effectiveness in getting the best out of computer systems and packages (if applicable).

Team And Working Relationships
· To achieve the required contribution to team performance through effective working relationships with colleagues.

Constructive Contribution
· To achieve the necessary improvement to current practices through suggesting effective changes.

Compliance
· To achieve the required compliance with rules on process and disclosure, and with codes of conduct.

Liability Target
· Contribute to the overall achievement of branch sales target through acquisition of new accounts and deepening of existing relationship. The composition is to be as follows;
60% Transactional
40% Others
· Net PKR Liability sales PKR 154 million stretch target of Rs 176 million.
· 50 % of liability sales from existing relationships.
· Accounts per month 15 – stretch 18.

Asset Target (Per PFC)
· Net PKR Asset sales O/D PKR 15 million.
· To ensure that O/D portfolio is regularized at all times.
· Potential customer database for new business development on a weekly base followed by sales calls/ visits with an average of at least two calls/ visits per day.

MIS Report
· To scrutinize the MIS reports ensure that the customers meet the minimum balance requirements. Upgrade minimum 4-5 customers per month.

Credit Risk Management
· 100% compliance with credit processes and operational risk policies and standards.
· All credit renewals to be completed 2 weeks before expiry.
· Excess and irregularities to be resolved within 7 days.
· Timely completion of key control standards.

Marketing / Cross Sell
· Participate in increasing usage of services enhancement initiatives and cross sell other products.
· Credit cards 55 cards stretch.66 cards.
· Personal loans 16 units. Stretch 22 units.
· Auto 16 units. Stretch 22 units.
· ATM’s to all customers.
· Phone banking TINs to all customers.

Performance Ratings
Following is the rating criteria on which the employees are rated according to their performance.
· Exceeded performance (1)
· Achieved in all respects (2)
· Achieved the essential requirements (3)
· Did not achieve (4)

STANDARD BASED OBJECTIVES FOR 2002 (TELLER)

Job Knowledge
· To exercise due care and vigilance at the time of cash payment to protect the bank from any potential loss and have adequate checks and control.
· Knowledge of products / processes and regulations complete and updated.
· To conduct the affairs of teller services strictly in accordance with regulatory framework, process flow charts and group guidelines.

Quality Output
· Achievement of required standards for completeness of work, accuracy, presentation, etc.
· Customers to be served within 3 minutes.
· Timely and accurate internal reporting relating cash handling and FX transactions
· Participate in Service Huddle every month, help highlight and resolve issues that hamper service delivery.
Output Quantity
· Achievement in delivering the required volume of work with in the established deadlines.
· Timely and complete submission of KCS and LRIs.
· No cash shortages.
· All transactions completed within cut offs specified by Ops/COU.

Customer Relation Ships
· Achievement of required standards in responding to customer needs. Customers may be internal or external.
· Use standard greetings and magic words ( Good morning, have a nice day, enjoy the day, good byes etc) in customer dealings
· Zero complaints on common courtesy and attitude.

Team and Working Relationships
· Contribution to team performance and development of effective working relationships with colleagues.





Motivation
· Demonstrate self motivation and the energy, drive and persistence necessary in the job role and help generate cross sells.
· Cross sells include
Liabilities
Phone banking
Credit cards
Personal / Auto loans
ATM cards / Lockers.

Decisiveness
· Demonstrate willingness to take action within the limits of delegated authority.

Attitude to Change
· Demonstrate acceptance of the need for improvement and change, and helpfulness in making methods work.

Management of Time and Resources
· Effective in setting priorities, scheduling activities to make best use of time, and obtaining value for money in the use of physical resources.


Performance Ratings
Following is the rating criteria on which the employees are rated according to their performance.
· Exceeded performance (1)
· Achieved in all respects (2)
· Achieved the essential requirements (3)
· Did not achieve (4)

Standard Performance Assessment Form


SUBSTANTIAL ACHIEVEMENTS
SIGNIFICANT ISSUES
INDIVIDUAL’S COMMENTS
MANAGERS COMMENTS
SENIOR MANAGER’S COMMENTS
OVERALL PERFORMANCE BASED ON ALL OF THE ABOVE
SIGNATURES
TO ASSESSMENT Individual Manager Senior Manager





Managerial Policies

MANAGERIAL POLICIES OF STANDARD CHARTERED GRINDLAYS BANK

The Standard Chartered Bank has a strong management, which formulates implements and evaluates different policies. Through this process they are able to determine the most effective goal seeking objectives. These policies act as a path, which focus the bank in the required direction. The bank is able to cope with imbalances in the banking procedures due to these policies. The major managerial policies are discussed in the following pages.

Service Policy
The bank emphasizes on providing personalized services. Since the bank targets the upper middle class group, it believes that such services should be provided which make banking comfortable for them. This includes the following:
(a) This includes 9a.m. –5p.m. nonstop banking so that the customer can come to the bank any time it is convenient for him.
(b) Online banking according to which the customer can operates his account from any Branch of the bank in Pakistan.
(c) ATM facility allows the customer to access his account after banking hours and on holidays from any Branch of the bank.
(d) The bank has introduced Priority banking facility for its privileged customers (maintaining large accounts) to provide them the best service.
Priority Centers
The Hill Park Branch of the bank is the priority center in Karachi. A Customer Relationship Manager (CRM) who is actually a senior PFC (Personal Financial Consultant) deals with customers. This officer has a lot of banking knowledge and experience. He is able to provide personalized services to the customers, such as, receiving payments after banking hours, confirmation telephone calls of cheque clearance for security purposes, home delivery of cash or cheque book etc in short the customer can fulfill his requirements just on one phone call. Call centers will be established in the future to cater for customer’s individual requirements. These services are provided to all the customers especially the priority customers. Training is given to the officers of the other Branches so that similar services can also be provided there. Priority centers have been established in all the major cities for the customers’ convenience.

Speaking Up Policy
In December 1997 Standard Chartered became one of the first companies to introduce a “speaking up” policy. Their policy is to actively encourage staff to speak up about wrong doing in the work place in relation to breaches of laws and regulations and breaches of the Group Code of Conduct or other internal rules.

Human Rights Policy
Standard Chartered supports the rights of the individual as expressed in the 1948 United Nations Universal Declaration of Human Rights (UDHR).
The UDHR contains a number of fundamental rights, which we aim to uphold in all circumstances, including:
· The right to life
· The right to legal recognition as a person
· Freedom of thought, conscience and religion
· Freedom of opinion and expression
· Freedom from torture
· Freedom from cruel, inhumane or degrading treatment
· Freedom from slavery and servitude
· Freedom from retroactive penal legislation
Standard Chartered meets all relevant international legal obligations and all relevant local legal obligations in the countries in which we operate.
They are strictly apolitical and do not engage in political activity, support political parties or have any political affiliations worldwide. The bank recognizes that they have direct responsibility for the impact of their activities on their employees, suppliers, customers and the communities in which we operate. They work to protect human rights in their own operations through their internal policies and procedures. Their policies also ensure that human rights are taken into account in procurement and lending decisions.

Universal Declaration of Human Rights
"Where, after all, do universal rights begin? In small places, close to home - so close and so small that they cannot be seen on any maps of the world. Yet they are the world of the individual person; the neighborhood he lives in; the school or college he attends; the factory, farm or office where he works. Such are the places where every man, woman and child seeks equal justice, equal opportunity, equal dignity without discrimination. Unless these rights have meaning there, they have little meaning anywhere. Without concerned action to uphold them close to home, we shall look in vain for progress in the larger world."
Eleanor Roosevelt
First United Nations Commissioner for Human Rights
"I will be a champion of human rights and will ensure that human rights are fully integrated in the action of the Organization in all other domains".
Kofi Annan
Secretary General, United Nations
The United Nations adopted the Universal Declaration of Human Rights (UDHR) on 10 December 1948. It now serves as a Magna Carta for all humanity and has been universally accepted as the basis for human rights.
Standard Chartered supports the United Nations belief that the "inherent dignity of all members of the human family is the foundation of freedom, justice and peace in the world"
We share the United Nations vision that the UDHR should be "A common standard of achievement for all peoples and all nations" towards which individuals and societies should "strive by progressive measures, national and international, to secure their universal effective recognition and observance".
Donations Policy
Standard Chartered throughout its long history has played an active role in supporting those communities in which its customers and staff live and from which it derives its profits. The Group supports a range of fund raising events and projects, and provides advice, secondments and scholarships.
The focus of the Group's donations policy is on those countries in Asia, Africa, the Middle East, and Latin America where it has operations. It concentrates on projects that assist children, particularly in the areas of health and education. Environmental projects are also occasionally considered.
In 2001 around USD 7.5 million was spent on such programmes.
The following criteria have to be met before Standard Chartered can consider making any donation.

All donations must
· Reflect the Group's focus on children, health and education.
· Assist those in communities who are most in need.
· Support the national aspirations of the country.
· Be environmentally sound.
· Support non-governmental organizations involving charitable community activities. The Group does not provide support to political or religious projects or to individuals, other than staff.

Priority is given to those projects which allow Standard Chartered and its staff the opportunity to become involved, those projects which generate mutually beneficial publicity, those projects which have clear and agreed objectives, and those projects that are readily applicable to measurement and audit.

Support for staff
Standard Chartered encourages its people to become involved in the communities in which they work. Many now participate in a wide range of charitable and community support programmes.

Audit Policy
An Audit is very important since it helps to regulate the operations of the bank. The bank conducts three audits:
(a) Regulatory Audit
(b) Group Audit
(c) Internal Audit



Regulatory Audit
The State Bank of Pakistan performs the regulatory audit. This audit starts in the month of January and it is usually conducted in the main branches of all the banks. The SBP checks the performance of the banks on all issues. The SBP has given license protection to the banks and they are supposed to follow its regulations. The auditors inspect the functions performed by the banks to check whether the policies enforced by SBP and the procedures which have an impact on government revenue collection, are being followed or not, such as collection of withholding tax. The regulatory audit is applicable to all the banks.

Group Audit
The Standard Chartered Bank’s auditors perform the group audit. The auditors come from the Regional Head office in Unit Arab Emirates or the Group’s Head Office in London to audit the MESA region (Middle East and South Asia). The group rating depends on the level of abidance of the group policy. The auditors rate the performance of the different branches in the countries. The country with the best performance is rated at the top. This audit is conducted rarely, only when the need arises.

Internal Audit
This audit is conducted at the National level. One representative of the management committee is appointed to perform the audit. He further appoints a Hub Manager to conduct the audit in his region. The Hub Manager assigns the job to a particular Branch Manager in his region. A group of employees are selected from the different branches as auditors. Those people are selected who have an enriched experience of the Bank’s operations. The auditor’s check the procedure of documentation and related records. This is an ongoing process as records are scrutinized every month. At the branch level the branch manager is held responsible for the performance of his employees. The employees are supposed to follow the key control standards (KCS). These standards specifically mention the duties to be performed by them in their own capacity. The BSSM monitors their working according to the KCS.

Human Resource Policy
This is an unwritten policy of the Bank. It is concerned with the recruitment and training of staff in order to improve the standard and service of the Bank. Some changes have been introduced after the merger took place last year. The policies of the Bank regarding this aspect are:
(a) Hiring fresh graduates /MBAs on contractual basis.
(b) Recruiting experienced people for higher positions from other organizations.
(c) Golden Handshake for senior employees.
(d) Job promotion based on bank product promotion.
(e) Regular training sessions conducted.
The Bank prefers to hire new employees on contractual basis because they perform the same functions as the permanent employees do but at a lower pay. This is beneficial for the Bank because less investment is made on its employees. The bank also hires experienced employees from other organizations. By recruiting experienced personnel the Bank is able to introduce new ideas, procedures and methods of performing its banking functions. The Bank offered Golden Handshake to its employees at the time of merger. The idea behind this was that only those persons should be employed who are capable, competent and challenging. The existing employees were interviewed at the time of merger. The management quantified each designation and rated each employee, those who didn’t meet the set standards were offered a golden handshake. Now promotion is based on the employee’s ability to perform sales of the assets and liabilities offered by the Bank. The management conducts a quarterly appraisal to evaluate the performance of the employees. This is done to keep a regular check on their performance and to give a healthy feedback to them. This is beneficial because if any shortcomings in performance arise they can be removed immediately. Some allowances that were previously offered to the employees have been withdrawn. This was done in order to properly manage the Bank’s finances. The Bank conducts training sessions at its main Branches. This is done so that the employees of different branches get a chance to interact with each other. These sessions are focused on improving employee’s service quality standards. Employees are also given a chance to highlight any problem they are facing and raise any issues concerning them. The Bank employees are required to have complete knowledge of the Prudential Regulations in order to work according to the terms and conditions of the State Bank of Pakistan. Resourcing covers the whole area of "getting the right person into the right job at the right time and in the right place".

It is the overall policy of the Bank to ensure that each position necessary for the conduct of the Bank's business is staffed by an individual equipped with the appropriate skills (competencies) for the competent discharge of the duties of that position.

It is Standard Chartered's aim to resource most management vacancies through the development of existing employees. Job Watch is the way the Bank lets staff know about job vacancies within and outside Pakistan. It is your opportunity to put yourself forward for jobs that interest you and where you meet the key requirements. Jobs are advertised through a Job Watch e-mail or on notice boards as an when a vacancy arises. Not all jobs are advertised but the Bank tries to ensure that wherever possible vacancies are advertised to staff. Your manager will let you have a hard copy of Job Watch announcements if you are not on e-mail.

Some jobs are not advertised - usually because they require specialist skills not available within the organization, or because a role has been identified as part of a development activity for an individual.

Permanent employees may apply for Job Watch vacancies, but should usually have been in their current role for a minimum of 2 year with a satisfactory performance record. Their manager should sign the application to indicate that he/she has seen it, and also to briefly state the reasons whether he/she supports the application. Response details and deadlines are given at the beginning of each Job Watch.

If we were dealing with a static, unchanging organization, in a single country, the resourcing process would be relatively straightforward. However, this is patently not the case, and we as an organization require a responsive and multi-layered resourcing process, not just to fill today's jobs, but which also recognize that we need to be able to respond to changing business conditions (and thus ultimately requiring different skill sets), changing volumes of business, the fact that we need to provide opportunities for our employees to develop, and the fact that we must plan well in advance to produce future senior management within the Bank.

As such, this section sets out policy and process covering the variety of ways in which the Bank seeks to place an appropriately skilled person in a vacant position.

Training & Development
The key principles of our approach to training and development are that they should be:

Timely and relevant for the individual and the longer term business plan firmly linked to the business needs of today and tomorrow. Development of individual talent is a core people management responsibility for all managers. Personal development is also the responsibility of each individual. To help the development process, Standard Chartered provides a number of formal development frameworks.

Reward & Recognition
Your current Gross salary and the main features of the rest of your Compensation & Benefits package are stated in your Employment letter / Latest promotion letter / Latest individual compensation sheet. Elements of your Compensation & Benefits package not stated in these letters are as per the Compensation & Benefits policies in force at any given time. Standard Chartered's reward policy is based on four principles:

Pay For Performance
The bank’s total pay rates should be linked to the:
· Interest of the shareholders.
· Contribution of individuals.
Performance of Region, Country, Business or Support function.
Performance of the Group as a whole.

Best Practice
The bank’s reward package should reflect the international nature of the Group and represent best practices in our principal markets.

Consistent
Individual pay rates relative to others in the organization should be fair, consistent and explainable.

Competitive
The bank’s rates of pay should be fair, and relative to what can be earned in other organization's of similar size, type and stature competing in our principal markets.

Product Promotion Policy
The Bank emphasizes on product promotion. This is essential if it wants to progress in the highly competitive market. The employees are required to promote the assets (i.e. credit cards, personal loans etc) and liabilities (i.e. savings accounts or current accounts) of the Bank. Each employee has a sales target to meet, which is supposed to be accomplished in a specified time period.
The bank frequently conducts surveys in the market to know the following:
(a) What are its competitors offering?
(b) Which of its products is popular?
(c) What is the requirement of the public?
Giving consideration to these factors, the Bank launches new products from time to time. It wants to promote those products, which are required by the public. The Bank reviews its interest rates from time to time so that it offers the best deal to the customers. The concept behind this is to introduce new customers and generate more deposits so that the Bank gets more funds. More funds ultimately means more financing and this leads to more returns.
The Bank has introduced many products for the convenience of its customers in order to facilitate banking for them. These products include internet banking, such as:
(i) Online banking,
(ii) E –statements.
The Bank needs to continue these practices in order to increase its business circle and to progress in the aggressive marketing environment of the banking sector.

Investment Policy
The Bank’s Treasury invests its deposits in profitable ventures. The funds, which are not required for lending in the foreseeable future, prove to be a source of the Bank’s investment portfolio. The Bank aims at obtaining the maximum income with the minimum exposure to risk. The Treasury usually deals in stocks at the national and the international level. The Treasury deals with international trading. At the national level it invests in federal investment bonds, treasury bills, and national investment units (NIT) and Federal and Provincial loans. The whole amount of funds generated from various sources is not invested because it is a requirement of the State Bank of Pakistan to keep a certain percentage of funds with it as assigned capital. The Treasury also deals in the sale and purchase of different currencies.

Lending Policy
The bank’s lending policy depends on the interest rates it offers, balances maintained and repayments. The Bank follows some rules as far as lending is concerned, which are:
(a) The Bank does not lend against property and stocks.
(b) Lending against cash is done after marking lien on the amount to be lent out (75% lending is allowed and 25% is the margin maintained by the Bank).
(c) Lending against Government Securities is allowed up to 75% of the security and 25% margin is to be maintained by the bank.
The rates that the Bank charges on loans mainly depend on the following factors:
a) Competition in the market.
b) The rates prevalent in the market.
c) Taxes levied on the Bank’s products.
d) The demand and supply of funds in the market (low cost deposits or high cost deposits).
e) Government regulations on interest rates.
f) Compensating balances or minimum balance requirements that are maintained by the account holders in their accounts serve to keep in the Bank money that can be loaned to others.
g) All loan requests should include realistic stated repayment plans and the line of credit should also be stated.
h) The credit managers get a guideline as to how to proceed in identifying profitable projects which have good creditworthiness so that more loans could be extended to them and interest earnings could be increased.
Research and Development Policy
This policy is essential because it gives vision, insight and creativity to the Bank. We can discuss its two aspects.
a) Research and development as far as the technological progress of the bank is concerned is conducted at its Head office, which is situated at Dubai. All the soft wares, which are used by the Bank, are created here. This department is concerned with updating I.T. procedures and it tries to incorporate the latest techniques as well.
b) The Marketing Department also conducts research and develops new products. This department conducts surveys to determine the needs and requirements of the customers so that new products can be launched accordingly.

Marketing Policy
The Bank follows the policy of aggressive marketing of its products in order to encourage more and more people to become customers of the Bank. The management takes all possible steps to keep its customers informed about its new products and attractive offerings. Since the Bank targets the upper middle and the rich class so it has to offer such products, which are useful to them. The Bank advertises its products through various means, such as:
(a) Brochures available at its Branches.
(b) Telemarketing to potential and existing customers.
(c) Letters mailed to potential and existing customers updating them about the Bank’s products.
(d) Call Centers to provide information and satisfy queries.
(e) Newspapers.
(f) Magazines.
(g) Internet.
(h) Billboards
(i) Sponsorships etc.
Thus by following these methods the Bank is able to keep the public as well as its customers informed about its new innovations and product offerings.

Besides this the Marketing Department of the Bank is very active. It dispatches its sales representatives in the market to promote itself and introduce a new clientage to the Bank. These sales representatives are given targets to meet over a specified time period. An added advantage of this process is that the bank gets direct feedback from its customers as well since these sales personnel also contact existing customers.

Environmental Policy
The Bank lays emphasis on environmental issues. It is playing its part in increasing awareness about environmental hazards. It wants to minimize any adverse impact on the conduct of business on the environment. Therefore, it aims at the following:
(a) Disposing off waste properly.
(b) Creating awareness amongst its customers.
(c) Conducting its business with minimum use of energy and other resources.
(d) Supporting environmental friendly organizations.

All the branches of the bank celebrated a “Clean and Green” week in October this year. These branches were decorated with sceneries and plants. Customers were given seedlings to plant in their gardens. This was done in order to create an interest for the safeguard of the environment amongst the customers.

Money Laundering Policy
Money laundering is the process by which criminals attempt to hide and disguise the true origin and ownership of the proceeds of their criminal activities. The term “Money Laundering” is also used in relation to the financing of terrorist activity (where the funds may or may not originate from crime). This is a step taken to legitimize the black money through banking channels. The Standard Chartered Group has a policy based on dealing with this issue. The group policy states:
a) It is essential, in order to protect its reputation and to meet its legal and regulatory obligations that the Group minimizes the risks of being used by money launderers.
b) The Group’s policy on the prevention of money laundering applies to all countries in which the Group operates and to all business activities within those countries.
c) As an organization committed to the prevention of money laundering, they will establish clear lines of internal accountability, responsibility and reporting. Primary responsibility for the prevention of money laundering rests with the business, which must ensure that appropriate internal controls are in place and operating affectively and that staff are adequately trained.
d) The documents implement and maintain local procedures and controls, which interpret Group Policy and the Group Standards for each business in the context of local law and regulations.
e) Reasonable steps will be taken to verify the identity of the customers, including the beneficial owners of corporate entities and the principals behind customers who are acting as agents.
f) The policy should aim at establishing procedures to retain adequate records of identification, account opening and transactions for a minimum of five years.
g) Any transaction, whose source of funds is doubtful, should not be accepted.
h) Money laundering issues should be reported to local senior management and Group senior management on a regular basis.
i) Create awareness on money laundering prevention and train staff accordingly.

Security Policy
Cameras are installed in all the Branches of the Bank covering the entire key areas e.g. cash management, lockers and ATM. Thus in this way the activities of the Bank are monitored throughout the day. Guards are posted all around the clock in order to provide security to the bank officials and for the safety of the transactions taking place within the Bank. The use of floppies is not allowed so that no vital information of the Bank can be leaked outside through the computer. These steps are taken to ensure maximum possible safety and to minimize the possibility of mishaps.

The above-mentioned policies highlight how much emphasis the Bank gives to the different aspects of its operations. These policies are very important because they help to direct the procedures and the processes followed by the Bank. The policies are the guidelines, which are to be referred to all the time.

e – Training
E-Training is a multimedia, self-paced training product that uses a combination of simulations and informative topics to create an easy and flexible learning environment.
E-Training provides in-depth training of Various Application. Simulation exercises based on real-life scenarios provide hands-on experience with hundreds of tasks at a variety of skills levels.

Each Interactive course includes conceptual overviews, hands-on simulations, and pre- and post-assessment exercises in every lesson. In addition, each course includes an audio and text-only version.

E-Training includes a number of features to help you get the most out of your learning experience. For instance, you can search for topics using keywords, create shortcuts to specific segments of training and send them in e-mail, and track your progress as you go.

Policy Regarding Dealing in Standard Chartered Shares
Our policy is that no employee may deal in Standard Chartered securities on a short-term basis, when in possession of non-public, price sensitive information, or during “close periods”, regardless of whether this would not constitute any offence under local legislation.

Close periods are defined as follows:

1st January until the preliminary announcement of Standard Chartered PLC’s annual results and dividends and

1st July until the announcement of Standard Chartered PLC’s half yearly results and dividends

Prior written permission to deal in Standard Chartered securities is required for all senior managers.



