THE STUDY OF VARIOUS FINANCIAL PRODUCTS OFFERED BY STANDARD CHARTERED BANK Submitted in Partial Fulfilment for the Award of the Degree of Bachelor in Business Administration 2010-2012 Under the guidance of: Submitted by: Mr. Manoj Verma (senior scale) Maharaja Agrasen Institute of Management Studies Affiliated to Guru Gobind Singh Indraprastha University, Delhi PSP Area, Plot No.1, Sector-22, Rohini-Delhi 110086 STUDENT DECLARATION This is to certify that I have completed the Summer Project titled ―THE STUDY OF STANDARD CHARTERED BANK‖ under the guidance of ―Mr. Manoj Verma‖ in partial fulfilment of the requirement for the award of Degree of Bachelor of Business Administration at Maharaja Agrasen Institute of Management Studies, Delhi. This is an original piece of work and I have not submitted it earlier elsewhere. Date: 21st October, 2010 Signature: Place: Delhi Name: CERTIFICATE FROM THE INSTITUTE GUIDE This is to certify that the summer project titled ―THE STUDY OF STANDARD CHARTERED BANK‖ is an academic work done by ―‖ submitted in the partial fulfilment of the requirement for the award of the degree of Bachelor of Business Administration at Maharaja Agrasen Institute of Management Studies, Delhi, under my guidance and direction. To the best of my knowledge and belief the data and information presented by her in the project has not been submitted earlier. Signature: Name of the Faculty: Mr. Manoj Verma Designation: Assistant professor (senior scale) ACKNOWLEDGEMENT I gratefully acknowledges the valuable contribution of the following persons in completing my project report. They have been a great help and support in making my project. I am very thankful to them. Mr. Manoj Verma my project supervisor, Mr. Nitin Ahuja Bank Manager of Standard Chartered Bank, Mrs.Bhawna Bagga for guiding me to study over this topic, Mr. Raj kumar Arora for the printing of this project and last but not the least Mr. R.L. Shah for the binding of this project report. I am very thankful for their contribution in making this project report a success. I highly obliged to have their guidance and help. Without their contribution I would not be able to complete this project report successfully. RESEARCH METHODOLOGY The research of this project is entirely based on the secondary data sources. The major source of this research is the information available on the internet. Also from the help of various people and officials of the Standard Chartered Bank. The officials gave me the information in the exploratory form of research. The data collected is of secondary form and the instruments which are used are Inventories, Questionnaires, Public feedback. The method for collecting the data information is Personal Interview, Telephone and E-mail. TABLE OF CONTENTS S.NO. PARTICULARS PAGE NO. 1 Introduction about the project 1 2 History of standard chartered bank 2 3 Recent alliances and Developments 4 4 Global market products 7 5 Personal Banking 8 6 International Trade Account 10 7 Home saver plus- A unique feature 11 8 Home loan solutions 16 9 Breeze- a unique facility 18 10 Credit Cards services 20 11 Payment Services 24 12 ATM Services 26 13 Standard Chartered Marathon 29 14 Standard Chartered Bank- workplace in HIV Education 31 15 Hard Times 33 INTRODUCTION The project is