PART 3

Administrative / Management Styles
Administrative / Management Styles
It has been truly said that managers and only managers are solely responsible for the failure or success of any organization. In any organization the managers performs the major role. Broadly speaking, in any organization the managers perform the following four functions

Planning
Organizing
Leading
Controlling

In order to achieve the above discussed functions the managers need different skills. Like, effective managers require communication skills, in written, oral and non verbal form. They should be creative and innovative. Should be able to manage time and stress. Motivate and influence the others. They should be able to manage the conflicts etc.
At Standard chartered Bank, participating style of leadership is adopted i.e. each and every employee of the bank collectively work for good of the organization. Also teams are made in order to achieve a specific task and all the team members work collectively in order to achieve the target. Employees are free to participate in the decision making activities. After every week or to meetings are held where every one is given a chance to participate and discuss his / her problems. Actually, participative style is the low task, high relationship style and is effective when followers are on the high side of maturity.
Following are some of the behaviors prevalent at the standard chartered bank

VISION
The leaders articulate an ideological vision that is congruent with the deeply held values of the followers.

PASSION AND SELF SACRIFICE
The leaders display a passion for the moral correctness of their vision. They are engaged in outstanding behavior and make extraordinary sacrifices in the interest of the organization’s mission and vision.

CONFIDENCE, DETERMINATION AND PERSISTENCE
The managers display a high degree of faith in themselves and in the attainment of the vision they articulate. Such managers need a very high degree of self confidence and moral conviction.

IMAGE BUILDING
The managers are self conscious about their own image. They recognize that they must be perceived by their followers as competent, credible and trustworthy.

ROLE MODELING
Manager’s image building sets the stage for effective role modeling because followers identify with the values of the role models who are perceived positively.


PART 4


Production Facilities


Production Facilities
In case of service sector organizations, production facilities would mean that what are the areas where the branches of a particular organization exist. Whether they can be easily approachable by the customers, whether the customer find ease as and when they are in the need of cash or want to deposit some amount. For customer ease the bank has the following branch network through out the country;

Branches in Pakistan

Karachi Main Branch
I.I. Chundrigar Road
P.O. Box 5556, Karachi
Tel +21 241 2671-6
Fax +21 2414944

Clifton Branch
World Trade Centre
10, Khayaban-e-Roomi
Block-5, KDA Scheme-No. 5
Clifton, Karachi
Tel +21 5867777
Fax +21 5873642

Hill Park Branch
SNPA No. 16/A-1
K.C.H.S. Union
Shaheed-e-Millat Road
Karachi
Tel +21 4544900-7
Fax +21 4544187

Allama Iqbal Road Branch
P.E.C.H.S.
P.O. Box 12781, Karachi
Tel +21 4529193-5
Fax +21 4556678

Centenary Branch
Shahrah-e-Faisal
P.O. Box 8903, Karachi
Tel +21 4538044-5
Fax +21 4538043

Schon Circle Branch
Hasan Chambers
P.O. Box 3856, Karachi
Tel +21 5871891-2
Fax +21 5831798

Garden Road Branch
Kandawalla Building
M. A. Jinnah Road
P.O. Box 7124, Karachi
Tel +21 7210539
Fax +21 7212519

Gulshan Branch
University Road
Gulshan-e-Iqbal, Karachi
Tel +21 4980906
Fax +21 4982236

Hotel Metropole Branch
Abdullah Haroon Road
P.O. Box 8515, Karachi
Tel +21 5660432
Fax +21 5685403

Lahore Main Branch
Shahrah-e-Quaid-e-Azam
The Mall, P.O. Box 6
Lahore
Tel +42 7351921
Fax +42 7237407

New Garden Town Branch
FB-4, Awami Complex,
Usman Block
New Garden Town
P.O. Box 10081
Lahore
Tel +42 5885830
Fax +42 5833578

Tufail Road Branch
Cantonment Area
P.O. Box 6131, Lahore
Tel +42 6660746-8
Fax +42 6660744

Gulberg Branch
Gulberg 111
P.O. Box 3275, Lahore
Tel +42 5763453
Fax +42 5877004

Defence Branch
308 Z (Commercial)
Phase III, D.H.A., Lahore
Tel +42 5899128
Fax +42 5899131

Faisalabad Branch
Railway Road, P.O. Box 20
Faisalabad
Tel +41 619056
Fax +41 642012

Quetta Branch
Jinnah Road
P.O. Box 6, Quetta
Tel +81 820911-2
Fax +81 822106

Sialkot Branch
A-97, Aziz Shaheed Road
Sialkot Cantonment
Tel +432 261477
Fax +432 260866

Islamabad Branch
1 Diplomatic Enclave
P.O. Box 1004, Islamabad
Tel +51 2277167
Fax +51 2824128

Blue Area Branch
61-A, Saudi Pak Tower
Blue Area, Islamabad
Tel +51 2800208
Fax +51 2800213

Rawalpindi Branch
55 Haider Road
P.O. Box 9
Tel +51 5513594-5
Fax +51 5566703

Peshawar Branch
35 Shahrah-e-Quaid-e-Azam
P.O. Box 18, Peshawar
Tel +91 275665
Fax +91 275367








PART 5


Company Marketing Mix





Company Marketing Mix

The concept of marketing mix is very important in the business literature. Marketing mix is a combination of a number of marketing elements according to a market situation. If a business enterprise rationally blends the elements of marketing into a program of mix, then it competes, stays and earns profit in the market. In case, the integration of the various elements of marketing is defective, the firm cannot fight out its rivals in the market and ultimately suffers losses.

Marketing mix is defined as
“The set of controllable tactical marketing tools that the firm blends to produce in response to wants in the target market.”‘
The various elements of marketing mix are as follows;

· Products
· Promotion
· Price
· Place

Marketers use numerous tools to elicit desired responses from their target market. These tools constitute a market mix.
“Marketing mix is a set of marketing tools that the firms use to pursue its marketing objectives in the target market.”

Mc Carthy classified these tools into four broad groups that he called the four P’s of marketing;

Four P’s Four C’s

Product Customer needs
and wants

Price Cost to the customers

Place Convenience

Promotion Communication

Now let us discuss the marketing mix of Standard Chartered Grindlays Bank.

Products
Standard Chartered presents you an entire range of products... whether you are looking for high returns on your deposits, lockers for your valuables, liquidity for your business needs, loans to meet an emergency cash need, or financing for the purchase of an automobile, we have the solutions to your questions.

What also sets us apart from other banks is the premium we place on service excellence. Standard Chartered is one of the few online banks in the country, so you can operate your account from any one of our countrywide network of branches and ATMs; a facility matched by few.

The bank’s products include different deposits. A brief summary of each deposit is as follows;

Policies Regarding Product

· Intangibility, inseparability and high perish ability are a significant product planning challenge in service marketing. So to overcome these challenges the service industry has to adopt various strategies. We would discuss these strategies in context of Standard Chartered Grindlays.
· Standard Chartered Grindlays emphasis is on the benefit the service offers rather than on the service itself. For example the “e-statement” service emphasis is on the customer’s convenience, easiness and advantage than on the service itself.
· For product promotion the use of visualization technique, association, physical presentation and documentation are used. On every brochure of Standard Chartered Grindlays product one sees an image. For example the “High Yield” saving account brochure shows an image of wheat plant. What does it reflects or communicates with the customer? It instantly gives the idea that something very rewarding, giving higher returns, a worthy investment etc. so the customer mind instantly visualizes, associates the service with something physical.
· In relation to product feature the bank’s emphasis is on building up an effective brand image. In includes the whole theme more than just the brand name. Uses of distinctive color schemes, tangible objects, slogans etc are being used.
· Due to intangibility of products and in the absence of physical features the bank has to emphasize on differentiation of their offering.
· Product development, alteration and contraction are also closely monitored, for example Standard Chartered Grindlays has eliminated its cluster deposits account.

Distribution
· Increasing the accessibility.
· To access to the account from cross Pakistan.
· Providing a Banking Network that provides access to world-class products and service portfolio throughout Pakistan.
· The customer relation officers and the sales agents are there for the customers whenever and wherever they want them.

Current Accounts
Current account is the quick and easy way to pay by unlimited cheques. Put an end to your worries about carrying large sums of money when you need it. Open a Pak Rupee or US dollar current account and enjoy the convenience of being able to pay your bills and purchases quickly and simply - whenever you want. If you are an individual Pak Rupee account holder, you will also have access to 24 hour banking through the Money link ATMs and Phone Banking absolutely free.
Features of current account are as follows;
· Non-interest bearing checking account
· Welcome Pack provided for PKR accounts
· Standing instructions for regular payments
· Overdraft facility
· Free 24-hour Phone Banking
· Free 24-hour deposit and withdrawal facilities through ATM network
· Unlimited cheque writing

Rupee Term Deposits
You'll find the rupee term deposits so flexible, you'll think they were made to measure - just for you. With a perfect match of regular income and attractive returns, Standard Chartered Bank's rupee term deposits are available in 1,3,6 months and 1year tenors. Features of current account are as follows;

· Attractive returns
· Flexible deposit periods
· Choice of monthly, quarterly, semi-annual, or annual profit payments
· Automatic renewal of deposit
· Free 24-hour phone banking
· Overdraft facility


US$ Accounts
Standard Chartered Bank Pakistan also offers current and savings accounts in US Dollars. Features of current account are as follows;
· Unlimited chequing facility
· Funds from new foreign currency accounts freely remittable
· No Zakat or withholding tax deductions
· PKR overdraft facility available

Flex Deposits
It is the flexible way to build your salary with more savings, more gains. Flex is the most flexible account ever for individuals who want more value for their salaries. Apart from having no minimum balance requirement - and therefore, no penalties - Flex offers a host of other advantages to get your account in great shape.

No minimum balance
With no transaction fees and no penalties for low balances, you can open a Flex Account for as little as you like.

Profit on daily balance
Put your salary to work from the day it's credited. Profit on Flex will be calculated on a daily balance basis. This means, you benefit on your closing balance every day of the month - and not the minimum monthly balance typical of other accounts.

Profit paid monthly
Based on the daily calculations, the profit you earn on your daily balance will be credited to your account at the end of each month. So you don't have to wait for a series of months to earn your profit.

Account statements
Minimizing the hassle of paperwork, Flex will only send you a statement annually. However, you can always get your mini-statement from an ATM or use your free Phone Banking service - all the time avoiding queues in branch visits.

Counter transactions
By using your free ATM and Phone Banking facility, avoid the over-the-counter fee of Rs.50/- per transaction (for withdrawals only).

First cheque book free
Flex offers you your first cheque book free of charge. However, subsequent cheque books will be charged Rs.10/- per leaf.

How to open an account
You qualify if you're 18 years old with an identity card or a passport.

Free ATM Card
A flex Account automatically qualifies you for a free ATM card (with no annual fees) to access your funds 24 hours a day, 7 days a week, 365 days a year.
MNET - the new key to greater convenience and accessibility
For a nominal transaction fee, access over 100 additional 24 hour ATMs across Pakistan. Just look for ATMs bearing the MNET sign for 24 hour accessibility and super convenience. With MNET, it's never been easier or simpler to withdraw cash and check balances.

Bargains
What's more, your free ATM card also lets you avail exciting discounts across outlets, which form part of our growing Bargains network.

Free Phone Banking
And with free Phone Banking, bank anywhere, anytime. With banking services at your fingertips, the bank is only a phone call away.

Online banking
You can access your account from across Pakistan.The 21 online branches form the largest foreign banking network in Pakistan giving you access to our world class product and service portfolio which includes checking accounts and term deposits, locker facilities, credit cards, auto and personal loans.

Levies
Taxes and Zakat will be applicable according to the Government of Pakistan's regulation. Bank charges and fees will be levied according to the Bank's Schedule of Charges.
Tijarat
It is the current account that's especially packaged for business benefits .Standard Chartered's new current account, Tijarat, is the ideal way to support your business. With so many services especially packaged for your convenience, security and flexibility. Tijarat ensures that the success of your business is our business.

Welcome Pack
To ensure immediate usage, your Welcome Pack will contain a cheque book, ATM Cards and PIN (Personal Identification Number), TIN (Telephone Identification Number), cash and cheque deposit slips at the time of account opening. So you don't need to wait for days to receive your financial collateral

Minimum balance, maximum service
Tijarat can be opened and ready for business with a minimum balance requirement of PKR 200,000 on a current account basis. But that's not all. Apart from instant transactions, you benefit from a host of other services that cater to your growth.

Free online banking with bonus waivers
You can access your account from wherever your business takes you across Pakistan. So there's no need to open other accounts, in other banks, in other cities. The 121 online branches form the largest foreign banking network in Pakistan giving you access to our world class product and service portfolio which includes checking accounts and term deposits, locker facilities, credit cards, auto and personal loans.
Enjoy free online transactions of up to Rs.1 million (over Rs.1 million will be charged as per the Bank's Schedule of Charges).

Free Auto Loans
As an incentive, Tijarat also waives the processing fee for auto loans.

Cash pick-up service
For a small fee, access a secure and timely cash pick up service.

Free ATM Card with the highest withdrawal limit
Enclosed in the Welcome Pack, Tijarat automatically issues you with a free ATM card (with no annual fees and the highest withdrawal limit of PKR 50,000) to access funds 24 hours a day, 365 days a year.

MNET -- the new key to greater convenience and accessibility
Access over 100 additional 24 hour ATMs across Pakistan. Look for any MCB ATM bearing the MNET sign for 24 hours accessibility and super convenience to withdraw cash and check your balances.

Bargains network
Your free ATM card also lets you avail exciting discounts across your favorite outlets in Karachi, Lahore and Islamabad.



Bank anywhere, anytime with Phone Banking
Don't want to visit the branch or stand in lines? Relax. With most banking services at your fingertips, the bank is only one call away.

Open an account that's open to business
Tijarat is ideal for people engaged in business including sole proprietors, retailers, wholesalers, distributors who qualify if they're 18 years old or above with an identity card or a passport.

Levies
Taxes and Zakat will be applicable according to the Government of Pakistan's regulations. Bank charges and fees will be levied as per the Bank's Schedule of Charges.

Cluster Deposit

Presently not on offer
You can get the high returns of a term deposit and the liquidity of a savings account. Trust Standard Chartered to offer a deposit that provides real punch. Cluster deposits work like a bunch of grapes: You can pick some of the grapes in the bunch without affecting the natural goodness of the remaining grapes. Likewise, a Cluster deposit lets you take some of your funds out without affecting the high returns and profitability of the remaining funds. This means, you can benefit from the best of liquidity and the best of savings.


Clusters versus term deposits
Unlike ordinary term deposits where withdrawing part of the account renders the profitability on the entire deposit useless, Clusters are designed to cater to your need for profitability and liquidity. This means, you can withdraw part of the deposit and still continue to earn the high returns of Standard Chartered’s term deposits on your remaining balance.

Check out the withdrawal facility
For those unforeseen urgencies, Cluster deposits are the only Pak Rupee term deposits available in Pakistan that allow you to withdraw up to 90% of the amount of your deposit by simply writing a cheque.

How to earn higher profits even after liquidation
Take the example of PKR 500,000 booked as a term deposit for 12 months. Now suppose you withdraw PKR 50,000 to meet an urgent personal or business need. In an ordinary term deposit, you would need to liquidate the entire term deposit thereby losing out on the high profit rate you were earning for the 12 months. But with a cluster deposit, you will continue to earn the high profit rate on the remaining PKR 450,000, which will continue as the original deposit.

How to withdraw funds
When you open a Cluster deposit, we will also open a linked PKR current account for you (or you can use your existing PKR current account if you have one) and give you a cheque book for that account. Whenever you need funds, you simply write a cheque (maximum withdrawal limit is up to 90% of the value of your Cluster deposit in one transaction - subject to a PKR 200,000 minimum balance) and our online system will transfer funds from your Cluster deposit (in multiples of PKR 5,000) so that your cheque can be cleared. It really is that simple and convenient.

How to apply for a Cluster deposit
Simply complete the Cluster deposit setup from available across 21 branches. If you already maintain a term deposit, you can instruct the bank to convert the deposit upon maturity to Cluster deposit. Please remember that your deposit can only be booked in multiples of PKR 5,000 and any remaining balance will be transferred to your current account.

Cluster deposit features
Minimum balance of PKR 200,000.
Deposit booked in multiples of PKR 5,000.
Tenors of 6 months and above offered.
Withdrawals by simply writing a cheque.
Choice of profit payment frequencies to fit your needs: monthly, quarterly, semi-annually or at maturity.
Adjusted interest on premature withdrawal amount.
Online connectivity across 21 branches for seamless service.

Levies
Taxes and Zakat will be applicable according to the Government of Pakistan's regulations. Bank charges and fees will be levied according to the Bank's Schedule of Charges.

Privilege account
You can benefit from liquidity and growth from an account deserving of your status .The king of accounts offers you liquidity and growth at the highest rank.
Ideal for individuals, Standard Chartered's Privilege Account offers you the dual advantages of earning profit without sacrificing liquidity. Now you have full access to your savings at all times. And thanks to the tiered rate structure, you earn higher returns on higher balances. What could be more rewarding? Furthermore, you also qualify for 24 hour banking giving you day and night access to your savings throughout the year - even on holidays.

Save more, Earn more
A tiered rate structure automatically adjusts your return relative to your balance, resulting in higher absolute returns. This simply means, the higher your balance, the more profit you will earn.

Profit calculation
The profit on your Privilege Account will be calculated on the minimum balance held in your account each month. Which means, even if your balance goes below PKR 500,000, your profit will be calculated at the lowest tier rate for that month.



Profit paid monthly
Based on the calculations, the profit you earn on your monthly balance will be credited to your account at the end of each month.

Flexibility of unlimited transactions
That's right; Privilege Accounts offer you an unlimited transaction facility without any charges. So there's absolutely no limit on the number of free transactions you make. What's more, no charges will be levied even if your balance falls below PKR 500,000.

How to open an account
Anyone above 18 years old with an identity card or a passport can apply with a minimum opening deposit of PKR 500,000.

Free ATM Card
A Privilege Account automatically qualifies you for a free ATM card to access your funds 24 hours a day, 7 days a week, and 365 days a year.

Bargains
If that's not enough, your free ATM card also lets you avail exciting discounts across outlets, which form part of our Bargains network.

Online banking
You can access your account from across Pakistan. The 21 online branches form the largest foreign banking network in Pakistan giving you access to our world class product and service portfolio this includes checking accounts and term deposits, locker facilities, credit cards, auto and personal loans.

Levies
Taxes and Zakat will be applicable according to the Government of Pakistan's regulations. Bank charges and fees will be levied according to the Bank's Schedule of Charges.

Super save
You can enjoy super savings with higher rates of return on higher balances .As your balances climb, so does your rate of return

Standard Chartered's Pak Rupee savings account, Super save, offers the dual advantages of earning profit without sacrificing liquidity. Now you have full access to your saving at any time. And thanks to a tiered rate structure, you earn higher returns on higher balances. What could be more rewarding? Furthermore, you also quality for 24 hour banking giving you day and night access to your savings throughout the year - even on holidays.

Save more, Earn more
A tiered rate structure automatically adjusts your return relative to your balance, resulting in higher absolute returns. This simply means, the higher your balance, the more profit you will earn.



Profit calculation
The profit on your Super save Account will be calculated on the minimum balance held in the account each month, every month for a six month period. Which means, even if your balance drops below the minimum requirement of PKR 25,000, you will continue to earn profit at the lowest tier. On the other hand, the more your balance grows, the higher your rate of return.

Profit Payment
Based on the calculations, your profit will be credited to your account on a six month basis in June and December.

How to open an account
Anyone above 18 years old with an identity card or a passport can apply with a minimum opening deposit of PKR 25,000.

Free ATM Card
As a Supersaver, you automatically qualify for a free ATM card which allows you access to your funds 24 hours a day, 7 days a week, and 365 days a year.

Bargains
And if that's not enough, your free ATM card also lets you avail exciting discounts across outlets, which from part of our Bargains network.

Online banking
You can access your account from across Pakistan. Our 21 online branches from the largest foreign banking network in Pakistan giving you access to our world class product and service portfolio which includes checking accounts and term deposits, locker facilities, credit cards, auto and personal loans.

Levies
Taxes and Zakat will be applicable according to the Government of Pakistan's regulation. Bank charges and fees will be levied according to the Bank's Schedule of Charges.
.
High yield
The king of accounts offers you liquidity and growth at the highest rank. Ideal for businesses, Standard Chartered's High Yield Account offers you the dual advantages of earning profit without sacrificing liquidity. Now you have full access to your savings at all times. And thanks to a tiered rate structure, you earn higher returns on higher balances. What could be more rewarding? Furthermore, you also qualify for 24 hour banking giving you day and night access to your savings throughout the year - even on holidays.

Save more, Reap more
A tiered rate structure automatically adjusts your return relative to your balance, resulting in higher absolute returns. This simply means, the higher your balance, the more profit you will earn.

Profit on daily balance
The profit on your High Yield Account will be calculated on a daily balance basis. This means, you benefit on your closing balance everyday of the month for as long as you hold the account.

Profit paid monthly
Based on the calculations, the profit you earn on your day end balance will be credited to your account at the end of each month.

Flexibility of unlimited transactions
That's right; High Yield Accounts offer you an unlimited transaction facility without any charges. So there's absolutely no limit on the number of free transactions you make. What's more, no charges will be levied even if your balance falls below PKR 500,000.

How to open an account
Anyone above 18 years old with an identity card or a passport can apply with a minimum opening deposit of PKR 500,000.

Free ATM Card
A High Yield Account automatically qualifies you for a free ATM card to access your funds 24 hours a day, 7 days a week, and 365 days a year.

Bargains
If that's not enough, your free ATM card also lets you avail exciting discounts across outlets, which form part of our Bargains network.

Online banking
Thanks to our online connectivity, you can now access your account from across Pakistan. Our 21 online branches form the largest foreign banking network in Pakistan giving you access to our world class product and service portfolio which includes checking accounts and term deposits, locker facilities, credit cards, auto and personal loans.

Levies
Taxes and Zakat will be applicable according to the Government of Pakistan's regulations. Bank charges and fees will be levied according to the Bank's Schedule of Charges.

Term Deposits
Take home attractive returns short term, long term, all terms, your terms. You will find the rupee term deposit so flexible, you'll think they were made to measure---- just for you. Start your relationship with a balance of PKR 200,000 and enjoy high expected profits on your balances. You not only get the rate you want, but you get paid in your chosen installments too.
Short term, long term, all terms, your terms

Choice of tenors

With a perfect match of regular income and attractive returns, Standard Chartered Bank's rupee term deposits are available in 1,3,6 months and 1,2,3 years tenors.

Perfect balance
The bank’s familiar tiered rate structure, where higher balances offer higher expected profits, has been improved upon to better meet your needs. And with attractive profit rates, you're on your way to a perfect balance.

How funds can be deposited
Deposits can be fed by cheques, cash notes, remittances and/or transfers from other accounts.

How to earn your profit payment
You have the option of earning profit monthly, quarterly, six monthly, annually, or you can simply receive a lump sum amount at maturity. Please note that the profit you earn can be paid out to you in your PKR transactional account for easy access to your returns.

How to renew an existing rupee term deposit
Standard Chartered provides an Automatic Rollover Option. Unless otherwise advised by you, the balance of your rupee term deposit will automatically be renewed. This means that you can continue to hold your deposit with us for as long as you want without the hassle of renewals or notifications to the bank.

How to open a rupee term deposit
Anyone above 18 years old with an identity card or passport and a minimum opening deposit of PKR 200,000/- for all tenors, can open a rupee term deposit. Imagine, such high returns on such low balances.



Auto Loans
Trust Standard Chartered Auto Loans to make car ownership as easy as 123. At a time when car prices have shot up, we have further reduced our rates, documentation and processing fees so owning the car of your dreams is now affordable, simple and easy. Giving you more reason to worry less. So call the Auto Loan hotline today and drive away. Across Pakistan owning the car of your dreams is as easy as 123 auto loans

Low down-payments
Unlike other vehicle loans, only Standard Chartered offers one of the lowest down payments of only 20%. Furthermore, you can borrow any amount up to a maximum of PKR 1,500,000 for your new car (minimum loan amount is Rs. 150,000).

As easy as 1-2-3
Step 1: Select the car you want to buy, call the Auto Loan Hotline, fill out the application form and provide us with all the necessary documents.

Step 2: As soon as your loan is approved, sign your offer letter and legal documents, make your low down payment of only 20% and pick up a purchase order from us.

Step 3: Finally, take the purchase order to any of our authorized dealers and drive away in your new car.



Repayment options
With SCB-123 Auto Loans, you can finance your dream car for up to five years depending on the engine size of the new car. Just select a monthly payment plan that allows you continue with your lifestyle and puts no additional burden on you. Simply calculate the minimum PKR amount you can put aside every month and accordingly pick a plan that doesn't restrict your cash flow. You have a choice to payback our loan through Post Dated Cheques (PDC's) or automatically through standing instructions in an account with Standard Chartered Bank.

Insurance
When you finance your car through us, you are automatically eligible for preferential rates for insurance coverage. The insurance premium for the first year will be taken up front and for subsequent years the amount will be added to your monthly contribution.

Total Monthly Installment (TMI)
Your Total Monthly Installments (TMI) is equal to the sum of your monthly contribution and the insurance payments. The TMI for the last year of financing will not include insurance payments.

Calculating your TMI
Example: You want to calculate your TMI for a vehicle worth Rs. 500,000 over a period of 3 years. Your loan amount will be Rs. 400,000 (20% down payment). The insurance premium has been taken at 4% which leads to a monthly premium of Rs. 1,500. Therefore, to calculate your TMI for the first year, just add your monthly contribution and insurance payments as follows: Rs. 14,461+ Rs 1,500 = Rs 15,961.

Processing Fee
There will be a one time processing fee of Rs. 4,000 to cover operational and documentation expenses application only after your financing has been approved.

Personal Loans
It's time you bounce back and spring onto life's opportunities. With Standard Chartered Bank, you can now cash in on your dreams by boosting your purchasing power with a Personal Loan.
Spring onto life's opportunities

Why Personal Loans?
Everyone has different needs and wants. At Standard Chartered we recognize that sometimes you may not have the cash in hand to meet your circumstances. This is why we have specially designed Personal Loans. It's the easiest and most cost effective way to get that extra financing when you need it. It's as simple as this: You may borrow Rs. 100,000 today and pay back just Rs. 113,472 over a 12 month period.

Who is eligible?
You are. As long as you are between the ages of 23 and 60 years; your net salary is Rs.12,000 or above; you have a minimum of one year of full-time work experience; and, you reside in Karachi, Lahore and Islamabad. If you are self employed you must have a minimum age of business or practice of 3 years.

How much can I get?
Up to PKR 300,000--- depending on the length of your work experience and your present, net monthly salary.

What can I use the loan for?
Absolutely any legal purpose. Whether it's a child's wedding, higher education, home refurbishment, the purchase of a computer or even to pay off your credit card balance, the decision on how to utilize the funds is completely yours

Are there any processing fees?
Just one. And that too once your application is approved. A processing fee of 1% of the loan amount or Rs.1,500 (whichever is higher) deposited prior to loan disbursal will be charged to cover documentation and operational expenses.

How do I repay?
Again, they've done everything in their power to make loan repayment an easy and hassle-free activity. Your loan is disbursed into an account with Standard Chartered Bank. Then you will use the same account to pay back in equal, monthly installments through standing instructions.

Exactly how much do I repay?
To make life even easier, you have the flexibility to choose a repayment period between 12 and 36 months. Please note that the Monthly Repayment Amount stated below is indicated and may be subject to change.



Loan Amount Monthly repayment amount
Year 1st 2nd 3rd
50,000 4,728 2,644 1,962
100,000 9,456 5,287 3,923
150,000 14,184 7,931 5,885
200,000 18,912 10,574 7,874
250,000 23,640 13,218 9,808
300,000 28,368 15,861 11,770

If you look at the table above, on taking a loan of Rs. 100,000 you can pay back Rs.126,888 (a total mark-up of only Rs.26,888) over two years through monthly payments of only Rs.5287. Standard Chartered not only allows you to borrow in the most hassle-free manner, but compared to other sources of financing available today, it offers you the cheapest loan

Apply now
Spring onto life's opportunities. And see how, with a little help from Standard Chartered Bank, you don't have to miss the boat.

When will my personal loan be disbursed?
Standard Chartered Bank ensures your loan approval and processing takes the minimum amount of time. This means, your personal loan will be disbursed within 5 working days. So you can have your funds when you need them and want them.
Lifestyle Loans
You can enhance your lifestyle and boost your purchasing power with a lifestyle loan. Cash in on your dreams by boosting your purchasing power with a Lifestyle Loan. Thanks to LG and Siemens, branded items are now more affordable than ever - at 0% mark-up; 0% down payment.
Zero percent markups. Zero percent down payment.

Why Lifestyle Loans?
The bank understands that sometimes you may not have the cash in hand to meet your circumstances. That's why a Lifestyle Loan is the easiest and most cost effective way to get that extra financing when you need it to buy home appliances and other electronic items.

0% mark-up; 0% down payment
That's right. You pay nothing on loans of 1 year. Now it's easy to afford an exclusive range of household, audio visual and other electronic items at 0% mark-up and 0% down payment. You can buy a range of items for a loan amount as low as Rs.25, 000 up to a maximum of Rs.300,000. You may choose as many items as you like as long as you fall between the specified loan amount tiers.

Who is eligible?
If you are between the ages 23 and 60 years; your regular net monthly salary is Rs. 12,000 or above; you have a minimum of one year full-time work experience; and, you reside in Karachi, Lahore or Islamabad. If you do not fit into this category, ask your sales representative for alternative details.

How does it work?
Just complete the loan application and submit it to your branch or sales representative with the necessary documentation.

Select, apply and buy
Your sales representative will help you consider the models and prices of various branded items from the list of preferred vendors. Then simply decide what you'd like to buy and have it delivered to your home- absolutely free of charge.

Are there any processing fees?
Just one. A processing fee up to PKR 1,500 is applicable to cover documentation and operational expenses. Processing fees are to be deposited prior to loan disbursement/order delivery.

How do I repay?
The bank pays the vendor on your behalf. Then you may use your Standard Chartered Bank account to pay back in equal, monthly installments through Standing Instructions or Post Dated Cheques (PDCs).

Exactly how much do I repay?
You have the flexibility to choose a monthly repayment period (indicative; may be subject to change) between 12 and 36 months. A 12-month loan carries a mark-up of 0%.


Equal monthly installments (EMI)
See which monthly repayment plan suits your requirements according to the EMI table given below.


Loan amount 1 Year 2 Years 3 Years
25,000 2,083 1,209 904
50,000 4,167 2,418 1,808
100,000 8,333 4,837 3,615
150,000 12,500 7,255 5,423
200,000 16,667 9,674 7,230
250,000 20,8333 12,092 9,038
300,000 25,000 14,510 10,846

When will my personal loan be disbursed?
Your loan approval and processing takes a minimum amount of time so your loan/order will be disbursed/processed within 5 working days. Following which, please allow 2 weeks for delivery.

What’s next?
Simply contact your branch and ask for a Lifestyle Loan. With easy and hassle-free requirements, you can soon be on your way to enhance your lifestyle with 0% mark-up and 0% down payment.

Credit Cards
The bank offers The Most Powerful Credit Cards in Pakistan.
Standard Chartered Credit Cards combine the international acceptability of VISA/ MasterCard with the worldwide reliability and excellent service that Standard Chartered represents. You can use your credit cards for more than just making purchases. Your Standard Chartered Credit Cards provide travel benefits, added security features, access to other Standard Chartered banking service and a variety of entertainment facilities.

Card Features
Global acceptability

Standard Chartered VISA
Globally accepted card welcomed at all locations displaying the VISA logo. The Card can be used over 17 million establishments in 160 countries around the globe, with over 10,000 in Pakistan.

Standard Chartered MasterCard
Globally accepted card welcomed at all locations displaying the MasterCard logo. Over 16.8 million establishments in 160 countries around the world accept Standard Chartered MasterCard.

Cash Advance Facility
Cash can be withdrawn at 562,000 ATMs to take out any amount up to 75% of your available credit limit. Cash can also be withdrawn at 360,000 financial institutions worldwide or at any of the 21 Standard Chartered branches, or other VISA member banks in Pakistan.

Standard Chartered MasterCard
Cash can be withdrawn at 456,000 MasterCard ATMs to take out any amount up to 75% of your available credit limit.

REVOLVING FACILITY
Provides you the option of paying only 5% of the outstanding balance or Rs.500 (whichever is greater) by the payment due date, which is 21 days from the statement date in case of Standard Chartered VISA card and 10 days in case of Standard Chartered MasterCard.

SECURITY
Enjoy complete peace of mind that can only come with Standard Chartered Credit Cards. You are covered for all fraudulent charges made on your card as soon as it has been reported lost to Standard Chartered.

Travel Accident Cover
In case of an accident while traveling on any common carrier (provided the transaction is made on SC credit card), a comprehensive coverage for up to:
Rs. 3.5 million on Standard Chartered VISA Classic / Standard Chartered MasterCard Classic &
Rs. 7 million on Gold Card can be claimed

Travel Inconvenience Cover (international flights only)
Covered for up to Rs. 10,000 on flight delays (exceeding 6 hours) for restaurant meals, refreshments, etc.
Covered for up to Rs. 10,000 on baggage delays for necessary purchases.
Covered for up to Rs. 20,000 on baggage lost in transit (exclusive of the amount paid by the airline)
All amounts are reimbursed on placing a claim provided the ticket is bought on Standard Chartered VISA card.

Banking Services

Dial a Draft
Service designed for payments to places where cards are not accepted.

Auto debit
Facility providing an option of making minimum or 100% payment due, as specified on the monthly statement, through your Standard Chartered and Standard Chartered Grindlays account.

24 hour help line (UAN 111-002-002)
If at any time you face any problem regarding your Card, call 24-hour Customer Service who is there to help you with your requests. They have a well-trained, qualified customer service team that will be able to assist you in:
Answering your queries
Registering and resolving your complaints
Reporting a lost/stolen card


Free e-mail facility
The bank’s online customer service team is equally accessible via e-mail. For most queries, with the exception of reporting lost or stolen cards, just e-mail us at:

The secure and reliable way to receive Card statements anywhere in the world. If you have an e-mail address, then you can receive an e-statement. Standard Chartered Credit Cards has designed a unique system, which enables you to receive your credit card statements via e-mail absolutely free. However, if you do not have an e-mail address then till such time that you do, you will continue to receive the statements by courier.

Supplementary Cards
Gift your family members with exclusive Standard Chartered VISA / MasterCard supplementary cards and let them also enjoy the privilege these cards have to offer.

You can have up to 3 supplementary cards made for your spouse, children, parents, brothers or sisters who are more than 18 years of age.

Credit Cover
Under Credit Cover, Standard Chartered card members can be covered for their card outstanding payments. Card members (Basic card member up to the age of 60) can have access to a powerful way to shield themselves against life's uncertainties; against the setbacks brought about death, prolonged illness or injury for as low as 25 paisas for every Rs.100 of the Credit Card balance.

Balance Transfer Facility
Now you have the facility of switching any other credit card’s outstanding balance to Standard Chartered credit card at the lowest market rate of 2.33% (per month on MasterCard) and 2.75% (per month on VISA card). In the process of transferring your balance, you will automatically earn treasure points for every Rs.50 transferred to your Standard Chartered VISA card. These accumulated points can be redeemed for exciting range of gifts from Treasures catalogue.

Travel Privileges
Standard Chartered Credit Cards simplify travel and eliminate the need to carry cash. Whether traveling on business or taking a holiday, just relax and let us take care of everything.

Car Rental
Enjoy an exclusive 25% discount on car rental services of Euro car in Pakistan and abroad. For details you can contact contact:
Karachi: Shahid Rafique/ Muhammad Jamal
Tel: (021) 5684294, 5681433
Lahore: Yasir Latif/ Omer Shehzad
Tel: (042) 6307387-8
Islamabad: Sabir Hussain/ Muhammad Munir
Tel: (051) 272481-4


Akbar Group of Companies
Avail following privileges in collaboration with Akbar Group of Companies from time to time:

Travel
Enjoy exclusive travel packages offered through Akbar Group of Companies from time to time. Akbar Group represents more than 18 major international airlines such as Swissair, Singapore Airlines, Japan Airlines, Alitalia, and Royal Jordanian and Sri Lankan Airlines, etc. and has the world’s largest airline reservation system.

Fast Food
Joint venture with McDonalds in North Pakistan (Lahore)

Sports wear
Sole distributorship of Nike in Pakistan (Karachi & Lahore)

CIP lounge at Karachi Airport (for international travelers)
Special CIP (Commercially Important Person) Lounge facility at Karachi’s International Airport with free secretarial services, free buffet, Internet connection, reading materials and 24-hour porter.

Hotel Privileges
As a Standard Chartered Card member, enjoy a complete range of benefits at these prestigious hotels.


Avari Hotels
Privileges valid for Avari Lahore, Avari Dubai, and Avari Toronto only.
Accommodation: 50% discount on rack rates
20% discount on Dining, Laundry, Cake shop, Health Club, Rent-a-car and Beauty Parlor

Marriot GSR

Renaissance Hotel (Dubai)
60% accommodation discount on rack rates
Complimentary newspaper, breakfast, transfers, fruit baskets on arrival.

Ramada Continental (Dubai)
62% accommodation discount on rack rates, inclusive of breakfast
Upgrading to Deluxe room upon availability
20% off on Food & Beverage within Hotel Premises
Complimentary transfers, Limo transfers upon prior request and welcome fruit basket

Marriott Resort & Spa (Bangkok)
40% accommodation discount on rack rates
Complimentary American buffet breakfast, welcome drink and fruit basket and upgrade to Junior Suite upon availability.


Sheraton Hotel and Tower
Accommodation: 50% discount
Health Club membership: 20% discount
Dining: 15% discount at any restaurant
Laundry & Dry Cleaning: 15% discount
Gourmet shop: 10% discount

TREASURES – Rewards Program for Standard Chartered VISA card
Standard Chartered Treasures is packed with more style, variety and unbeatable value than ever before. For every Rs.50 you spend on your credit card, earn 1 treasure point. So the more is spent, the more points gained. Then simply exchange the accumulated treasure points from a range of exciting gifts present in the Treasures Catalogue.

Card Fees


Products Joining Fee (Rs.) Annual Fee (Rs.) Supplementary Card Fee (Rs.) Financial Charges per month
Gold 1000* 4000 2000 2.75%
Classic 500** 2000 750 2.75%
MasterCard 0 2000*** 750 2.33%

* Waived for Standard Chartered and Standard Chartered Grindlays account holders

** Waived for Standard Chartered and Standard Chartered Grindlays account holders

*** Rs.1000 for Standard Chartered and Standard Chartered Grindlays account holders
Standard Chartered vision is to provide their valued card members with the best possible services. With Standard Chartered credit card, earn attractive discounts and benefits at renowned hotels and restaurants and in the areas of travel, sportswear, entertainment and courier services. Additionally, as a valued member of our Treasures Program, win exciting gifts as you use your card.

The employees at Standard Chartered look forward to being of service to you and hope you will enjoy benefits for years to come.

Overdraft

You can enjoy total liquidity without touching the savings you've set aside for the future. Finally, a solution designed to help you make the most of your running finance needs. Primarily designed for business use, Standard Chartered Overdrafts meet your current need for liquidity without breaking the high returns you've set aside for the future. Strike a perfect balance between your savings and your cash flows

Strike a balance
Overdrafts are an ideal way to strike a balance between your current needs and future savings. Simply use your deposits or other forms of future savings maintained with Standard Chartered to avail a facility to meet your daily requirements.

Key advantages
Overdrafts are ideally suited to meet financial emergencies where liquidating your savings for the future is not an option. If your funds are locked up in Government Savings Schemes or even long term deposit accounts that are earning high returns, an Overdraft is an ideal solution. You can also have an assigned borrowing limit in your Overdraft Account, which can be used as protection against the unwanted possibility of bounced cheques.

Added advantages
Your Overdraft Account works like your regular rupee account. So you can write unlimited cheques (within your assigned borrowing limit), use your ATM card and make deposits at any time.

Extended liquidity
Overdrafts are renewed on a yearly basis. So you can literally stretch your liquidity requirements for a whole year without even touching your future savings at any time, whatsoever.

How it works
To avail the facility, the bank simply mark on lien on your preferred mode of collateral so you may avail a running finance facility. As a standard, you can borrow up to 75% of the collateral value. For a higher loan amount, contact your Personal Financial Consultant.
Borrowing Limit
The minimum-borrowing limit is PKR 500,000.

Collateral
Both your nearest Standard Chartered or Standard Chartered Grindlays branch will accept any of the following forms of collateral either in their entirety or in part thereof.
Rupee Deposits
Foreign Currency Deposits
Government Securities

Eligibility
Overdrafts for business use are available to individuals who hold Government Securities, foreign currency or rupee deposits with either Standard Chartered or Standard Chartered Grindlays.

How to apply
Ask your Personal Financial Consultant or Customer Relationship Officer for the required forms. Upon approval, allow three working days for a borrowing limit to be assigned to your current account.

Levies
Taxes and Zakat will be applicable according to the Government of Pakistan's regulations. Bank charges and fees will be levied according to the Bank's Schedule of Charges. For a copy, please speak to your branch manager or contact your nearest branch.


Account Opening
Open an account and, receive your cheque book and ATM card instantly!

When you open a Pak Rupee Savings or Current account, receive your very own Welcome Pack that includes a cheque book, ATM card with password, and your Telephone Identification Number (TIN) for using our Phone banking services. Just open an account and instantly receive all you require to operate your account with the bank, now that's fast service!

Main features of the account are as follows;
Welcome Pack Contents
· ATM card
· PIN number
· Telephone banking identification number (TIN)
· Cheque book
· Cash and Cheque Deposit slips
· Product and services brochures

Providing total solutions to improve your cash flows
Standard Chartered is highly recognized as a leading cash management supplier across the emerging markets. The bank’s Cash Management Services cover local and cross border payments, collections, information management, account services and liquidity management for both corporate and institutional customers.
They help in the following ways;
· Manage the availability of your funds efficiently
· Monitor and control the movement of funds
· Settle payments to your suppliers in a timely and cost-effective manner.
· Capture every investment opportunity to increase your income

Account Services

Solutions for efficient account management
Standard Chartered's Account Services offer you a wide range of account management solutions to ease the hassles of day-to-day banking.
Your benefits:
· Total Account Solutions
o Account structures to help you manage and keep track of your funds effectively
o Flexible payment and collection capabilities
o Inter-account transfer, including setting target account balances, to ensure that sufficient funds are kept in each account
· Enhanced Earning Opportunities
· Receivables and Payables Solutions to accelerate collections and shorten the payment process through prompt availability of funds
· Information Solutions like Premium Service Banking that furnishes you with daily, weekly and monthly reports to help you control and manage your funds strategically.
· Dedicated customer service to pick up and return all your documents, cheques, telegraphic transfers, drafts, cashier's orders and trade-related documents with pre-arranged schedules.
Payment Services
Ways to save time manage cost and enhance control
Depending on your business requirements, Standard Chartered can offer you various payment services:
· International Payment Services
· National Payment Services
· Regional Straight Through Services
· Straight Through Services
Our services will effectively cut down the time you spend on tracking and settling your payments, while giving you full control over your cash resources.
Services RemittancesWhen you remit funds through Standard Chartered, you'll have at your disposal, a comprehensive range of money transfer options including cashier's orders, drafts and telegraphic transfers. You'll be assured that whether it's local or foreign currency transfer to local or overseas destinations, your money will reach its destination safely and quickly.
Collection Services

Speeding up the collection process
Spending time going to the branch, completing the deposit forms, queuing up for a teller, checking your statements to find out when funds have arrived, and reconciling net proceeds against deposits: all of these activities consume energy better spent on more productive activities.
Standard Chartered's Collection Services can assist you in collecting your local and foreign currency funds faster and more efficiently.

Phone banking
You can bank from privacy and comfort of your home, office or ar. Bank on your phone anytime, anywhere.
Get to the bank without leaving for the bank. Standard Chartered's latest innovation, Phone Banking, gives you quick, easy and hassle-free access to your account details without wasting your valuable time and energy. For simple account queries, you no longer have to visit a branch or stand in line. With the Phone Banking, you can keep your own banking hours 24 hours a day, 365 days of year ----- absolutely free.

Banking at the right tones
All you need is a touch-tone phone to dial into our automated voice response service. Call us directly and you will get instant answers to your queries. On the spot, at your desired time. Which means, no forms, no queues and no hassle.
In the city of your calling
Phone Banking is currently available in Karachi, Lahore and Islamabad. Just dial the easy-to-remember hotline for instant access----whether you're visiting or residing in these cities.

Simple and easy to use
Just dial 111-350-350 in Karachi, Lahore and Islamabad for an automated voice system to guide you through your transactions in a simple, logical, step-by-step manner.

Popular services on demand
Currently you can avail the following Phone Banking services:
You may check your latest account balance;
Get an update on your last 5 transactions;
Request a new cheque book;
Request that a statement is faxed or mailed to you directly;
Transfer funds from one account to another (under the same master account number); and
Change your TIN (Telephone Identification Number).

How to apply
Now it's easy to access your account details completely, confidentially and absolutely free of charge--- 24 hours a day. Your Personal Financial Consultant will assist you to complete an easy to fill acceptance form available from your nearest Standard Chartered or Standard Chartered Grindlays branch. So apply now.


When to get started
Once you've applied for Phone Banking, you will be mailed a four digit Telephone Identification Number (TIN) via courier at your mailing address (as specified in your Account Opening Form). To receive your TIN, please present your original NIC to ensure account confidentiality. Then dial away anytime, anywhere.

All you need is a touch-tone phone to dial into our automated voice response service. Call us directly and you will get instant answers to your queries. On the spot, at your desired time. Which means, no forms, no queues and no hassle.

Services - E-Statements
The secure and reliable way to receive bank statements anywhere in the world is through E-statements.
Have your bank statement e-mailed to you - anywhere and everywhere. If you have an e-mail address, then you can receive an e-statement. Standard Chartered's fast, reliable and ultra-efficient service designed to minimize paperwork and maximize convenience.

E-statements are free statements
With no bank charges involved whatsoever, Standard Chartered has designed a unique system that enables you to receive your account statements and advice via e-mail--absolutely free. And all you need to get started is a personal e-mail address. That's it.


Enjoy dedicated, multiple mailings
Your e-statements can be delivered to more than one e-mail address. So wherever you are in the world, 24-hour access to your financial standing is now only a click away.

For your eyes only
As an alternative to printed statements and advice, e-statements eradicate the hassle of paperwork, box filing and the chance of having your unattended documentation read by others. Which is why, once you're signed on, your printed mailings will automatically stop---- ensuring increased security and confidentiality.

E-mail

How to apply
Simply complete the easy-to-fill acceptance form, detach it along the perforation and hand it over to your nearest branch. Processing will take the minimum amount of time.

How to get started
Once you're signed on, you will begin receiving your e-statements as frequently as you have specified in your Account Opening Form.

Services - Bargains
You can gain more value from your lifestyle. Get discounts with your ATM’s card as you shop throughout Pakistan
Standard Chartered Bank lets you afford your lifestyle with both style and substance. From around the city, we've asked your favorite outlets ---- from boutiques to hospitals---- to join us in giving you the best discounts ever. Which means, you no longer have to wait for individual promotions. Now as a Standard Chartered customer, great discounts at great outlets are there for the taking, promising you great value for money

Get discounts with your atm card as you shop throughout Pakistan

Since we've already done the bargaining for you, to avail the discount, simply show your Priority or Moneylink Card a proof of being a Standard Chartered customer.

Outlets & Discount

Karachi
1. Ahmed Medical Store 10%
2. Al Syed Catering Service 20%
3. Burger Time 10%
4. Calcutta Jewelers 25%
5. Cinderella 10%
6. Classic Packers 10%
7. Crescent Sweets 10%
8. Daisy Toys 10%
9. Eye Master 15%
10. Gift City 10%
11. Gotcha 10%
12. H.M. Ismail Jewellers 50%
13. Household Gifts 10%
14. Hunarmand 10%
15. Image Optics 10%
16. Karachi Optica 10%
17. Lights 2000 10%
18. Madras Jewel Point 30%
19. Madras Jewelers 15%
20. Mendhas Cloth Gallery 15%
21. Modula Furniture 15%
22. Moonisali 15%
23. Nabila 10%
24. New Madras Jewellers 25%
25. Optics International 15%
26. Prime Jewellers 15%
27. Prisma Furniture 15%
28. Rags & Riches 15%
29. Sach Creation 10%
30. Sentiments Gift Shop 10%
31. Snobiz 10%
32. Snoopy Ice Cream 10%
33. Something Fishy 15%
34. Subway 15%
35. Super Garment Store 10%
36. Tulip Beauty Parlour 25%
37 UK Chhotani 25%
38. Vincraft 15%
39. Vogue Optics 10%
40. Walkeaze 15%
41. X Q Zit 10%

Lahore
1. Al Baist Garments 20%
2. Art Craft 20%
3. Better Eyes Optics 20%
4. Classic Books 10 - 25 %
5. Cnn Garments 20%
6. Curtain Center 20%
7. Dulha Mahal 20%
8. Fire Collection 20%
9. Great Designer 20%
10. Huner 20%
11. Karigarth Collections 20%
12. Lahore Leather Club 20%
13. Look N Took 20%
14. Mak Shoes 20%
15. Men's World 15%
16. Miss New 20%
17. Mumtaz Jewellers 20% (making & stones)
18. Nabila 10%
19. Pakistan Leather House 20%
20. Pilot Hotel And Catering 20%
21. Poshak Mahal 20%
22. Shoes N Boots 20%
23. Silver Dolly 20%
24. Stylish Fabrics & Tailors 20%
25. Tayyaba Cloth House 20%
26. TR Garments 20%
27. Valentine's Shop 20%

Islamabad
1. Chateau Royal 20%
2. Cross Streak Clothing 10%
3. D & L Fashion Mall 15%
4. Dental Clinic 40%
5. Dragon Clinic 15%
6. Fedral Motors 15%
7. Foot Locker 20%
8. Ferozesons 10%
9. Furniture Hut 20%
10. Guess Store 20%
11. Jiqson Showroom 10%
12. Kids & Mummies 15%
13. Masood Optics 15%
14. Missoni Boutique 10%
15. Movie 2000 15%
16. Occasions 20%
17. Pak Persian Carpets 20%
18. Progressive Photographics 15%
19. Raja Silk 15%
20. Reach Garments 20%
21. Red Onion 20%
22. Sam Computers 10%
23. Scandals 15%
24. Shalimar Hotel 50%
25. Subway 10%
26. Tanweer Optical 20%
27. Vision Optik 20%
28. Wazir Tailors 20%
29. Wee Care Interiors 15%
30 Xingzhu Restaurant 15%

Bargain List
Standard Chartered Bank will always endeavor to provide you with better value for your lifestyle . For this reason, not only will we update this list on a regular basis with more outlets offering even more discounts, but if you have a favorite outlet that has not been mentioned and that you would like us to approach, feel free to contact us and make your choices known.

Great Outlets
Now living the way you do is even easier to maintain. Thanks to Standard Chartered Bank's Bargain, some of Karachi's established outlets will give you the unfair advantage.

Great discounts
That's right. As a Standard Chartered customer, you can avail up to 25% discounts at your favorite outlets. Just see the discount mentioned alongside the outlet of choice. Then all you have to do is just ask for it.

Money link
Just stop, bank and go with 24 hour ATMs around the country

Enjoy super- convenient complete banking with over 150, 24-hour ATM’s.

The bank’s state of the art color ATMs provide you 24-hours of super convenient, complete banking. Now you can bank whenever you want, 24 hours a day - 365 days a year. A host of banking services, including withdrawals and deposits, are available to you - at the touch of a button in a matter of seconds.

What's more you can now access over 130 additional ATM's around the country that display the MNET sign.
Enjoy super- convenient complete banking with over 150, 24-hour ATM’s.

Cash Withdrawals
You can withdraw cash from both the Standard Chartered and the MNET ATM network in the country, 24 hours a day, 365 days a year. You can apply for your daily cash withdrawal limit from your branch depending on your requirements.

Cash or Cheque deposits
You can now deposit cash or cheques at any Standard Chartered 24 hour ATM in the country (except for offsite ATMs). Simply use the securely designed deposit envelopes.

Mini-statement
The 24-hour ATM at your branch will provide you with an instant mini-statement of your last 10 transactions. A listing of debits and credits made to your account will confirm whether your cheque has been cleared or your deposit has been credited.

Cheque book request
Request for a cheque book is processed at the push of a button. Collect it from your bank within three working days.

Special instructions
Use the deposit envelopes as an electronic mailbox that relays written instructions to the bank regarding any one of your accounts.

Funds Transfer
You can transfer funds from one account to another in the same branch with full control of your cash flow and individual account movements. Up to three accounts can be linked to your ATM card.

PIN Changing Facility
Your ATM lets you change your Personal Identification Number (PIN) at any time if you believe someone else knows your PIN. This facility ensures total secrecy of your PIN at all times.

Eligibility
An ATM card is yours if you maintain a Standard Chartered Pak Rupee Current or Savings Account and meet the bank's minimum balance requirements. Joint account holders can also have ATM cards provided to them with either signatory authorized to operate the account. For added convenience, supplementary card can also be issued for the second joint account holder.

MNET ---- the new key to greater convenience and accessibility
MNET promises you a whole new world of convenience and accessibility unlike ever before. You can now access over 130 additional ATMs, 24 hours a day, 365 days a year, around Pakistan. Just look for any ATM bearing the MNET sign for 24-hour accessibility and super convenience. Thanks to MNET, it's never been easier or simpler to withdraw cash and check your balances.

Terms and Conditions
All ATM cards are issued subject to the terms and conditions of the bank from time to time. For details, please see the reverse of the ATM application form, which is available at your branch.

Why Standard Chartered Group
With over 140 years of unrivalled commitment to this region, grow with Pakistan's largest foreign banking group and one of the world's leading banks which offers a rare combination of product and service benefits in 600 offices across 56 countries. In Pakistan, across 21 online branches in all four provinces, their competent, friendly staff insists that your business is carried out quickly and efficiently. Your helpful Personal Financial Consultant will look after all your needs from a single desk. What's more, our Priority Banking Centers offer an unmatched private banking service where customers receive a higher quality of service and personal attention in an exclusive and elegant environment. So let green and blue set the standard for you.

Super convenient, complete banking
You have complete access to super-convenient, complete banking across Standard Chartered' 24 hour ATM's. (Please note that non-Standard Chartered Group ATMs bearing the MNET sign provide cash withdrawal and balance enquiry services only.)

Cash Withdrawal Deposits (not at offsite ATM's) Balance Enquiry Mini-Statement Cheque Book Request Special Instructions Funds Transfer, and PIN Changing Facility
Cash Withdrawal
Deposits (not at offsite ATM's)
Balance Enquiry
Mini-Statement
Cheque Book Request
Special Instructions
Funds Transfer, and
PIN Changing Facility

First Grindlays Modaraba
Certificates of Musharika (COMs)
Major features of the COM Scheme are given below:
Registered
A unique registration number shall be assigned to each certificate upon issue.

Maturity
Available in tenors of three months, six months, one year, two years, three years, four years and five years.
Currency: Pakistan Rupees only.
Denominations Minimum denominations of Rs. 5,000
Investment Limit A minimum investment of Rs. 10,000
Expected returns* 3 months 7.00% per annum
  6 months 8.00% per annum
  1 year 10.00% per annum
  2 years 11.00% per annum
  3 years 12.50% per annum
  4 years 12.75% per annum
  5 years 13.00% per annum
* Subject to change. Profit payments are made on a quarterly basis.

Profit Calculation
Profit rates to be computed on a 365 days basis and paid for the actual number of days the certificate remains outstanding within the relevant profit payment quarter.

Premature Encashment
Permitted at any time. A redemption reserve fund equal to 5% of the face value of COMs outstanding has to be maintained by FGM to cater to premature encashments.

Penalty 1 % of encashment value.
Transferable Yes.
Taxation/Zakat/Stamp duty
Subject to 2.5% Zakat and withholding tax 10% wherever applicable. Stamp duty 0.15% of face value on issue and 0.10% on transfers.

Profit Payment Mode
By crossed cheque/ direct account transfer for SCGB/SCB account holders.

Place

For customer convenience, the branches of Standard Chartered Grindlays Bank are located through out the country’s major business streets. For instance the Bank has the following branches in our country.

Branches In Pakistan:
For details of assistance on any of the products offered by the bank, please contact Branch Manager of the
branch nearest to you:

KARACHI BRANCHES:
Karachi Main Branch
I.I. Chundrigar Road
P.O. Box 5556, Karachi
Tel +21 241 2671-6
Fax +21 2414944

Clifton Branch
World Trade Centre
10, Khayaban-e-Roomi
Block-5, KDA Scheme-No. 5
Clifton, Karachi
Tel +21 5867777
Fax +21 5873642

Hill Park Branch
SNPA No. 16/A-1
K.C.H.S. Union
Shaheed-e-Millat Road
Karachi
Tel +21 4544900-7
Fax +21 4544187

Allama Iqbal Road Branch
P.E.C.H.S.
P.O. Box 12781, Karachi
Tel +21 4529193-5
Fax +21 4556678

Centenary Branch
Shahrah-e-Faisal
P.O. Box 8903, Karachi
Tel +21 4538044-5
Fax +21 4538043

Schon Circle Branch
Hasan Chambers
P.O. Box 3856, Karachi
Tel +21 5871891-2
Fax +21 5831798

Garden Road Branch
Kandawalla Building
M. A. Jinnah Road
P.O. Box 7124, Karachi
Tel +21 7210539
Fax +21 7212519

Gulshan Branch
University Road
Gulshan-e-Iqbal, Karachi
Tel +21 4980906
Fax +21 4982236

Hotel Metropole Branch
Abdullah Haroon Road
P.O. Box 8515, Karachi
Tel +21 5660432
Fax +21 5685403

Lahore Main Branch
Shahrah-e-Quaid-e-Azam
The Mall, P.O. Box 6
Lahore
Tel +42 7351921
Fax +42 7237407

New Garden Town Branch
FB-4, Awami Complex,
Usman Block
New Garden Town
P.O. Box 10081
Lahore
Tel +42 5885830
Fax +42 5833578

Tufail Road Branch
Cantonment Area
P.O. Box 6131, Lahore
Tel +42 6660746-8
Fax +42 6660744

Gulberg Branch
Gulberg 111
P.O. Box 3275, Lahore
Tel +42 5763453
Fax +42 5877004

Defence Branch
308 Z (Commercial)
Phase III, D.H.A., Lahore
Tel +42 5899128
Fax +42 5899131

Faisalabad Branch
Railway Road, P.O. Box 20
Faisalabad
Tel +41 619056
Fax +41 642012

Quetta Branch
Jinnah Road
P.O. Box 6, Quetta
Tel +81 820911-2
Fax +81 822106

Sialkot Branch
A-97, Aziz Shaheed Road
Sialkot Cantonment
Tel +432 261477
Fax +432 260866

Islamabad Branch
1 Diplomatic Enclave
P.O. Box 1004, Islamabad
Tel +51 2277167
Fax +51 2824128

Blue Area Branch
61-A, Saudi Pak Tower
Blue Area, Islamabad
Tel +51 2800208
Fax +51 2800213

Rawalpindi Branch
55 Haider Road
P.O. Box 9
Tel +51 5513594-5
Fax +51 5566703

Peshawar Branch
35 Shahrah-e-Quaid-e-Azam
P.O. Box 18, Peshawar
Tel +91 275665
Fax +91 275367













Price

Pricing Policies
· At Standard Chartered Grindlays the pricing strategies applicable are:
Ø One price strategy
Ø Flexible price strategy
· For Priority Customers many of the charges are waived in order to facilitate them and provide them with high-class services.
· The bank staff in higher posts is also in a position to waive some charges in order to oblige their customers.
· So the pricing strategies are adaptable and stern depending upon the type of the customer.
The Bank offers deposits at competitive prices. Following is the detail regarding different prices for different accounts;
EXPECTED PROFIT RATES ON PKR ACCOUNTS


PKR Notice Deposits Maximum Rates 
7 days 6.50 %
30 days 7.00 %

PKR Expected Rates for different profit payment frequencies

Tiers Savings Tiers 1 Month 3 Months 6 Months 1 Year
0-24,999
25K-99,999
100K-4,999,999
5,000K 6 mthly   monthly monthly qtrly monthly qtrly 6 mthly monthly qtrly 6 mthly annually
1.0% Less than 500K 7.50% 7.60% 8.00% 8.10% 8.15% 8.25% 8.25% 8.50% 8.60% 8.75%
5.0% 500 - 2500K 8.00% 8.10% 8.25% 8.15% 8.25% 8.50% 8.50% 8.60% 8.75% 9.00%
7.0%  
7.5%
B. US$ INTEREST RATES


Currency/Tiers  Savings 3 Months 6 Months 12 Months 24 Months
USD Frozen & 99 FE25 Frozen & 99 Frozen & 99 Frozen & 99 Frozen & 99

<1000 0% 0% 0% 0% 0% 0%
10,000-499,999 0% 1.5% 0% 0% 0% 0%
500,000+ 0% 3.0% 0% 0% 0% 0%

The returns on different types of deposits are as follows
Flex
Profit on Flex will be calculated on a daily balance basis. This means, you benefit on your closing balance every day of the month - and not the minimum monthly balance typical of other accounts.

Based on the daily calculations, the profit you earn on your daily balance will be credited to your account at the end of each month. So you don't have to wait for a series of months to earn your profit.

Tijarat
Tijarat can be opened and ready for business with a minimum balance requirement of PKR 200,000 on a current account basis. But that's not all. Apart from instant transactions, you benefit from a host of other services that cater to your growth.
Cluster Deposit
For those unforeseen urgencies, Cluster deposits are the only Pak Rupee term deposits available in Pakistan that allow you to withdraw up to 90% of the amount of your deposit by simply writing a cheque.

Take the example of PKR 500,000 booked as a term deposit for 12 months. Now suppose you withdraw PKR 50,000 to meet an urgent personal or business need. In an ordinary term deposit, you would need to liquidate the entire term deposit thereby losing out on the high profit rate you were earning for the12 months. But with a cluster deposit, you will continue to earn the high profit rate on the remaining PKR 450,000, which will continue as the original deposit.

Privilege account
The profit on your Privilege Account will be calculated on the minimum balance held in your account each month. Which means, even if your balance goes below PKR 500,000, your profit will be calculated at the lowest tier rate for that month.
Based on our calculations, the profit you earn on your monthly balance will be credited to your account at the end of each month.

Super save
The profit on your Super save Account will be calculated on the minimum balance held in the account each month, every month for a six-month period. Which means, even if your balance drops below the minimum requirement of PKR 25,000, you will continue to earn profit at the lowest tier. On the other hand, the more your balance grows, the higher your rate of return.
Based on our calculations, your profit will be credited to your account on a six-month basis in June and December.

High yield
The profit on your High Yield Account will be calculated on a daily balance basis. Which means, you benefit on your closing balance everyday of the month for as long as you hold the account.
Based on our calculations, the profit you earn on your day end balance will be credited to your account at the end of each month.

Term deposits
With a perfect match of regular income and attractive returns, Standard Chartered Bank's rupee term deposits are available in 1,3,6 months and 1,2,3 years tenors.
Our familiar tiered rate structure, where higher balances offer higher expected profits, has been improved upon to better meet your needs. And with attractive profit rates, you're on your way to a perfect balance.
You have the option of earning profit monthly, quarterly, six monthly, annually, or you can simply receive a lump sum amount at maturity. Please note that the profit you earn can be paid out to you in your PKR transactional account for easy access to your returns.
Lifestyle Loans
That's right. You pay nothing on loans of 1 year. Now it's easy to afford an exclusive range of household, audio visual and other electronic items at 0% mark-up and 0% down payment.You can buy a range of items for a loan amount as low as Rs.25,000 upto a maximum of Rs.300,000. You may choose as many items as you like as long as you fall between the specified loan amount tiers.
See which monthly repayment plan suits your requirements according to the EMI table given below.


Loan amount 1 Year 2 Years 3 Years
25,000 2,083 1,209 904
50,000 4,167 2,418 1,808
100,000 8,333 4,837 3,615
150,000 12,500 7,255 5,423
200,000 16,667 9,674 7,230
250,000 20,8333 12,092 9,038
300,000 25,000 14,510 10,846

Credit Cards

Card Fees

Products Joining Fee (Rs.) Annual Fee (Rs.) Supplementary Card Fee (Rs.) Financial Charges per month
Gold 1000* 4000 2000 2.75%
Classic 500** 2000 750 2.75%
MasterCard 0 2000*** 750 2.33%

Overdraft
The minimum-borrowing limit is PKR 500,000.
Both your nearest Standard Chartered or Standard Chartered Grindlays branch will accept any of the following forms of collateral either in their entirety or in part thereof.
Rupee Deposits
Foreign Currency Deposits
Government Securities
With no bank charges involved whatsoever, Standard Chartered has designed a unique system that enables you to receive your account statements and advice via e-mail--absolutely free. And all you need to get started is a personal e-mail address.
Promotion

Promotional Policies
· At Standard Chartered Grindlays sales promotion is a key ingredient in marketing campaigns. A lot of consideration and finances are allocated to sales promotion.
· Through advertising building brand awareness and communicating the different services being provided by the bank.
· To reach out to the target market and to deepen the brand loyalty advertising is to be used.
· Publications and events are also arranged in order to build public relations
For publicity, the bank uses both the print media and the electronic media. Its advertisements appear on the International channels like National Geographic and Star Plus etc. recently, the bank has introduced the zakat scheme and it is making heavy advertisement on the print media. The advertisements normally come in the nation’s leading newspapers.
· The bank is the official sponsor of the South African cricket team.
· The bank sponsors many programs on National Geographic channel.
Standard chartered bank also publishes MESA (Middle East and South Asia). Some extracts from MESA are as follows;

In Pakistan, Customer Week was voted an overwhelming success not only by customers, but also by staff and competitors alike. In all branches across the country, teams were asked to stick together and produce service par excellence by doing just one basic act, which was to look at things from a slightly different perspective.

At Defence branch, the team took customer calling to a new dimension by calling on nearby banks such Union Bank, PRIME bank, Askari, Platinum Commercial and Soneri Bank to spread the word on best practice. The team also made calls to the local schools, colleges, restaurants and chain stores.

In Islamabad, the team showed its international diversity by providing space within the branch to a representative from The French Alliance to give out information and brochures. To add to the continental flavor, the branch served French quiche and cookies as well as complimentary drinks.

In an environmentally friendly move, the team distributed small saplings of various plants to all its customers within the Saudi Pak Tower- the 19- storey Islamabad building where Standard Chartered new branch is located. The idea being to create more awareness about the new branch as well as to make surroundings “greener”. Further helping the community, the Islamabad team set up a blood bank through Fatimid with staff that donated blood given token Quran Sharifs.

Vowing to support neighboring communities, a special donation drive was held during Customer Week where the bank donated Rs 10 for every walk-in customer. The donation was directed to one of three charities, depending on the customers’ preference. And in what was a hugely generous response to the community drive, a SCG Main customer (who prefers to remain anonymous) donated Rs 1000000 to the listed charity Shaukat Khanum.

Thanks to the generosity of all concerned, the amount donated to the charities relating to the community drive held during Customer Week saw the Shaukat Khanum Memorial Trust collect Rs. 109600, SOS Children’s Villages of Pakistan Rs. 110200, and The Citizen Foundation Rs. 51400.

Customer Week certainly created an industry buzz in Pakistan with competitors strolling into the NGT branch to see what was going on. They admitted to being stunned by the level of customer activity, the sophisticated branch design and the friendliness of branch staff prompting many to admit that, if they could, they too would bank with Standard Chartered. On the Wholesale Banking side, as well as making calls to key customers, teams took time out to visit factories to discuss potential business financing solution with customers.

In addition, teams visited the Central Bank with an aim to resolve any pending issues affecting the banks customer relationships.

Continuing to impress the business community, the Global Markets team held daily Markets Orientation programmes during Customer Week. Participants in the programmed consisted of employees from Aventis Pharma, Engro, Engro chemical, Glaxo, Indus Motors, International Industries, Lakson Group, PARCO, PTA, P&G, RECKITT benckiser and Sapphire Group. The orientation started with a briefing on the Standard Chartered Group and its historical presence in the region with special emphasis on the role of Global Market.

The briefing was followed by an intensive training session in the dealing room during which participants familiarized themselves with the Reuters dealing system and were also able to trade using a simulated dealing programme giving them a real flavor of Global Market activities. A team from the Trade Department later joined in to discuss various trade-related issues with the visiting customers.

In Karachi after attending the Global Market orientation programme Fawad Hussian, Lever Brother Pakistan said; “This was the first time people from out company and the chance to have a prolonged direct interaction with a bank to have a better understanding of the issues directly affecting them. We thanks the Standard Chartered team for being there to help and look forward to a prosperous relationship”.

Similarly the cash management team commenced its first round of Trade Finance programs covering all aspects of trade finance, including both international and local regulations. The session was held for key management staff from Lever Brothers Pakistan and lasted a full day.

All in all customer week can be considered a resounding success, the foundation of which was simple truth – every little thought counts. So whether it was a community drive, the fresh flower arrangements on counters, the branch tour or something as simple as smile, customers appreciated the little things and are acknowledging Standard Chartered renewed focus on them.

In Rawalpindi, ex Governor Punjab Mohammad Safdar visited the branch and immediately noticed the change terming “refreshing”. He also took time to ask about the five values prominently displayed in the PFC area, commenting that they “should also learn from you”.

(SOURCE MESA NEWS)
Standard Chartered Grindlays And Muslim Commercial Bank To Launch Co-Branded Credit Card   
Rated as Pakistan's best banks ('domestic' and foreign' respectively) by Euro money magazine Muslim Commercial Bank (MCB) and Standard Chartered Grindlays signed a Memorandum of Understanding to launch the first-ever joint servicing co-branded credit card in Pakistan. Under the arrangement the partnering banks will have shared as well as distributed responsibilities to service the customers in line with their respective strength's.
The Partnership will derive its strength by combining the large diversified customer base of MCB and the track record of Standard Chartered Grindlays in managing a successful credit card business in Pakistan. MCB, the largest Private Bank in Pakistan, has over four million accounts domiciled in 1200 branches across the country. Standard Chartered Grindlays, the largest foreign bank in Pakistan, has over ninety thousand satisfied card members and is a leading international player in the cards business. With this new initiative the customers product of the two leading banks in Pakistan. This agreement further strengthens the relationship between these two banks; earlier this year Standard Chartered Grindlays signed an agreement to join MCB's switch / ATM network, the largest in the country.
 





PART 6


Company Accounting System

Financial Statements
Financial Statements includes balance sheet, profit and loss account, cash flow statements, statement of changes in equity and notes to the accounts and explanations. In the auditor’s report it has been written that the bank prepares its statements in accordance with the International Accounting Standards applicable in Pakistan, Banking Companies Ordinance, 1962 and Companies Ordinance 1984. These financial statements have been prepared under the historical cost conventions.

Limitation
According to the state bank circular which appeared in the year 2001, the banks need to prepare the financial statements according to the new pattern. So the profit and loss account and balance sheet no longer remained comparable. Since it is a foreign bank, so its financial statements for the years prior to the year 2000 were not available. So the financial statements could not be compared completely. Thus we have compared only those items which are similar.
Balance Sheet As At 31st December 1998-2001


ASSETS 1998(Rs) 1999(Rs) 2000 (Rs) 2001 (Rs)
Cash and balances with treasury bank 5291458 6088201 3376100 6980293

Balances with other banks 87812 1029469 1974241 5653482
         
Lending to financial institutions   196000 2724265 5172377
Investments 10675796 3778581 2616623 1149492
Advances 15568271 18135804 22557236 16598631
Other assets 2063211 2295228 2149411 2300029
Operating fixed assets 83092 109023 199229 317359
Deffered tax assets        
 Total Assets 33745166 31632305 35097105 38171663
LIABILITIES        
Bills payable 211488 200874 160024 123690
Borrowing from financial institution 1354899 5341518 3938337 1351887
Deposits and other accounts 28495209 22074053 27337250 32809299
Liabilities against assets subject        
to finance lease       141694
Other liabilities 2525075 2755839 569238 568811
Deferred tax liabilities        
 Total Liabilities 32586671 30372284 32004849 34995381
Net assets represented by 1130662 1222487 3092256 3176282
Head office capital account     2426013 2521236
Capital reserve 15018 15018 15018 15018
Unremitted profits 1078355 1160479 635139 603673
  1158495 126001 3076170 3139927
Surplus on revaluation of fixed        
assets 9456 9456 9456 9456
Surplus on revaluation of        
Securities     6630 26899
  1130662 1222487 3092256 3176282
Contingencies and commitments        
Income Statement for the Year Ended 31st December 1998-2001


  1998 1999 2000 2001
  RS RS RS RS
Mark up/Return/Interest Earned 4974817 3861437 3394098 3520724
Mark up/Return/Interest Expense 3427958 3626787 -2005644 2292074
         
Net mark up/interest income 1546859 1234650 1388454 1228650
         
Provision against non performing loans 156454 103149 -501977 -152974
      -501977 -152974
Net mark up/interest income after provision 1390405 1131501 886477 1075676
Non mark up /interest income        
Fee, commission and brokerage income 517103 528075 571787 525148
Dividend income 20823 22506 25387 48591
Income from dealing in foreign currencies     159730 167839
Other income 241315 173847 92536 20360
Total non- markup/interest income 2169646 1855929 849440 761938
      1735917 1837614
Non mark up /interest expense        
Administrative expense 808517 833172 -942085 -923821
Other provisions 13158 1493 -1997  
Other charges 18217 143972 -16917 -128
Total non mark up /interest expense 839892 978637 -960999 -923949
      774918 913665
Integration cost       -407061
Profit Before Taxation 1329754 877292 774918 506604
Taxation-current 820500 512846 -549377 -465377
Profit after Taxation 509254 364446 225541 41227
Unremitted Profit Brought forward 919101 1078355 1198013 751959
Reversal of indemnity from ANZ Banking Gp       -116820
Restated unremitted profit 919101 1078355 1198013 635139
Profit available for remittance 1428355 1442801 1423554 676366
Reversal of provision for diminution in value        
Of investment     15816  
  1428355 1442801 1439370 676366
Profit Remitted 350000 282322 -804231 -72693
Unremitted Profit carried forward 1078355 1160479 635139 603673

Horizontal Analysis of Balance Sheet (Fixed Base Method)


  1999 2000 2001
ASSETS
Cash and balances with treasury      
Bank 1.150572 0.638028 1.319163
Balances with other banks 11.72356 22.48259 64.38166
       
Lending to financial institutions      
Investments 0.353939 0.245099 0.107673
Advances 1.164921 1.448924 1.066183
Other assets 1.112454 1.04178 1.114781
Operating fixed assets 1.312076 2.397692 3.819369
Deferred tax assets      
0.937388 1.040063 1.131174
LIABILITIES      
Bills payable 0.949813 0.756658 0.584856
Borrowing from financial institution 3.942374 2.906738 0.997777
Deposits and other accounts 0.774658 0.959363 1.151397
Liabilities against assets subject      
to finance lease      
Other liabilities 1.091389 0.225434 0.225265
Deferred tax liabilities      
  0.932401 0.981307 1.073
Net assets represented by 1.081213 2.734908 2.809223
Head office capital account
Capital reserve 1 1 1
Unremitted profits 1.076157 0.588989 0.559809
  0.108763 2.655316 2.71035
Surplus on revaluation of fixed      
Assets 1 1 1
Surplus on revaluation of      
Securities      
  1.081213 2.734908 2.809223
Contingencies and commitments






Horizontal Analysis of Balance Sheet (Chain Base Method)


1999 2000 2001
ASSETS
Cash and balances with treasury
Bank 1.150572 0.554532 2.067561
Balances with other banks 11.72356 1.917727 2.863623
       
Lending to financial institutions   13.89931 1.898632
Investments 0.353939 0.692488 0.439304
Advances 1.164921 1.243796 0.735845
Other assets 1.112454 0.936469 1.070074
Operating fixed assets 1.312076 1.827403 1.592936
Deferred tax assets      
  0.937388 1.109534 1.087601
LIABILITIES      
Bills payable 0.949813 0.796639 0.772947
Borrowing from financial institution 3.942374 0.737307 0.343263
Deposits and other accounts 0.774658 1.238434 1.200168
Liabilities against assets subject      
to finance lease      
Other liabilities 1.091389 0.206557 0.99925
Deferred tax liabilities      
  0.932046 1.053752 1.09344
Net assets represented by 1.081213 2.52948 1.027173
Head office capital account 1.039251
Capital reserve 1 1 1
Unremitted profits 1.076157 0.547308 0.950458
  0.108763 24.41385 1.020726
Surplus on revaluation of fixed      
Assets 1 1 1
Surplus on revaluation of      
Securities     4.057164
  1.081213 2.52948 1.027173
Contingencies and commitments









HORIZONTAL ANALYSIS
Horizontal analysis is done in order to know the trend of business. It provides us with the true picture of business performance. By horizontal analysis, we can easily predict that whether the business is stagnant, declining or growing. We can perform horizontal analysis in two ways. Firstly, we can take any year or period as base year and then we divide the similar items of the next year with that of the base year in order to know the trend of the business. This method is known as fixed base method. Another method is chain base method in which we similar items of the year with that of the preceding year. Now let us discuss about trend of SCGB.

Interpretation of Balance Sheet

Asset Side
The asset side consists of cash, balances with other banks, lending to financial institutions, advances, investments etc. in order to better understand the bank’s position, I have calculated the ratios in two methods, i.e. fixed base method and moving base method. In the fixed base method the figures of the year 1998 are taken as base and in the moving base method, the previous year’s items divide the items. Now let us talk about the first item of the asset side, which are cash and balances with the treasury bank. This item includes cash in hand in both local and foreign currencies, local and foreign currency accounts with the State Bank of Pakistan and local currency accounts with the National Bank of Pakistan. In the year 1999, 2000 and 2001 this figure has been considerably increased as compared to the base year. The percentage increase is nearly 100%, 60% and i30% respectively. This increase in cash shows the bank’s efficiency. In the moving base method also, the cash and balances figure has been increased over the years. It is 100%, 50% and 200% as compared to the previous. We can easily see that the major increase in the cash figure is in the year 2001 as compared to the year2000. this is because of the fact that the bank has increased its local currency and foreign currency current accounts and foreign currency deposits accounts with the State Bank of Pakistan. Also the local currency account with the National Bank of Pakistan has been increased.
Now let us discuss the next item in the balance sheet that is balances with other banks. This item includes current accounts and deposits accounts held with the branches of the bank outside Pakistan. This item has been increased to approximately1100%, 220% and 65% as compared to the base year. There is a limitation that the bank is not listed on the stock exchange and hence we are unable to get the annual report for the year 1999-2000. In the year 2000 the increase is 100% as compared to the year 1999 and in the year 2001, the increase is approximately 200% as compared to the previous year. This shows that the banks deposits have been considerably increased out side the country.











Lending to financial institutions includes money at call and short notice, repurchase agreement lending, overdraft to the branches of the bank outside Pakistan and securities held as collateral against lending to financial institutions. The bank enters into s
ale of investment under agreements to repurchase them at a certain future date at a fixed price. Investments purchased with the commitment to resell them in the future dates are not recognized. The amounts paid are recognized as lending to the financial institutions. The fixed rate of markup is 7% to7.6% anis paid on maturity. As compared to the year 1999 the lending to financial institutions is 13% as compared to the previous year and in the year 2001 this figure is approximately 100% as compared to the previous year. Actually, this head has not been shown in the balance sheets of the prior years. Only the item money at call and short notice appeared. But after the circular, which was passed in the year 2001 by the State Bank of Pakistan, this head has been included. the increase in lending to financial institutions is due to the fact that the bank has increased the call money lending and overdraft facility for the branches of the bank outside Pakistan. Normally the rate of interest on call money lending is 7.5%.



All securities held by the bank are classified as available for sale securities and are stated as amortized cost less provision for permanent diminution in value. The difference between the face value and purchase price is amortized over the remaining life of the security. These securities include federal Govt Bonds, Federal Investments Bonds, Federal Govt loan, First Grindlays Modarba, National Investment Trust, Grindlays services of Pakistan Pvt Ltd. These investments are increased by 34%, 24% and 10% respectively as compared tot the year 1998. that shows the increasing trend in investment by the Bank. These investments have been increased to 35%, 69% and 43% respectively as compared to the previous year. This shows that over the years the bank has capitalized on securities and thus increased their value. The bank earns more in case of sale of First Grindlays Modarba and Grindlays services of Pakistan because on such securities, money accumulated is purely of the bank as compared to other govt securities in which the govt is in the better position to increase its capital.


Advances are stated net of provision against non-performing loans. Specific provision is made for non-performing loans to reduce book value of such loans to their expected realizable value. Advances are written off when there is no realistic prospect of recovery. The bank provides loans, cash credits and running finance facility in Pakistan. Mainly the bank provides two types of loan; short term loan which for a period of one year and second is long term loan which is for a period of over one year duration. But the bank prefers to provide short-term loan because there are less chances of their non-recovery and also the amount loaned is also less as compared to the long-term loans. There is no doubt that the long-term loans are sanctioned at a high rate of interest but there is an element of risk attached with such loans. It may be possible that at the time of maturity the loan may appear to be bad. So we can easily see that the bank has preferred lending short term loan which constituted nearly 14 million in the year 2001 and 15 million in the year 2000 as compared to the long term loan which constituted nearly 2 million in the year 2001 and 7 million in the year 2000. As compared to the base year the advances sanctioned by the bank are approximately 100%. But for the years 200 and 1999, this percentage is 100% and in the year 2001 this figure has been reduced to 73%. It is no doubt due to the efforts of the management because advances are the risk assets for the bank. It has been truly said that higher the risk, higher the return but Standard Chartered Bank has a conservative approach. They want to remain on the safe side and hence they had considerably reduces their risk assets.



Other assets include interest accrued on local and foreign currencies, advances deposits and other prepayments, prepaid exchange risk fee, advance taxation, unrealized gain on forward foreign exchange contracts, receivables from ANZ capital private ltd. For both the three years the increase in other assets remained to be 100%, which is very good because every year the bank is expanding its operation and earning greater profits by dealing in both local as well as foreign currencies. Capital work in progress includes civil works and equipments. Capital work in progress is stated at cost. The cost or recorded value of operating fixed assets is depreciated over the useful life of the asset under the straight-line method. In the year 2001 the capital work in progress is 300% as compared to the year1998, which is due to the merger that took place in the year 2001.

Liability Side
The first item in the liability side is bills payable. These bills include local as well as foreign bills. The bills payable figure has been considerably reduced from 1999 to 2001 that shows that the bank is quickly paying back the amount that it had taken for various purposes. This figure has come down from 94% in the year1999 to 73% in the year 2001. so the bank is reducing its liability each and every year.

Borrowings from financial institutions include borrowings in both local and foreign currencies. If we analyze the segment wise borrowings then we will come to know that an amount equal to Rs0.4 million has been borrowed from the State Bank of Pakistan under export refinance agreement. The SBP charges interest on export refinance facility at the rate of 8.5% per annum payable quarterly and is secured against demand promissory note executed by the bank in the favor of SBP. The other amounts included in this head are borrowings from Standard Chartered Bank, Pakistan branches carrying mark up value of 7.75% and 13.75%. As compared to the year 1999 the bank has reduced its bills payable nearly 58% that is the commendable achievement of the bank and this reduction is due to reduction in borrowings both in local as well as foreign currencies.


Deposits and other accounts include fixed deposits, savings deposits, non-remunerative deposits, current accounts, margin accounts, financial institutions accounts, remunerative deposits, non-remunerative deposits. This also includes the deposits in local as well as in foreign currencies. As compared to the year 1998 the deposits have been raised to 115%, which shows that the bank has attracted new customers. If we go year wise then the deposits have been increased to 77% in the year 1999 as compared to the year 1998 and similar is the case with the next two years. The deposits have been increased to over 120% in the years 2000 and 2001. The reason being that the bank has considerably increased its deposits in local as well as in foreign currencies. The local currencies deposit has been increased from Rs18 million to Rs22 million in the year 2001 as compared to the year 2000. Also the foreign currency deposits have been increased from Rs8 million to Rs10 million. More deposits would mean that the bank has more money at its disposal to provide loans to borrowers. We have also analyzed that the percentage of demand deposits in total deposits is nearly 60%, which shows that the bank believes in decreasing its costs on deposits. On demand deposits the bank has to pay normally a low rate as compared to the fixed deposits.


The bank has been entered into various lease agreements with the First Grindlays Modarba (a related modarba) for computer equipments. In any of the prior years before the year 2001 the bank has never been entered into any such lease agreement and hence it has not been mentioned in any of the prior years balance sheets. On these lease rentals the bank pays interest at the rate of 14% to 15.88% per annum that is payable quarterly. The bank has the option to purchase these assets upon the completion of lease period and has intention of purchasing the assets.

Other liabilities include interest payable in local as well as in foreign currencies, provisions against the lease termination charges, accrued expenses, due to SBP, net amount due to head office and branches, sundry creditors etc. the bank has considerably reduced its other liabilities over the years. It has been reduced to nearly 22% from 100% in the year 2000.

For head office capital account we do not have comparable figures for the years 1998 and 1999. So we are comparing only the figures of the year 2000 and 2001. The head office capital account includes the capital held as interest free deposits in approved foreign exchange, the amount remitted from the head office, and revaluation allowed by the SBP. The head office capital account has been increased to 100% as compared to the year 2000 because of increase in capital held in approved foreign exchange.

Capital reserves represent realized gain on sale of properties. This figure has remained unchanged during the two periods. Surplus on revaluation of securities includes revaluation of First Grindlays Modarba. This particular item has been increased 4times than the previous year or an increase of 400%.
Horizontal Analysis of Income Statement (Fixed Base Method)


  1999 2000 2001
 
Mark up/Return/Interest Earned 0.776197 0.682256 0.707709
Mark up/Return/Interest Expense 1.058002 0.585084 0.668641
       
Net mark up/interest income 0.798166 0.897596 0.794287
       
Provision against non performing loans 0.659293 3.208464 0.97776
       
Net mark up/interest income after provision 0.813792 0.637567 0.773642
Non mark up /interest income      
Fee, commission and brokerage income 1.021218 1.105751 1.015558
Dividend income 1.080824 1.219181 2.333525
Income from dealing in foreign currencies      
Other income 0.720415 0.383466 0.084371
Total markup/interest income 0.855406 0.391511 0.351181
       
Non mark up /interest expense      
Administrative expense 1.030494 1.165201 1.142612
Other provisions 0.113467 0.151771  
Other charges 7.903167 0.928638 0.00703
Total non mark up /interest expense 1.165194 1.144194 1.100081
       
Integration cost      
Profit Before Taxation 0.65974 0.582753 0.380976
Taxation-current 0.625041 0.669564 0.567187
Profit after Taxation 0.715647 0.442885 0.080956
Unremitted Profit Brought forward 1.173271 1.303462 0.818146
Reversal of indemnity from ANZ Banking Gp      
Restated unremitted profit 1.173271 1.303462 0.691044
Profit available for remittance 1.010114 0.996639 0.473528
Reversal of provision for diminution in value      
of investment      
  1.010114 1.00771 0.473528
Profit Remitted 0.806634 2.297803 0.207694
Unremitted Profit carried forward 1.076157 0.588989 0.559809



Horizontal Analysis of Income Statement (Chain Base Method)


  1999 2000 2001
 
Mark up/Return/Interest Earned 0.776197 0.878973 1.037308
Mark up/Return/Interest Expense 1.058002 -0.55301 -1.14281
       
Net mark up/interest income 0.798166 1.124573 0.884905
       
Provision against non performing loans 0.659293 -4.86652 0.304743
      0.304743
Net mark up/interest income after provision 0.813792 0.783452 1.213428
Non mark up /interest income      
Fee, commission and brokerage income 1.021218 1.082776 0.918433
Dividend income 1.080824 1.12801 1.914011
Income from dealing in foreign currencies     1.050767
Other income 0.720415 0.532284 0.220022
Total non markup/interest income 0.855406 0.45769 0.896989
      1.058584
Non mark up /interest expense      
Administrative expense 1.030494 1.13072 0.980613
Other provisions 0.113467 1.33758 0
Other charges 7.903167 0.1175 0.007566
Total non mark up /interest expense 1.165194 0.98198 0.961446
      1.179047
Integration cost      
Profit Before Taxation 0.65974 0.883307 0.653752
Taxation-current 0.625041 -1.07123 0.8471
Profit after Taxation 0.715647 0.61886 0.182792
Unremitted Profit Brought forward 1.173271 1.110963 0.627672
Reversal of indemnity from ANZ Banking Gp      
Restated unremitted profit 1.173271 1.110963 0.53016
Profit available for remittance 1.010114 0.98666 0.475125
Reversal of provision for diminution in value      
Of investment     0
1.010114 0.997622 0.469904
Profit Remitted 0.806634 -2.84863 0.090388
Unremitted Profit carried forward 1.076157 0.547308 0.950458

Interpretation of Horizontal Analysis Of Income Statement
The first item in the income statement is mark up/ interest earned by the bank. The major source of earning for a bank is interest or markup that it earns by different operations. The major sources of earnings for the bank are interest received on advances which are sanctioned to the customers, on loans and advances to the financial institutions, on investment in available for sale securities, on deposits with financial institutions, on securities purchased after resell agreements. The interest earning capacity of the bank has been considerably increased over the years that show that the upper level management has made effective sales policies in order to increase the revenue. Sales are directly dependent on advertising. The bank makes heavy advertisements both in the print and electronic media in order to boost its sales. This shows that the marketing policy has been effectively implemented and the bank has earned sufficient revenue by the application of this policy.


The interest expenses of the bank include deposits, securities sold under repurchase agreement, call borrowings and borrowings from SBP under export refinance agreement. As compared to the year 1998 this amount has been reduced but as compared to the preceding years, this amount has been increased drastically mainly due to the increase in the interest payments on various deposits.

The net markup earned by the bank has been increased in the year 2000 as compared to the year 1999by nearly 100% and as compared to the year 1998 it has been increased to 89%. In the year 2001 the figure of net markup earned has been reduced as compared to the year 2000 because in this year the has incurred more expenses as compared to its revenue. Also the provision against non-performing loans has been considerably reduced.

The non mark up interest income for the bank includes fee, commission, and brokerage, dividend income, income from dealing in foreign currencies, rent on property, profit on sale of property and equipment, frauds and forgeries recovered, surplus on management staff pension fund, bad debts written off recovered etc. we can say that the non markup interest income has been 100% for the years 1999, 2000, and 2001 as compared to the year 1998. But we can easily see that the non-markup income for the year 2001 has been considerably increased from 45% in the year 2000 to 89%.




The non markup interest expenses includes administrative expenses which are further classified as salaries and allowances, rent, rates and taxes, communications, travel, repairs and maintenance, rentals of operating leases, stationery and printing, donations, auditor’s remuneration, depreciation etc. as compared to the year 1998, these expenses constituted nearly 100% more than the previous year but if we go year by year then we will see that the non markup expenses have been reduced considerably. In the year 2001 the expenses have been reduced to 96% from 98%. The bank has reduced its travel and salaries expenses in order to lower the non-markup expenses. However in the year 2001 integration cost has been included in the expenses because in this year the merger of bank took place.


As compared to the year 1998 the net profit before and after taxation has been increased but at a decreasing trend. In the year 2001 the net income before and after taxation has been reduced. Because in this year we have accounted for the integration cost which has lowered down the net profits.

Vertical Analysis of Balance Sheet


  1998 1999 2000 2001
 
ASSETS        
Cash and balances with treasury        
bank 0.156806 0.192468 0.096193 0.182866
Balances with other banks 0.002602 0.032545 0.056251 0.148107
  0 0 0 0
Lending to financial institutions 0 0.006196 0.077621 0.135503
Investments 0.316365 0.119453 0.074554 0.030114
Advances 0.461348 0.573332 0.642709 0.434842
Other assets 0.061141 0.07256 0.061242 0.060255
Operating fixed assets 0.002462 0.003447 0.005677 0.008314
Deferred tax assets        
  1 1 1 1
LIABILITIES        
Bills payable 0.006267 0.00635 0.005 0.00324
Borrowing from financial institution 0.04015 0.168863 0.112213 0.035416
Deposits and other accounts 0.844423 0.697833 0.779803 0.85952
Liabilities against assets subject        
to finance lease       0.003712
Other liabilities 0.075653 0.088308 0.016219 0.014901
Deferred tax liabilities        
  0.966494 0.961353 0.911894 0.91679
Net assets represented by 0.033501 0.038647 0.088106 0.08321
Head office capital account     0.069125 0.06605
Capital reserve 0.000445 0.000475 0.000428 0.000393
Unremitted profits 0.031956 0.036687 0.018097 0.015815
  0.033226 0.038348 0.087648 0.082258
Surplus on revaluation of fixed        
Assets 0.00028 0.000299 0.000269 0.000248
Surplus on revaluation of        
Securities     0.000189 0.000705
  0.033506 0.038647 0.088106 0.08321
Contingencies and commitments
Vertical Analysis
Vertical analysis is also known as common size analysis. In this type of analysis, we divide every individual asset with the total assets and every individual liability with the total liabilities in order to arrive at the percentages. These percentages show that each asset or a liability is what percent of the total. So by this analysis, we come to know each and every item as a percentage of the total.

INTERPRETATION OF BALNACE SHEET

Asset Side
In vertical analysis of balance sheet we will analyze each and every element should be shown as a percentage of total. For instance if we are analyzing the asset side then we will divide each and every asset by total assets. The first item in the balance sheet is cash. We can see that the cash item as a percentage of total asset. The percentage of this item varies from year to year and these figures are 15%, 18%, 9% and 19% for the years 1998, 1999, 2000 and 2001 respectively. This shows that the cash as a percentage of total assets except for the year 2000 is showing a good position of the bank. Cash is the most liquid asset and in case of bank it includes the balances held with the SBP with National Bank of Pakistan and also the cash in hand both in local and foreign currencies. The second figure is balances with other banks. This figure has been increased considerably from 5% in the year 2000 to 18% in the year 2001. Balances with other banks include the balances with the branches of the same bank. And these balances are with the foreign branches as well as the local branches. The percentage of lending to financial institutions as a percentage of total assets has also been increased. It has been increased from 6% in 1999 to 7% in the year 2000 to 13% in the year 2001. this shows a very good increase in the banks lending capacity. Lending to financial institutions includes money that has been provided to the other banks as overdraft and the bank earns a huge amount of interest on such lending. The next item in the balance sheet is investment. The percentage contribution of investment has been considerably reduced as a percentage of the total assets. Advances are the risk assets of the bank and its percentage also has been decreased as compared to the total assets. This reveals a good position of the bank because the bank is making less advances. The percentages of other assets and operating fixed assets have been considerably increased.

















LIABILITY SIDE
The bills payable as a percentage of total liabilities have been reduced as compared to the year 2000. Similar is the case with borrowings from financial institutions. The items like deposits and other accounts and other liabilities have been considerably increased as a percentage of total liabilities.




Vertical Analysis of Income Statement



1998 1999 2000 2001
Mark up/Return/Interest Earned 1 1 1 1
Mark up/Return/Interest Expense 0.689062 0.939232 0.590921 0.651023
         
Net mark up/interest income 0.310938 0.319738 0.409079 0.348987
         
Provision against non performing loans 0.031449 0.026713 0.147897 0.04345
      0.147897 0.04345
Net mark up/interest income after provision 0.279489 0.293026 0.261182 0.305527
Non mark up /interest income        
Fee, commission and brokerage income 0.103944 0.136756 0.168465 0.149159
Dividend income 0.004186 0.005828 0.00748 0.013801
Income from dealing in foreign currencies     0.047061 0.047672
Other income 0.048507 0.045021 0.027263 0.005783
Total markup/interest income 0.436126 0.480632 0.25027 0.216415
      0.511452 0.521942
Non mark up /interest expense        
Administrative expense 0.162522 0.215767 0.27756 0.2624
Other provisions 0.002645 0.000387 0.000588  
Other charges 0.003662 0.037285 0.004984 0.000036
Total non mark up /interest expense 0.168829 0.253439 0.28314 0.262432
      0.228313 0.259511
Integration cost       0.115619
Profit Before Taxation 0.267297 0.227193 0.228313 0.143892
Taxation-current 0.164931 0.132812 0.161862 0.132182
Profit after Taxation 0.102366 0.094381 0.066451 0.01171
Unremitted Profit Brought forward 0.184751 0.279263 0.35297 0.213581
Reversal of indemnity from ANZ Banking Gp       0.033181
Restated unremitted profit 0.184751 0.279263 0.35297 0.1304
Profit available for remittance 0.287117 0.373644 0.41942 0.19211
Reversal of provision for diminution in value        
of investment     0.00466  
  0.287117 0.373644 0.42408 0.19211
Profit Remitted 0.070354 0.073113 0.23695 0.02065
Unremitted Profit carried forward 0.216763 0.30053 0.18713 0.171463
Interpretation of Vertical Analysis of Income Statement

In the year 2001, the percentage of interest expenses as a percentage of revenue has been increased. The management should see that why these expenses are increasing and also provide adequate policies in order to reduce these expenses. These expenses are increased by 1% as compared to the previous years percentage. Due to proportionate increase in the interest expenses as compared to the revenue the net mark up has also shown a declining trend. We have further analyzed that the non-mark up interest income has also been reduced. The non-markup expenses have been reduced in the current year but nothing that is to be considered is the integration cost. After the deduction of this cost, the profit before taxation has been declined and it is the case with profit after taxation.












Accounting ratios
Accounting ratios are used in order to evaluate the solvency position of the firm and to asses its profitability.

Liquidity Ratios
Liquidity ratios are used to measure the firm’s ability to meet short-term obligations. They compare short-term obligations to short term (or current) resources available to meet these obligations.

Current Ratio

FORMULA


Current Ratio 2001 2000


Current Assets 35891555 27555173
Current liabilities 26337445 23874712

Current Ratio 1.3628 1.1542

GRAPH








Interpretation
This ratio signifies that how much current assets the firm has to meet its short term liabilities. The current ratio for the bank has shown improvement over the past year. The higher the current ratio, the greater the ability of the firm to pay its bills. This ratio is considered to be a crude measure because it does not take into account the liquidity of the individual components of the current assets. The improvement in the current ratio is due to the increase in the current assets as compared to the previous year.

Advances to Debt Ratio

FORMULA


Advances to Debt  2001 2000



Total Advances 16598631X100 22557236X100
Total Debt 32809299 27337250

Advances to Debt  50.59% 82.51%



GRAPH











Interpretation
This ratio tells us that how much advances the bank has i.e. how much receivables the bank has as compared to the total debt of the bank. This ratio should be lower because the bank should have more cash than receivables in order to meet its long term and short-term liabilities. This ratio has shown improvement over the previous year because the bank has significantly lowered this ratio.

Financial Leverage Ratios
These ratios tell us the extent by which the firm is financed by debt.

Debt-To-Total Asset Ratio

FORMULA


Debt to Total Assets 2001 2000



TOTAL DEBT X 100 1351887 X 100 3938337 X 100
ASSETS 38171663 35097105

Debt to Total Assets 3.5412% 11.2213%


GRAPH


INTERPRETATION
This ratio highlights the relative importance of debt financing to the firm by showing the percentage of the firm’s assets that are supported by debt financing. We can easily see that the total debts of the firm have been decreased as compared to the year 2000 and hence more assets financed by lesser amount of borrowed funds. This shows the banks efficiency in decreasing the debts and increasing the assets.

Debt-To-Equity Ratio

FORMULA

Debt to Capital Funds 2001 2000

TOTAL DEBT 1351887 3938337
CAPITAL FUNDS 3176282 3092256

Debt to Capital Funds 0.4256 1.2736



GRAPH












 INTERPRETATION
The ratio tells us that the creditors are providing 43.05% of financing for each Rs 1 being provided by the shareholders. The lower the ratio the higher the level of the firms financing that is being provided by the shareholders and larger the cushion in the event of shrinking asset values or outright losses. The bank has shown improvement in lowering the ratio from 128% in 2000 to 43% in the year 2001. this represents that the total borrowings of the bank has been considerably reduced during the year 2001.
Coverage Ratios
Coverage ratios are designed to relate the financial charges of a firm to its ability to service, or cover, them.
Interest Coverage Ratio
FORMULA


Interest Coverage Ratio 2001 2000

Earnings before interest and taxes
Interest Expense 506604+2292074
2292074 774918+2005644
2005644


Interest Coverage Ratio 1.221 1.3864



Graph
 
 

 Interpretation
This ratio is simply the ratio of earnings before interest and taxes for a particular reporting period to the amount of interest charges for the period. The ratio serves as one of the measure to meet its interest payments and thus avoiding bankruptcy. In general, the higher the ratio, the better company could cover its interest payments without difficulty. It also sheds some light on the firm’s capacity to take new debt. As compared to 2000, the ratio has been decreased due to increase in the interest expenses in relation to the earnings before interest and taxes. But in both the years the firm is in a better position to pay off its debts as they come due.

Debt-To-Equity Ratio

FORMULA


Debt to Capital Funds 2001 2000
TOTAL DEBT 1351887 3938337
CAPITAL FUNDS 3176282 3092256

Debt to Capital Funds 0.4256 1.2736


 

GRAPH









Interpretation
This ratio is simply the ratio of of earnings before interest and taxes for a particular reporting period to the amount of interest charges for the period. The ratio serves as one of the measure to meet its interest payments and thus avoiding bankruptcy. In general, the higher the ratio, the better company could cover its interest payments without difficulty. It also sheds some light on the firm’s capacity to take new debt. As compared to 2000, the ratio has been decreased due to increase in the interest expenses in relation to the earnings before interest and taxes. But in both the years the firm is in a better position to pay off its debts as they come due.

Profitability Ratios
These ratios indicates the firms overall effectiveness of operations.
Return on Equity

FORMULA


Return On Equity 2001 2000


NET PROFITS AFTER TAX 41227 225541
CAPITAL FUND 3176282 3092256


Return On Equity 0.01297 0.07293


GRAPH




 

   
   




INTERPRETATION
Return on equity measures the net profit after taxes to the equity that the shareholders have invested in the firm. A high return on equity often reflects the firms acceptance of strong investment opportunities and effective expense management. The ratio for the year 2000 is comparatively high due to increased net profit after taxation but overall this ratio for the two years represents good picture of the company.

Return on Assets

FORMULA

Return On Assets 2001 2000

NET PROFIT BEFORE TAX 506604 X100  774918 X100
TOTAL ASSETS 38171663 35097105


Return On Assets 1.3272% 2.2079%

GRAPH











INTERPRETATION
This ratio signifies that how efficiently the total assets of the bank are utilized to generate net income.

Return on Deposits

FORMULA


Return on Deposits 2001 2000


NET PROFIT BEFORE TAX 506604 X100 774918 X100
TOTAL DEPOSITS 32809299 27337250

Return on Deposits  1.5441 2.8347

GRAPH





 

   


 

INTERPRETATION
This ratio signifies that how much of net profit is contributed by total deposits. In the year 2000 the ratio is higher because of greater net profit after taxation. The total deposits, however have increased but due to lesser profits this ratio is lower as compared to the year 2000.
Activity Ratios
Activity ratios, also known as efficiency or turn over ratios, measure how effectively the firm is using its assets.

Asset Turnover

FORMULA
 Asset Turnover   2001 2000

TOTAL REVENUE   4282662   4243538 X100
TOTAL ASSETS 38171663 35097105
   
Asset Turnover   0.1122   0.1209

GRAPH









Interpretation
This ratio signifies that how efficiently total assets are utilized in order to generate revenue. This ratio is an important indicator in the case of manufacturing concerns because it indicates how the firm has utilized its asset resources to generate revenue. In both the years the ratio is showing satisfactory utilization of the banks assets, a major component of which is cash, balances with other banks and with financial institutions etc.

Other Ratios

Net Income to Risk Assets

FORMULA

N.Inc to Risk assets 2001 2000


Net Income 41227 225541
Risk Assets 16598631 22557236

Net Income to
Risk Assets 2.48 9.99

GRAPH








INTERPRETATION
The net income for the bank is arrived at by subtracting the interest, non interest expenses, administrative expenses from interest / markup earned. risk assets for a bank consists of advances and finances that the bank sanction to its trusted customers. This ratio reveals that whether the bank earns sufficient income in order to meet the demands for loan of its valuable customers. The bank should earn handsome amount of profit in order to meet the demands of its clients. The calculation shows that risk assets as a percentage of income has been reduced. It were 9.99% in the 2000 which was high as compared to 2.48% in the year 2001. this clearly reveals that the percentage of risk assets to net income has been considerably dropped down in 2001.

Operating Expenses to Net Revenue

FORMULA
2001 2000

Operating Expenses 1331010 960999
Net Revenue 1075676 886477

Operating Expenses
To Net Revenue 1.24 1.08


GRAPH









INTERPRETATION
The ratio signifies that operating expenses are what percent of sale revenue. From another angle we can say that whether the bank is generating sufficient revenue in order to pay its operating expenses. The calculations reveal that the bank is in a better position to pay its operating expenses in the year 2001 as compared to 2000 because the revenue generating capacity of the bank has been enhanced.

Quick Assets to Total Deposits

FORMULA
2001 2000
Quick Assets 13736736 7920433
Total Deposits 32809299 27337250

Quick Assets to Deposits 0.4187 0.2897


GRAPH








INTERPRETATION
Quick assets represent the liquidity position of the bank and deposits indicate the liabilities of bank. This ratio is used to determine whether the bank has enough quick assets to meet the needs of call and demand liabilities of the customers. The quick assets should at least necessarily meet the call liabilities of the customers. The total deposits in relation to are quick assets are 42% in 2001 as compared to 28% in 2000. so the bank should capitalize on its quick assets in order to meet any uncertain event.

Financing To Borrowed funds and Total Deposits
FORMULA

2001 2000
Financing 21771008 24781501
Deposits + Borrowed 34161186 31275587
Funds
Financing to total Borrowing 0.6373 0.7924


GRAPH






INTERPRETATION
Total financing of a bank mean that hoe much financing and advances being provided by the bank to its valued customers, financial institutions and other banks. Deposits means that how much the bank owes to its clients and borrowed funds means the borrowings of the bank from financial institutions. So this ratio reveals that how much the bank has provided to different entities in relation to its borrowings and deposits. The banks position has been improved as compared to the year 2000 because its borrowings have been considerably reduced in relation to its financing.

Total Financing To Total Deposits
FORMULA

2001 2000
Total Financing 21771008 24781501
Total Deposits 32809299 27337250

Financing to Financing 0.6636 0.9065
GRAPH









INTERPRETATION
This ratio indicates the relation ship between total deposits and total financing by the bank. The figures of 2001 are showing a good picture because the bank has successfully increased up its total financing in relation to total deposits.

Demand Deposits to Total Deposits

FORMULA

2001 2000
Demand Deposits 24861868 19776351
Total Deposits 32809299 27337250

Demand Deposits
to Total Deposits 0.7578 0.7234





GRAPH






INTERPRETATION
Now we are discussing the relationship of demand deposits to total deposits. In simple words we can say that what the percentage of demand deposits in total deposits is. For both the years demand deposits are 72% and 75% respectively which shows that these deposits are the major constituent of total deposits. It is a great risk for the bank because the bank has to fulfill the demand obligations of the customers as and when they need them. It would be advisable for the bank to capitalize on fixed and savings deposits as well.

Borrowed Funds to Total Financing

FORMULA
2001 2000
Borrowed Funds 1351887 3938337
Total Financing 21771008 24781501

Borrowed funds
To Financing 0.0621 0.1589

GRAPH









INTERPRETATION
The ratio signifies that how much borrowings the bank has incurred in relation to the funds raised by it. The 2001 figure shows excellent position of the bank because the borrowed funds in relation to the total financing have been drastically reduced.

Due from Banks to Total Assets

FORMULA
2001 2000
Due From Banks 5172377 2224265
Total Assets 38171663 35097105

Due from banks
To Total Assets 0.1355 0.0634



GRAPH









INTERPRETATION
This ratio signifies that how much receivables the bank has in relation to the total assets. The bank should have more cash and less receivables. In relation to the year 2000 the bank has more receivables and it should try to decrease the receivables turn over in order to be more efficient.

Due from Banks to Due to Banks

FORMULA
2001 2000
Due From Banks 5172377 2224265
Due To Banks 1351887 3938337

Due from banks
To Due to Banks 3.826 0.5648


GRAPH









INTERPRETATION
This ratio signifies that what we owe to other banks and what other banks owe to us. It predicts as to whether the receivables are more than what we have to pay to banks. The year 2001 signifies good position of the bank because in this year its receivables are higher than the payables. It also indicates that the banks liabilities are lesser than the assets and the bank faces no significant risk in the future.

Capital Funds to Total Assets

FORMULA
2001 2000
Capital Funds 3176282 3092256
Total Assets 38171663 35097105

Capital funds to
Total Assets 0.0832 0.08811

GRAPH









INTERPRETATION
In order to know that how much of assets are financed by capital funds, we calculate this ratio. In both the years the contribution of capital funds in total assets is nearly 8% which indicates the efficient utilization of capital funds.

Capital Funds to Risk Assets

FORMULA

2001 2000
Capital Funds 3176282 3092256
Risk Assets 16598631 22557236

Capital Funds to
Risk Assets 0.19136 0.13708



GRAPH









INTERPRETATION
The risk assets for a banking company are its advances. They are called risk assets because there are chances that some of the risk assets appeared to be bad. The above ratio signifies that capital funds are what percentage of risk assets. The ratio shows that the bank’s capital fund constitutes nearly 19% of risk assets. We can say that the risk assets are generating 19% of capital funds because on risk assets, the bank earns profit.

Capital Funds to Total Financing

FORMULA

2001 2000
Capital Funds 3176282 3092256
Total Financing 21771008 24781501

Capital funds to
Total Financing 0.04814 0.04946
GRAPH









INTERPRETATION
This ratio signifies that how much capital funds do we have and out of those funds how much financing we have provided to other institutions. In the year 2001, the external financing of the bank has been considerably increased due to increase in the capital funds. Actually we have included surpluses on revaluation on assets and surpluses on securities in our capital funds and hence this ratio for 2001 is 1% more than the previous year and shows financial soundness of the bank.
PART 7


Training Program








Training Program
My training program was started on the 3rd of July 2001. I did six weeks internship at the Standard Chartered Grindlays Bank, Centenary Branch. Basically there were three main departments in the Branch where I worked namely, Branch System Unit, Personal Financial Consultation Unit and Lockers Section. No internee was allowed to that section. I spent four weeks in the Branch System Unit and two weeks in the Personal Financial Consultation Unit. Cash department and locker area comes under the BSU and these were the most sensitive departments where no one except the employees of the bank was allowed.
In these two departments, I learnt about the various functions and workings of the bank. Following is the department wise working.

Functions of BSU
Following inquiries are entertained in BSU
· Screen account enquiry
· Screen balances enquiry
· Printed accounts enquiry
· Projected balance enquiry
· General extracts
· Statement transactions screen enquiry
· Statement transaction print
· Uncleared effects enquiry
· Stored rates, dates and balance enquiry
· Standing order screen enquiry
· Customer limit/lien enquiry
· Turn over enquiry
· Bills payable screen enquiry
· Interest earning enquiry
· Commission income enquiry
· F/X turnover enquiry
· Statement archive enquiry
· Statement archive print
· Reject entry details enquiry
· PLS loan enquiry
· Stop cheque enquiry
· Interest statement enquiry
· Interest statement print
· Charges enquiry
· Charges archive enquiry
· Other old account enquiry

Securities
There are mainly three securities that are offered to the general public and these securities are Defence Savings Certificates, Special Savings Certificates and NIT Units but the bank deals in only two of these i.e. SSC’s and DSC’s. SSC’s mature after 3 years period and interest is paid on it half yearly i.e. after 6 months. The customers are allowed to with draw the amount any time in case of need but the person will get the maximum return in case he gets it encashed after 3 years. The yearly profit on these securities is 10.13% but, if encashed after 3 years he would get nearly 45% return. Similarly DSC’s mature after a period of 10 years and the return on them is 300%. In case of DSC’s, the customer can encash them any time but in order to get the maximum return, he should get them encashed on their maturity. Applications for securities and their encashment are entertained from 9 a.m. to 5 p.m. for both SSC’s and DSC’s separate folders are maintained. These folders include the applications for issuances of securities as well as copies of issued securities are maintained.
The process for applying for securities is that any one, who wished to purchase the securities, has to fill two application forms. One form contains one page and the other contains two pages. The customers have to apply on these forms. The bank retains the duplicate copy for future use whereas the original one is given back to the customer. The duplicate copy is placed in the special folder, kept by the unit for the purpose of securities. Normally it takes 2 weeks after the submission of application that securities are available to the customers. This is because of the reason that the bank has to fetch them from National Savings Center. When the customer comes after two weeks or so the receipt that is given to him at the time of submission is taken and securities are provided to him and get his signature on the duplicate form and write the registration number and date on the form. At the time of maturity the bank takes the initials of the customer and they are matched with the previous ones, also the registration number and date is checked. In this way the procedure for application and encashment of securities is complete.

Demand Draft
Demand draft is used whenever payment has to be made out of the city. Basically it is an instrument payable on demand for which value has been received, issued by the branch of the bank drawn i.e. payable at some other place (branch) of the same bank. In case of agency arrangements, demand draft can also be issued by one branch of the bank payable to other branch of another bank e.g. DD issued by the Standard Chartered Bank payable by Union Bank.
The procedure for issuance of DD is as follows;
· Request shall be on the standard DD application form.
· Fill in all information such as name of the beneficiary, place where the DD is drawn, amount, mode of payment, cash / cheque / debit authority, signature with name and address.
· Check the application from.
· Charge commission as per schedule of charges.
· Recover excise duty and withholding tax as per application rates. Get the exemption form filled in if the customer has NTN number.
· Get voucher from cash department after the customer has made payment by cash /cheque.
· Prepare the demand draft (security stationery).
· The issuance of DD is computer and the amount is automatically protected graphed during printing, for avoidance of forgery.
· Entry is then made in DD issuance register. In the DD issued register, separate folio is allotted for each drawee branch and a serial control number is applied.
Cancellation of DD:
· Obtain application in writing along with original DD.
· Verify the signature of the applicant. This signature should tally with the signature on the DD application form.
· Make cancellation in DD issued register.
· Payment from Suspense account DD cancelled after recovery of cancellation cheques as per current schedule of charges.
· Inform the drawee Branch regarding cancellation and ask for ICBA.
· On receipt of ICBA adjust amount paid out of suspense account.
· All pay order shall be crossed “Payees account only”.
· It may be noted that ICBA is not involved because PO are payable at the same branch.

Lost / stop payment /issuance of duplicate DD:
Get application from the purchaser and verify the signature.
Inform the drawee branch of the loss of DD and advise them to mark caution against payment if presented.
After necessary checking, the drawee branch will inform us about the status of DD whether it has paid or still outstanding.
Write on the face of duplicate DD in red ink "Duplicate in lieu of original DD No.12222 dated xx-xx-xx reported lost".
The duplicate DD will have the same control number.
The printed number and serial control number of DD issued shall be mentioned on application form.
Signature of two attorney holders with their attorney number should be obtained on the DD. The second signing officer must check all the particulars before signing.

Telegraphic Transfer
It is a quick way of transfer of funds from one branch to another branch of the same bank.
· Procedure of vouchering is same as the DD.
· Apply message on the TT message and give appropriate instruction such as "advise and credit “or "advise and pay" TTR to be issued if cash payment is to be made or if the beneficiary has account in another bank.
· If the account of beneficiary is in another bank, the TTR will be presented by his bank to us through clearing for payment. Recover commission, fax/ telex charges and withholding tax as per schedule of charges.

Pay Order
It is used for making payments within the same city. Pay order issued from one branch only be payable from the same branch. It is normally referred as Banker's cheque. Procedure for issuing of pay order is as follows;
Get the application form.
Issue pay order after recovering cheques.
Do necessary vouchering.
Make entry in PO issue register.
All pay orders shall be crossed "Payees account only".
It may be noted that IBCA is not involved because PO are payable at the same branch.
Cancellation
· Application for cancellation.
· Surrender of original pay order.
· Recover cancellation charges.

Duplicate Pay Order
Check the record to insure that payment has not been
effected.
Get application for issuing of duplicate PO.
Recover charges.
Issue duplicate pay order.

Pay slips
The bank for settlement of its own payment issues pays Slips. There is no excise duty and no commission on these slips.

Clearing of cheques
The word clearing has been derived from the word “Clear” and is defined as “ a system by which banks exchange cheques and other negotiable instruments drawn on each other within a specific area and thereby secure payment for their clients through the Clearing House At specified time” in an efficient way.

Advantages Of Clearing House
1. Since clearing does not involve any cash etc. and all the transaction takes place through book entries, the number of transaction can be unlimited.
2. No cash is needed as such the risk of robbery, embezzlements and pilferages are totally eliminated.
3. As major payments are made through clearing , the banks can manage cash payments at the counters with a minimum amount of cash in vaults.
4. A lot of time, cost and labor are saved.
5. Since it provides an extra service to the customer of banks without any service charges or costs, more and more people are inclined and attracted towards banking.

Clearing House
It is a place where representatives of all banks sit together and interchange their claims against each other with the help of controlling staff of State Bank of Pakistan And where there is no branch of State Bank of Pakistan the designated branch of National Bank of Pakistan act as controlling member instead of State Bank of Pakistan. Membership of clearing house ceases when the bank ceases to be a scheduled bank, is not able to meet its liabilities and State Bank of Pakistan or Central Govt prohibits it to receive fresh deposits.

Special clearing:
In addition to the normal clearing function at Clearing house it is mutually agreed to hold an extra clearing at the clearing house on the particular day and time which is known as “special clearing” it is arranged due to the rush of work arising out of say ,more Holidays declared by the Central Govt. at a time , but normally special clearing is held on last working day of our half yearly and yearly closing i.e. 30th June and 31st Dec. every year.

Working of Clearing House:
Only the member banks are allowed to clear their cheques at the clearing house. All the banks, which are the members of the Clearing House, maintain an account with the State Bank of Pakistan by debit and credit to which the clearing statements are made. If on a particular day a bank delivers cheques and other negotiable instruments worth more than the total amount of cheques received by it that banks account with State Bank of Pakistan will be credited with the differential amount. If on the other hand the totals amount of cheques and other negotiable instruments drawn on a certain bank by other banks is more than the total amount receivable by it from other banks, then this banks account will be debited on the day.
The cheques delivered to the representatives of other banks for clearing are outward clearing; whereas the cheques received from the representatives of other banks for payment are called inward clearing.

EXAMPLE
Let us consider the example of 3 banks viz, SCB, HBL, NBP and MCB. Assume that SCB got the cheques that are drawn on HBL, NBP, and MCB, which amounts to Rs. 10,000/-, Rs. 30,000/ and-Rs. 10,000/- respectively. So the total amount would come to be Rs. 50,000/-. This amount needs to be credited to SCB account with SBP. Suppose that on the other hand the cheques drawn on SCB are from HBL, NBP & MCB which amounts to Rs. 15,000/-Rs. 45,000/-and Rs. 40,000/-respectively. its total come out to be Rs. 100,000/-. so this amount is to be debited from SCB account with SBP. Now we can easily see that the difference between Rs. 50,000/- credit and Rs. 100,000/- debit is Rs. 50,000/-debit, so it means that SCB has a debit account with the clearing house. If we take into account the individual banks then we come to know that
SCB has to receive. 10,000/- from HBL and to pay Rs. 15 000/- to HBL so difference is Rs. 5,000/- debit. SCB has to recieve Rs. 30,000/- from NBP and to pay Rs. 45,000/- to NBP so difference is Rs. 15,000/- debit. SCB has to receive from MCB Rs 10,000/- and to pay Rs. 30,000/- to MCB so difference is Rs. 20,000/- debit.
Grand Total of all debit balances = 5000+30000+15000 = Rs50000 debit balance. This is called as “debit and credit rule”.
Hence SCB account with State Bank of Pakistan will be debited with Rs. 50,000/- and the contra will be other banks account respectively.
The amount and number of instrument received are entered in the House Book from the main schedules of the respective banks.
The State Bank of Pakistan maintains two major books for clearing house purpose.

Rules and regulations of Clearing House:
Timings :( Monday through Saturday)
· 1st Clearing at 10:00 a.m.
· 2nd Clearing at 2.30 p.m.
· Each bank will send competent representative to exchange the cheques.
· Each bank is required to insure that all cheques and other negotiable instruments are properly stamped and suitably discharged
· An objection memo must accompany each and every cheque when return unpaid duly initialed.
· Each bank is required to maintain sufficient funds in the principal account with SBP to meet the payment obligations.
· The State Bank of Pakistan debit the account of each member of the clearing house with the proportionate working expenses incurred on the operation of clearing house. These expenses are very nominal.

House Register
In which the amount and number of cheques received and delivered by each bank is noted down. Its columns are just like our clearing house page.

House Balance Book:
In which the amount and number of cheques received and delivered by each bank as well as the amounts which are to be received and paid to respective banks through their accounts by State Bank of Pakistan is written down.This book has the following columns:

Initials To pay AmountNo. Of cheques received delivered Name of Bank Received Amount To received Amount Initials
Both sides of the books are balanced. Vouchers are prepared from the slips received from the respective banks and the amounts are compared with this balance book.

The working of Clearing House may be summarized as follows:
1. The instruments are delivered to the respective banks.
2. The instruments drawn on our bank are received from other banks.
3. The amount and number of received of instruments are entered in the House Book from the main schedule of respective banks.
4. The amount of instruments delivered received and the difference are written on a figure slip provided in the clearing house and the slip are returned to the supervisor.
5. The instruments are arranged branch-wise.
6. Schedules are detached and kept safely.

Outward clearing at the Branch
The following points are to be taken into consideration while an instrument is accepted at the counter to be presented in outward clearing:
· The name of the branch appears on its face where it is drawn o.
· It should be stale or post dated or without date.
· Amount in words and figures does not differ.
· Signature of the drawer appears on the face of the instrument.
· Instrument is not mutilated.
· There should be no material alteration, if so, it should be properly authenticated.
· If order instrument suitably indorsed and the last endorsee’s account being credited.
· Endorsement is in accordance with the crossing if any.
· The amount of the instrument is same as mentioned on the paying-in-slip and counterfoil.
· The title of the account on the paying-in-slip is that of payee or endorsee (with the exception of bearer cheque).
If an instrument is in order than our bank special crossing stamp is affixed across the face of the instrument. Clearing stamp is affixed on the face of the instruments, paying-in-slip and counterfoil (The stamp is affixed in such a manner that half appears on counterfoil and paying-in-slip). The instrument is suitably discharged, where a bearer cheque does not require any discharge and also an instrument in favor a bank not need be discharged.
The instrument along with pay-in-slip is retained while the counterfoil is given to the customer duly signed., then the following steps are to be taken:
· The particulars of the instrument and the pay-in-slip or credit voucher are entered in the outward clearing register.
· Serial no. Is given to each voucher.
· The register is balanced, the credit voucher are balanced from the instruments and are released to the respective departments against acknowledgement in the register.
· The instruments are arranged bank wise.
· The schedules are prepared in triplicate, two copies which are attached with the relevant instrument and the third is kept as office copy. The house page is prepared from schedules in triplicate.
· The house in charge with branch stamp signs the schedules and house pages.
· The grand total of the house page is taken and agreed with that of the outward clearing register.
· The instrument along with duplicate schedule and house page are sent to the main office.
However the amount is kept in float till final status of various instruments is known from respective paying banks in second dealing.
The entry of the instrument returned unpaid is made in Cheques returned Register. If the instrument is not to be presented again in clearing then a covering memo is prepared. The covering memo along with returned instrument and objection memo is sent to the customer who sent the same to his account.

Inward clearing of the branch:
· The particulars of the instruments are compared with the list.
· The instruments are detached and sort out department wise.
· The entry is made in the inward clearing register (serial no. Instrument no. Account no. Is written).
· The instruments are sent top the respective departments
· The instruments are scrutinized in each respect before honoring the same.


Outward cheques returned unpaid:
These are the cheque returned unpaid by us in inward clearing. Due to some objections.

Inward cheques returned unpaid:
These are the cheques retained unpaid to us which were lodged by us in Outward Clearing.

Return of cheques after clearing house:
Suppose all cheques received in the inward clearing are passed and later on it is found that a cheque should have been returned, in such cases, we contact the collecting branch and request them not to make payment against the proceeds of the cheque which was not returned unpaid by us in due time. The cheque with objection memo along with a covering letter is sent to the collecting branch, making request to issue a payment order in our favour.to balance the Cash-cum-day book we may debit suspense account sundry debtors with the approval of the manager. When the payment order is received, it is lodged in clearing and suspense account, sundry debtors is adjusted accordingly.

Cash Department
Cash department works under the BSU. No internee was allowed to work in this department. This department deals with the cash withdrawals on cheques, cheque deposits and cash deposits. Cheques presented on counter on behalf of the customers are processed here. Before payments of cash cheques, necessary precautions are taken before honoring it. This precaution includes genuine account holder signature, balance available, amount in words and figures, cuttings and alterations, duly authenticated, antedated or post dated etc. receipt of utility bills, payment on credit cards, receipt of IBA Karachi dues, payment of salaries to staff i.e. crediting their account with the amount of salary when it becomes due, putting cash in ATM Machines, collection of cheques, receipts and payments of foreign currencies etc. Dealing in foreign exchange take place from 9.00 a.m. to 12.00 noon, however, receipt and payment in local currencies are entertained from 9.00 a.m. to 5.00 p.m. This department also receives fate of the cheques and sends cheques for collection on behalf of the customers.

Lockers
Standard Chartered Grindlays Bank also provides locker services for its customers. Internees are not allowed to work in this area.
For protection of customer’s valuable possessions, the Bank offers lockers and safe deposits facilities. Alert, round the clock security and highly sophisticated anti bulgurly alarm system protect valuable giving customers a complete peace of mind. They will receive friendly and personalized service by the locker custodians ensuring the customer have to pay an annual locker rent, which varies according to the size of the lockers.


Locker Specifications

TYPE SIZE IN INCHES SIZE IN CUBIC FEET ANNUAL RENT (W.E.F JAN 2001)
A 8*1.5*20 0.14 1000
B 5.5*4*20 0.25 1000
C 8.5*8.5*20 0.83 3500
D 17*8.5*20 1.67 4200
E 17*17*20 3.30 5000

Personal Financial Consultant Unit
Basically this is the general banking department where opening of accounts, closing of accounts, various customer queries, issuance of ATMs, Submission of cheque book requests, submission of credit card applications, phone banking applications, issuance of bank statements and all other general banking functions take place. This department consisted of two CRO’s and two PFC’s. The CRO’s directly reports to the PFC and the PFC directly reports to the Branch Sales and Service Manager. I worked for 2 weeks in this department and learnt the following things.

Types of Accounts
The accounts are normally classified under the following heads.
· Foreign currency accounts
· Current accounts
· Savings accounts
· Fixed deposits accounts

Foreign Currency Accounts
Mainly there are four types of foreign currency accounts maintained at the Standard Chartered Grindlays Bank namely;
· F.E 12
· F.E 31
· F.E 25
· F.E 17
The description of these accounts is as follows;

· F.E 12
The bank maintains these accounts before May 28, 1993 incident. Soon after the atomic bomb blast, the Nawaz Sharif government has frozen the foreign currency accounts. In these accounts deposits could be made then but withdrawals could not be entertained. If any one wanted to withdraw the money then he could do so by means of Pakistani rupee account. But afterwards one cannot withdraw the amount from these accounts in Pakistani Rupees as well. The reason being the value of Pak Rupee has decreased considerably in terms of US Dollars. It would be a great loss if the bank receives deposits in US Dollar amount and pays the money in Pak Rupee. This is the reason why withdrawal in Pak Rupee has been discouraged from these accounts.


· F.E 31
Since from F.E 12 no with drawls could be made, so an extension is provided to such accounts in the name of F.E 31 deposits after 5 month of the May 28th incident. From these accounts, the account holders were able to deposit and with draw the money in US$. It is important to note that the new account holders were discouraged to open up new accounts in the bank at that time. Only the existing account holders could be able to avail this opportunity.

· F.E 25
After 9 months of the May 28th incident new customers were encouraged to open foreign accounts called the F.E 25 deposits. Because the severe effects of May 28 have been vanished completely and there was complete harmony in the country.

· F.E 17
F.E 17 deposits are the exempted accounts provided to foreign-based companies, High Commission Offices etc.

Current Accounts
On current accounts, a tne bank normally pays no interest. Cash can be deposited and withdrawn any time from these accounts.
This deposit is meant for those individuals who are in need of money at any time. Usually the business people get advantage of these accounts because they can fetch money any time during the work hours. The minimum requirement for opening up this account is Rs 25000.
Savings Account
Salary class people usually maintain these accounts. In these accounts money can be with drawn and deposited any time but their are restrictions on the withdrawal limit. The customers can with draw up to a specific limit in a day. Usually, allow rate of interest is paid on these accounts.

Fixed Deposits Accounts
The bank also maintains fixed deposits accounts, the duration of which is 3 years and the minimum balance for opening these accounts is Rs 2, 00,000. The bank pays 6% annual interest on such deposits.

Accounts Opening Procedure
We can further classify the accounts as individual accounts and business accounts and the procedure for opening these accounts is different.

Individual accounts
The individuals can open account by filling the account opening application. A copy of his I.D card is attached with the application and he needs and introducer for opening the account. It is also mandatory that all the relevant details about the customers should also be accounted for. For this purpose a form known as “Know Your Customers” is to be filled up in order to avoid money laundering. Introductory references As soon as a person opens an account with the bank, the banker customer relationship is established. In such situation this is advisable the banker should not open new accounts of unknown persons unless references regarding the integrity and responsibility of the purposed persons are obtained from respectable parties. Failure to exercise this care may result in serious consequences not only for the banker concerned but also for the other bankers and general public. It is not sufficient to obtain the reference but its genuineness must also be verified. Omission of this may have serious consequences. In practice we see that there is tough competition among bankers for procurement of deposits, so to press a prospective new customer to find the desired reference may offend him, yet he is to be welcomed by the banker as a source of fresh deposits. But these practical difficulties have to be handled tactfully because the risk involved to carry out this requirement partially or wholly may lead to undesirable results. Are demanded for the following reasons: - If preliminary necessary inquiries mentioned above are not made and account is opened, it is possible that an undesirable person is provided with a cheque book to defraud innocent people or the person being an undischarged bankrupt may put the banker in difficult situation
· Sometimes due to misreading of the balance an account may be inadvertently overdrawn or the credit entry of customer is placed into the account of another person by mistake who happens to have withdrawn that amount. In all such cases the amount can only be realized if the person is man of integrity.
· Have all necessary information with him regarding his Generally a banker is asked by another banker to give his opinion about his customer’s financial position. Therefore, it is beneficial for the both that the banker should customers.
· Under section 131 of negotiable instrument act, 1881 a collecting banker is protected provided he collects the cheques of his customers in good faith and without negligence. But if the banker fails to make preliminary inquiries he may be deprived of statutory protection, being guilty of negligence.

Documents Required
· Appropriate account opening form
· Specimen signature card Cheque book requisition slip
· Letter of indemnity from the customer if he/she signs in language other than English and infirm/shaky handwriting.
· Third party mandate if the account holder has authorized any other person to operate the account.

Customer identification
The identity of every customer must be established from reliable identifying documents.
· Know your customer - The staff must know enough about their customers to be able to identify transactions which are inconsistent with their business or personal status, or which do not match the normal pattern of account activity

Customer name
Enter complete name as mentioned in original ID card /other business documents.
Nature of business /profession: if customer is of salaried class enter his employer name. If the customer is a businessman, trader, sole proprietor, enter the business name, for example “Rehan Enterprises etc. also enter the customer’s title/position and address of the business/employer. Address with P.O.BOX is not acceptable. Similarly remarks like
“Private service”, “business” are not acceptable, rather specify what type of company/business the customer is associated with for example Manager Philips Electrical Company.

Address
Enter the complete business/residential address. With in the brackets you may also provide prominent address identification marks for ease of physically locating the address.

Contact Numbers
Enter home, official, mobile, fax number and e-mail address (if available). Banker can verify the number by giving the customer a courtesy call or by sending him a e-mail.

Other/ secondary/ mailing address
Some customer may volunteer their parents or siblings’ addressor second home address or a mailing address other than a permanent address.

Special instructions
Clear-cut special instructions must be obtained from customers. If the customer has not given any special instruction specified column must be cancelled by drawing a line, as this column must not be left blank in any circumstances.

Existing/other bankers
Almost most all the bankers’ usually have a banking relationship with another bank. In case of customer who does not have an existing banking relationship, or does not want to disclose the existing relationship, then it is strongly recommended that at least for some time this particular account must be kept under observation.

Account of minor
A minor cannot open his name because according to the Law of Contract a minor is incompetent to make any agreement. So he can only open his account on behalf of his natural guardian or the person who is appointed by the court may act as a guardian. A person is regarded as a minor who has not attained the age of majority i.e. 21years of age. The natural guardian who signs both account opening form and Specimen Signature card can open account in the name of the minor. The title of the account should clearly indicate the name of the minor and guardian in the following manner. The guardian will continue to operate the account even if minor attains the age of majority

Documents Required
· National identity card of guardian
· Form “B” OF MINOR
· In case the guardian is appointed by the court of law then attested copy of guardianship certificate be obtained on record.
Following points should be kept in mind;
· The age of minor should not be recorded either in account opening form or any other document.
· In case the account has been opened under the directives of court, operations should strictly be allowed in accordance with the clauses of guardianship certificate.
· No overdraft is allowed for minor’s account.

Accounts of illiterate persons
Any person who is unable to write his name will be considered as an illiterate person. He/ she can open an account in his own name and solely for his personal use. It means that he/she cannot issue cheques in favor of another person. The title of account of such person should be in blocked form. The person is required to affix two photocopies and thumb impression. The males should provide the left hand thumb impression and female should provide right hand thumb impression.

Following points should be kept in mind
· Before opening such account illiterate person should be informed that he /she cannot issue cheques in favor of any other persons.
· It should be ensured that that illiterate person should not be allowed to operate the account unless he/she personally comes to the branch and put his /her thumb impression in the presence of bank officials.
· Accounts of persons signing in raw hand must also be treated as accounts of illiterate persons.
· Accounts of illiterate “Pardah Nisheen” ladies not willing to give photograph should not be opened.

Joint accounts
Whenever two or more persons are willing to open an account collectively then they can do so by opening a joint account. It can be operated severally or by any of the joint partner. In the title of accounts, the names of all joint partners should be written. All joint account holders are required to sign as applicant and in the column of special instructions. Specimen signatures of only those joint account holders are required who are authorized to operate the account. At the time of opening the joint account National identity card of all the joint account holders must be attached with the application form. At the time of opening of account special instructions should be obtained regarding operation of the account and payment of the balance at the death of two or more joint account holders in the following manner:
· Joint account holder shall operate the account singly.
· By either or survivor singly.
· By any two or more joint account holders or by two or more survivors jointly
· By all the joint account holders jointly.
· By the entire survivor jointly.
Following points should be kept in mind
· The operating instructions should be recorded on the AOF and on the S.S card boldly and authenticated by deposit in charge.
· All the operations in the account should be strictly in accordance with the operating instruction given by joint account holders.
· In the event of death of any of the joint account holders, the survivor (s) be asked to close the old account and open a fresh one in the name of surviving joint account holders’ depending upon the original instructions regarding the operation the account.
· Cheques drawn by the deceased joint account holders and presented after his death should be returned unpaid with the reason” Drawer Deceased”.
· Cheques drawn by surviving joint account holder may be paid, if drawn strictly in accordance with the operating instructions and other wise in order. However no financing facility should be allowed.
· If the original instructions do not allow for the payment of balance amount to survivors then all the debit operation on the joint account should be stopped.
· If bank receives an order issued at the request of the heirs of the deceased joint account holders to stop payment of the balance in the joint account then no withdrawal should be allowed and matter should be referred to head office.
· A garnishee order received against only on of the joint account holders should not apply to the joint account unless it contains name of all the joint account holders as judgment debtors. In any case the matter should immediately be referred to the head office for further instructions.

Accounts of Sole Proprietorship
A sole proprietorship is a business carried on by one person only. One important thing that I noted is that the PFC opens the accounts of proprietorship concerns and CRO’s are not eligible to open the accounts of businesses. The title of account should be in the name of proprietorship concern and not on the individual name of the person. The sole proprietor should give the details that which type of account he wished to open i.e. he wish to open a savings account, a business account or a current account. In case of proprietor ship concern, the special instructions should cover the style of the account and the name of the person who will operate the account as sole proprietor. For instance, a person who wish to open an account in the name of Karachi Traders should declare that he want to open a business account in the name of Karachi Traders.

Documents Required
· National identity card of the sole proprietor
· Letter of request to open the account on the letter head of proprietor ship
· Account opening form (pink)
· Declaration for proprietor ship concern (part II, printed on the reverse of AOF)
· Third party mandate, in case any other person has been authorized by the by proprietor to operate the account.

Accounts of partnership concern
Partnership is a relation ship between persons who have agreed to share the profits of a business carried on by all or any one of them acting for all. The partners are collectively known as a firm and individually known as partners. Whenever accounts of partners are opened, they must be opened in the name of the partnership business.
· Signatures of all the partners are obtained in their individual capacity as applicant.
· Partnership mandate &declaration (part III) is also to be signed by all the partners in their personal or individual capacity.
· Specimen signatures are to be obtained in the official capacity.
When a partnership account is opened, following consideration should be borne in mind by the banker:
· A partnership should not consist of more than 20 persons.
· It is not necessary that there should be a partnership deed between partners. However, if the partnership is the result of partnership deed the banker should carefully scrutinize the articles of the deed to find out among other things if any of the implied rights of the partners are modified or restricted or if any arrangement is provided for operations on the banking account. If the banker holds the partnership deed, its contents should be borne in mind and arrangements such as signing instructions should not be contrary to the provisions of the partnership deed.
· One partner is entitled to open the account for the firm’s business provided he opens in the firm’s name.
· One partners has the power to stop the payment of cheque drawn by him or another and the banker is bound to comply with the instructions by that partner.

Account limited companies
Section 2 of the companies act, 1913, defines ‘company’ as
“An association of individual for the purpose of profit, possessing a common capital contributing by the members constituting it, such capital being commonly divided into shares, of which each possesses on or more and which are transferable by the owners.”

Whenever the company account is to be opened it should be noted;
That the Title of account must be in the same name and style as mentioned on the memorandum and article of association. All the special instructions should be given to the bank in the form of resolution of board of directors. In official capacity (with rubber stamp) on all the documents, such as AOF, SS card, cheque book requisition slip.

Documents Required
· Up-to-date MOA &AOA (certified by Director/company’s secretary affixed by the company’s seal.
· COI
· Certificate of commencement of business (for public Ltd only)
· Resolution of board of directors passed under company’s seal to open account. (As per specimen given in AOF).
· Copies of NIC/passport of all the directors/authorized signatories (attested by company’s secretary)
· List of directors and authorized signatories.

Following points should be kept in mind
· The opening of account for share subscription by a company shall be subject to prior approval of the head office.
· Due care and caution should always be exercised to ensure that cheque payable by limited companies are collected for the credit of companies account and not for personal account of any director /employee etc.
· The company’s certificate of incorporation is very important document. It gives the evidence of existing of company. Therefore, before having the transaction with the company a banker must satisfy himself that the company is in existence for the director purports to act, and which they purport to bind. Neither a public nor a private limited company has any legal existence until co. has been obtained. And a contract purported to be made before incorporation cannot be ratified after incorporation for the reason that ratification cannot be made only in respect of contracts entered on behalf of the principal who was in existence at the date of contract.

ISSUANCE OF CHEQUE BOOKS
Following are the type of cheque books
· 25 leaves
· 50 leaves
· 100 leaves

However the number of leaves in a cheque book varies according to the requirements of the customers.
In order to issue a cheque book following procedure is adopted;
· Lists of all the requisition slips is made and send to the main branch from where the cheque books are issued.
· They send those printed cheque books after 3 to 4 days. Cheque series of the corresponding account is written on their slips.
· Entry is made in the control register.
· At the time of issuance get receivers sign at the back of the slip.
· Write the issuing date on requisition slip given in the cheque book.
· Make entry of the cheque series in the computer.

Issuance Of ATM Cards And Standard Chartered Visa Cards
Standard Chartered day and night ATM card provides you with the round the clock access to your account. This means that we can deposit and with draw money at any time with convenience. ATM card is also a cheque guarantee from all the branches in Pakistan. All Standard Chartered Grindlay account holders can get the ATM Card absolutely free.
Standard Chartered Visa Card is the most powerful credit card in Pakistan; it opens doors to over 14 million Visa establishments world wide including 10000 in Pakistan.
Our employees must adhere to the following key principles:

Lending Functions
Actually there was no separate lending department in the branch where I worked. The basic function of a commercial bank is to accept deposits from the general public and advance loans. The amount received through deposits is not kept idle. The bank keeps a percentage of deposits as cash reserve and the balance is offered for loans and advances. Over all the bank provides two types of financing; demand finance and running finance. The Centenary Branch of Standard Chartered Bank provides only the running finance facility. Running finance facility is provided to the valued customers in order to meet their day-to-day business requirements. This is the short-term finance because it is provided for a period of one year and after the expiry of the period it can be renewed on demand of the customers. The loans and advances are a major source of income for the commercial banks.
Banks usually give three kinds of loans:
· Short term loans
Short-term loans are for a period of up to 1 year.
· Medium term loans
Medium term loans usually ranges between 3_5 years but they are for a period of more than 1 year.
· Long term loans
Long-term loans are usually for a period that is above 5 years.

Working Capital/Term Loans
To enhance your ability to meet your financial obligations and operate effectively, the bank offer assistance in the form of working capital loans, overdrafts, term loans (including real estate loans and other secured debt), backstops and revolvers. The bank work closely with you to understand the dynamics of your business so that it can anticipate and serve short-term and long-term funding needs in the most efficient manner, drawing from the full range of its global resources and capabilities.

Financing
Standard Chartered has a wide array of financing tools to ease your cash flow burden and help you grow your business. It gives you the financial security to explore new markets overseas or grow your business locally, reducing your risk and cost.

Import Financing
Instead of paying for your imports immediately, Standard Chartered is able to offer you import financing, to finance a drawing under an Import Letter of Credit or Import Bill for Collection, giving you time for the goods to be cleared and resold.
As an importer, no arrangement is better than receiving your goods before having to make payment to your supplier. However, this is rarely the case because your supplier wants to be sure of being paid. Amongst other things, you have to negotiate the payment terms and payment method with them. Are your suppliers documents complete and in order so that you are confident to effect payment? How can you be sure of the delivery of the goods? One method of payment that provides protection to both you and your supplier is to have Standard Chartered issue a Letter of Credit for you. A Letter of Credit is a secure form of payment and Standard Chartered will only make payment if all the terms and conditions of the Letter of Credit are met. A Letter of Credit helps you control the payment terms and conditions and establish your creditworthiness with your supplier.
Turning the goods you import into cash takes time. You may need extra cash to maintain a healthy cash flow and ensure that your business runs smoothly. Standard Chartered can provide you with different kinds of financing facilities that back you up during the transaction period. A range of payment services is also available to speed up your payment process.
If you want to have some protection but not use a Letter of Credit, Import Collections gives you and your supplier an added degree of protection. Standard Chartered, with its team of experienced staff, and your supplier's bank will handle the documents for you.
Collections are a safer alternative to "payments in advance" and do not require credit facilities.
When it is time for you to collect your goods, Standard Chartered is able to provide you with the Shipping Guarantees necessary, allowing you to take possession of your goods soon after they arrive, even if the Bill of Lading or other shipment documents have yet to be received.
What about import duties? Standard Chartered helps you to defer the payment of duty by issuing a Custom(s) Bond in favor of the Customs Authority. You can then focus on the sale or re-export of your merchandise without typing-up your working capital. The following benefits can be availed of.
· Over 140 years of solid experience supporting importers worldwide - Standard Chartered knows and understands your import needs
· Full range of import services
· Expert advice and assistance
· Experienced and expert staff to handle all your import documentary needs
· Efficient and speedy import document processing

Export Financing
Do you need extra cash for manufacturing or purchasing the goods to fulfill your export order? Do you want to turn the goods into cash as soon as you have them shipped out? Standard Chartered offers you the opportunity to obtain pre-shipment and post-shipment financing. You can now trade with the added confidence of our financial help.
Getting payment from importers is always a concern for exporters. How can you be sure that you will receive payment after exporting the goods? What are the payment terms and payment methods? Standard Chartered can help you through our Export Letter of Credit Advising service. You can ask your buyer to open a Letter of Credit and have it advised to you through Standard Chartered. As the Letter of Credit is a secure form of payment, you will receive payment if you comply with all the terms and conditions of the Letter of Credit.
As an exporter, you want your Letter of Credit delivered to you swiftly and at low cost. We recognize that delays in receipt of your Letter of Credit can affect your ability to ensure the Letter of Credit terms and conditions are acceptable to you and can be met.
With the bank’s Letter of Credit safekeeping service, a copy of the Letter of Credit will be faxed to your office immediately after we have received and authenticated your Letter of Credit. When you are ready to process your export transactions, the bank will retrieve the original Letter of Credit for processing.
You will enjoy peace of mind knowing that all Letters of Credit advised through Standard Chartered will be retained by it in a secure environment. The bank help you speed up the process of receiving the full proceeds of your exports.
Do you need extra cash for manufacturing or purchasing the goods to fulfill your export order? Do you want to turn the goods into cash or obtain immediate financing? Standard Chartered offers you both pre-shipment and post-shipment financing. You can now trade with the added confidence of the bank’s financial help.

To guarantee and speed up payment from your buyers, Standard Chartered will check all the relevant documents prepared by you to make sure that they comply with all the terms and conditions of the Letter of Credit.
So you have asked for and received a Letter of Credit from your buyer. But what happens if you are concerned about the standing of the buyer’s bank and country? Well, you can ask Standard Chartered to confirm the Letter of Credit. If the bank agrees to, Standard Chartered will add its own binding guarantee of payment to that of the overseas bank. This means that provided you comply with all the terms and conditions of the Letter of Credit, you are guaranteed payment even if there are problems with the buyer’s bank or country.
So you want to have some protection but not ask your buyer to open a Letter of Credit? Export Collections offer you some protection. Standard Chartered will handle the documents for you and send them to your buyer's bank to be handled in accordance with your instructions. Standard Chartered gives you the help needed to satisfy all your Export Collections criteria. The bank has expert staff on hand to handle your documents and provide you with the necessary advice and assistance.

RUNNING FINANCE (OVERDRAFT)
Running finance facility is provided to the customers in order to meet the daily business requirements. It is granted to the approved and selected parties. The businessmen keep current accounts with the commercial banks. The customer is allowed to overdraw his current account or a separate account can be opened in his name.
The main features of the running finance are listed below;
· The customers who wish to avail the running finance facility are required to have current account in the bank. They are allowed to overdraw their accounts up to a sanctioned limit.
· It may also be possible that the businessman has separate accounts i.e. he may have separate account for current account and the bank may open another account from which the customer can withdraw his amount. The rate of profit is charged on the amount overdrawn on daily basis.
· It can be renewed at the discretion of the customer and this facility is against certain type of security that may be government securities, debentures, shares etc or may also be provided on personal security or guarantee of the third party.

Procedure Adopted
· Any one who wants to avail the running finance facility from the bank should have current account in the bank, if not, then he should open it. After opening of the current account he will write an application on the “Customer Instruction Letter”. In my branch this application is to be submitted to the personal financial consultant, who not only provides loans for different purposes but also guides the customers on different issues. The personal financial consultant first of all gets the required details from the customer who wishes to avail this facility. He asks the customer tht for what purpose he needs loan, he determines the business character of the customer, he inquires about the capacity of the person in order to know that whether the person is able to repay the loan or not, for how long the loan is required by the customer. Thus before providing the loan, the banker goes for complete five Cs analysis of the customer. These 5 C’s are as follows;

5 C’s Analysis
Before giving a loan, the bank has to consider 5 Cs of a client. These Cs stands for:
1. Character
2. Capacity
3. Capital
4. Conditions
5. Collateral

1) Character
Every client has two types of character; moral character and business character. Moral character means that whether the client is trustworthy or not. The banker is not interested whether the client is a drinker, gambler or is of lose character. He is concerned only with those aspects of his character that deals with the safety handling and most importantly the return of his money. For determining his business character, the banker may get information from other banks in which the customer maintains account that whether the customer returns the amount in time or not. He may also get information about the reputation of the customer. He may ask the supplier of the customer that whether he pays money in time or delays it. So for providing the loan both aspects of character should be considered.

2) Capacity
When we talk about capacity, it means that whether the client be able to return the loan when it come due or not. The banker will go for complete financial analysis of the bank to determine the credit worthiness of the customer. Whether he is earning sufficient income in order to retire his debt or not. So, before sanctioning the loan, this aspect should be considered.

3) Capital
It means that how much capital the customer has in hand. Debt to equity ratio is the best predictor of this aspect. The banker should see the gearing of the business in order to know that in order to pay off the debt, whether the firm has sufficient equity or not. So in simple words we can say that what financial resources the customer has to pay off the debts and the interest which will come due.

4) Condition:
It doesn’t mean the terms & condition of lending. It means the prevailing economic conditions in the market. The banker before giving a loan has to see these conditions it is necessary for him to do so because the banks don’t finance the people actually they finance the purpose for which the lending is to be made. So this factor is so important that if all the above 3 C’s are according to the banker’s demand but the conditions are not in favorable of the bank or these are not so good, the bank will never finance a client. So a banker continuously involved in evaluating the market conditions to see whether it is appropriate for a bank to lend in particular circumstances or not, the banker considers both favorable and adverse conditions prevailing in the market.


5) Collateral:
In American terminology this term is known as a “Security”. In banks we usually have two types of securities, Primary Securities and Collateral. When an asset against which finance has been obtained is offered as a security, it is known as a primary security. This is a remedy that is available to a banker against any shortfall. It is not necessary that collateral should be in tangible form or a moveable asset, it can be an abstract type of a thing like guarantees etc. only those securities are accepted which have Adequacy of margin, Marketability of securities, Completion of documentation, Reliability, Storability, Durability, Stability in price.
· After having the complete 5 C’s analysis, The facility is offered against Government securities like SSC’s and DSC’s and US dollar bonds which bank puts under lien or against term deposits of a clients and allow the O/D facility up to 75% of the encashment value i.e. retain a margin up to 25% in normal circumstance. But a bank has a power to lend more than this margin i.e. It can lend up to 90% it is according to the policy of a bank and in relation with the customer’s financial standing so it will be done only in those cases where the client has an AAA rating and the bank is dead sure that no default will be committed by the customer. But if a bank has to lend more than the margin of 75%, it can be done only after taking some thing like insurance policy or charging hypothecation over household goods of a customer as a security. This can be explained with the help of the following example;
· Suppose the customer comes for a loan of Rs 500,000. Now 75% of Rs 500,000 is Rs 3, 75,000 and so if the policy of the bank is to provide 75% of the amount then it will lend Rs 3, 75,000 to the customer against the security of Rs 500,000.
The customer should provide securities to the bank and according to the State Bank of Pakistan’s prudential regulations the banks are required to provide 75% of the securities. In the example above the customer will only get an advance if he will provide Rs 5,00,000 worth securities. The securities provided by the customer should be marketable, durable, and easily transferable and should not be perishable. In order to avail the facility, the customer may provide any of the following facilities;
· Defense Savings Certificate
· Special Savings Certificates
· US$ Bonds
· Regular Income Certificates
· NIT Units
· Foreign currency or local currency deposits
· Foreign bank guarantees
· Shares.
· Bonds.
· TFCs.
· NIT Units.
· Mutual Funds.
· Modarba Certificates.
· T-Bills, FIBs.
· Commercial Papers.
· The bank charges mark up on the facility provided to the customer. The rate of mark up varies from customer to customer. For the most relied and loyal customers the rate of mark up is normally low whereas for new customers the rate is normally high. Normally the rate of markup is 3 to 4 percent higher than the highest markup charged by the customer. The rate of mark up is for the period of one-year duration. But the bank may alter the rate as and when it feels it necessary. The bank calculates mark up on daily basis but keeps it accruing for a period of three months and after every quarter the bank serves a notice to the customer stating the amount of mark up. If the customer cannot pay within ten days of the receipt of notice then the bank has the right to liquidate the securities and satisfy its debt with out giving notice to the customers.
The bank always mark lien on the securities. Lien means publicly claimed right. Banks mark lien so that the customer may not be able to encash his securities before discharging his liability. Government securities officer puts a triangular stamp of: securities Under Lien: on these securities so even if a customer tries to encash them he cannot do it until another stamp of lien Removed is put on them.

REQUIREMENTS:
A lending officer of a bank approves the application for a loan normally but there are some restrictions that have to be followed by a retail-lending officer before granting a loan. There re:
If the amount is up to Rs.10 Lakhs the application has to be approved by an Area Manager.
And if the amount is more than Rs.10 Lakhs the applications has to be approved by an Area Manager.
After the application of a client has approved the next step which is to be taken is that a proper file is maintained for each client who has taken this facility from a bank. The file contains:-
· CM (Credit Memorandum)
· Facility acceptance letter (FAL)
· Correspondence
· CIB Report
· Security Details
· Credit Memorandum:
Actually this is a loan application which is on a prescribed proforma of a bank which to be filled in by the customer. A lending in charge of a bank, branch manager or an area manager depending on the amount for which the application has been made must approve the CM. A customer must also sign the CM. So it is prepared at the time of appr5oval of the facility, it contains all the personal details like:
Person’s name
Father’s name
Occupation
Personal and proposed Limit assigned to customer
Mark up
Commission
Expiry date etc.
· Facility Acceptance Letter (FAL)
After the CM is approved, the next step in the lending process is that of preparation of an acceptance letter by a bank. It is a sort of an agreement between a bank and a client and a customer must sign it. By signing it the customer undertakes that he accepts the terms and conditions of the facility.
· Correspondence:
It actually consists of those documents that act as a communicator between a bank and a client. If a customer wants to instruct a bank about anything, he can do so through letters and ban keeps all these records in the customers, files in order to avoid any future problem.
· CIB Report:
On receipt of an application from a customer, the bank has to get complete information about a client, so before making any processing, the first thing which a banker has to obtain is CIB report only if the amount of a loan is or up to Rs.5 Lakhs.
CIB (Credit information Bureau) is a very vital department of a state bank of Pakistan that contains every information about each & every person who has taken a loan from any bank in Pakistan. It not only has the information of defaulters but it can provide detail of every person dealing with any lending department of any bank in Pakistan either it is a local bank or a foreign bank. The bank sends this department the particulars of a client for whom the CIB report is required. The particulars contain client’s name, father’s name’ NIC no., address, NIN etc. to CIB department of SBP. And SBP gives the report about client’s credit standing to that bank. So this report is known as CIB Report. And no banker can sanction any loan to any client until CIB report has been obtained if the amount of loan is Rs. 0.500million or more.
· Security Details:
In this context the proper and complete details of securities provided but the customer to the bank is given. A proper certificate is prepared showing the amount and value of securities and is attached in the file of a customer as a record.

Documents Necessary for Financing
The document required by a bank before giving a loan includes i.e.
A) Letter of Lien:
It is forever unless and until the amount of facility, changes, a stamp is also affixed on it. In SCG the name given to it is F162ax.

b) Demand Promissory Note (DP Not):
In this note the borrower promises to return the money on demand the validity period of the note is 3 years. The abbreviation used for it is 19.
· Agreement For Household Chattels (AHC):
· Letter of Hypothecation Over Stocks:
This document is obtained from the borrower if bank makes lending more than the margin 75”.
· Facility Advice Letter (FAL):
As it is already mentioned that it is proof of an agreement between a bank and a client that both the parties are agreed on the same terms and conditions so it serves as an important security document also.
The 1st step in the whole process of lending is of security lodgments that are necessarily to be done by a retail-lending officer. All the documents mentioned above plus the value of the securities which are kept under lien by a bank are to be launched in a proper file and that file is to be kept in the safe custody of a bank and also the securities must be kept under proper custody of a lending officer. However two important points need to be kept in mind:

Firstly, this facility of OD is for period of one year and it is renewable after one year if the customer wants to continue it. The day loan is approved the customer can withdraw amount by issuing cheques.

Secondly, in SCG Centenary Branch, only those Government securities are acceptable which are issued by this branch.

Assignments I handled
I remained for four weeks in the BSU where I have got the practical know-how of different functions of this particular department. I was given an assignment, the details of which are given below;

There are approximately 6000 deposit accounts at the branch. Prior to the acquisition by the Standard Chartered group, it was the ANZ Grindlays Branch. Soon after the takeover the new group has assigned new account numbers to all the account maintained at the ANZ Grindlays Bank. I was given the task of finding out the old account numbers with the help of the new ones and searching out whether respective documents are there or not. The respective documents include mandate form, national I D card copy and zakat declaration form. They have to send this to the head office because the bank follows centralized system and each and every information regarding the accounts and all other matters are handled from the head office.

Another assignment that I received was regarding the demand drafts. Actually what the bank did is that they had closed the accounts of those who were not maintaining the minimum balance of RS25000. So I have to make a list of those who were not fulfilling the minimum requirements and to hand over the list to the BSU In charge who after proper verification close the accounts and made demand drafts in the favor of the very person. The accounts closing charges are Rs 500 and the DD charges are Rs 300. These two amounts are adjusted from the available credit balance of the customer and the adjusted amount was given to the customer.

I had assisted the money laundering coordinator in the PFC unit. Money laundering is the process by which banks are used as vehicles to disguise or "launder" the proceeds of criminal activity. Such activities undermine a bank's integrity, damage its reputation, deter honest customers and expose a bank to severe sanctions. Standard Chartered fully supports the international drive against serious crime and is committed to assisting the authorities in preventing money laundering. We have adopted policies and procedures designed to protect ourselves from doing business with customers involved in criminal activity.

Strengths, Weaknesses, Opportunities and Threats (Swot) Analysis

STRENGHTS
· One of the most important strength of the bank is its Non stop banking. The bank operates form 9.00 a.m in the morning to 5.00 p.m in the evening with out any break. It is open in the lunch break hours also.
· The service it delivers to the customers is also its strength. It is the first bank in Pakistan that provides e- statements to its customers. So the customers can get their statements on line.
· The bank provides phone banking to its valued customers. What the customers have to do is simply dial the prescribed phone number and get information relating to the previous 5 transactions, bank statements, accounts inquiry, remittances inquiry and many more things.
· Drop box facility.
· Bill pay is also one of the most important strength of the bank. The customers are required to just drop their utility bills in the drop box with the cheque and they can avoid hectic of standing in long queues.
· The customers can get the privilege to reap the benefits of online banking.
· Recently the bank has opened tijarat account that can be opened solely for the business purposes.
· Priority banking.
· First Grindlays Modarba which is the subsidiary of the bank and the bank has full control over it, it issues Musharika scertificates on which interest is payable at a higher rate.

WEAKNESSES
· The rates of return are lower. The bank usually offers low rate of return.
· There is high sales pressure on the employees.
· There is no transport facility for the employees especially for the female staff.
· Centralized system is followed in the bank which means that the policies are made at the top.
· Delayed promotions.
· Contractual hiring.
· Low pay scale for contractual.
· High turn over.
· High job insecurity.
· No issue of computerized accounts numbers.
· No special training program for internees.
· No training program for new employees.


OPPURTUNITIES
· It is in the air that the bank will provide interest free loans to the borrowers.
· Joint ventures with other banks.
· State Bank of Pakistan permission to provide loans for consumer goods.
· 24 hours nonstop banking.

THREATS
· Lagging behind as compared to other foreign banks.
· No debit card.
· Narrow branch network.
· Merger of foreign banks like Emirates Bank and Union Bank.
· Technological improvements of local banks like ATM services provided by Allied Bank ltd, Habib bank ltd.







PART 8


Conclusion And Recommendations
Conclusion
Standard Chartered is a class of it's own. Not only does its mission to build the world's leading emerging markets bank make it unique – the bank believe the way it manage its people set them apart. Unlike most organizations, they do not try to squeeze their people into a corporate mould. Instead they identify individual's talents and then give them plenty of room to grow. This approach makes good business sense. It also makes Standard Chartered a 'Great Place to Work'.
Standard Chartered is a unique blend: diverse, challenging and fast moving, yet also personal and friendly. They value their best performers highly and offer three things that must be top of the list when you consider your next, all-important career move:
· Stimulating work that will enhance any cv
· Development opportunities to enrich your professional growth;
· Rewards that match your performance.
Discovering more about Standard Chartered might be the most significant career step you'll ever take. They challenge you to find out whether "U+SCB" could be the right combination!

The bank says about itself that
We serve the world. Our core businesses in the emerging markets of Asia, Africa and the Middle East are supported by vibrant operations in the UK and USA. We operate in some of the most interesting markets in the world developing innovative products for a wide range of customers. From credit cards and wealth management in Consumer Banking to trade finance and foreign exchange dealing in Wholesale Banking, our products set the standard in our markets. And we support our front-line operations with a range of professional business partners.
This diversity means we can offer you a wide variety of ways to fulfill your potential. Unlike many of our competitors, we are a company where you can have a personal impact and really make a difference. While our history is long and proud, it's the future that really excites us, as we continue to grow our business by making acquisitions and launching new products.
Recommendations
· The bank should start 24 hours non stop banking.
· The bank should expand its branch network.
· The bank should introduce debit card.
· The management should try to decrease job insecurity among the employees.
· Training program should be started for internees and newly appointed employees.
· There should be transport facility for the employees.
· Proper parking facility should be provided.
· The number of employees should be increased in order to decrease the workload.
· The bank charges high service charges as compared to the other banks, so these should be lowered down.
· There should be some decentralization.
· Frequent changes in policies should be avoided.

ABBREVIATIONS USED

ANZ AUSTRALIA NEWZEALAND BANKING GROUP

ATM AUTOMATIC TELLER MACHINE

AOA ARTICLES OF ASSOCIATION

BSU BRANCH SYSTEM UNIT

BSSM BRANCH SALES AND SERVICE MANAGER

CIB CUSTOMER INFORMATION BUREAU

COM CERTIFICATE OF MUSHARIKA

COM CERTIFICATE OF MUSHARIKA

DD DEMAND DRAFT

DSC DEFENCE SAVINGS CERTIFICATE

FE FOREIGN EXCHANGE

FGM FIRST GRINDLAYS MODARBA

KYC KNOW YOUR CUSTOMER

MESA MIDDLE EAST AND SOUTH ASIA

MOA MEMORANDUM OF ASSOCIATION

OD OVER DRAFT

PFC PERSONAL FINANCIAL CONSULTANT

PIN PERSONAL IDENTIFICATION NUMBER

PO PAY ORDER

PB PERSONAL BANKING

SCB STANDARD CHARTERED BANK

SCGB STANDARD CHARTERED GRINDLAYS BANK

SS SPECIMAN SIGNATURE

SSC SPECIAL SAVINGS CERTIFICATES

TIN TELEPHONE IDENTIFICATION NUMBER

TT TELEGRAPHIC TRANSFER


References

· Standard Chartered Bank’s Brochures
· Middle East and South Asia News (MESA)
· Standard Chartered Bank Sites;
· www.standard chartered.com
· www.standardcharteredgrindlays.pk
· Discussions with the staff members
· The Daily Dawn
· The News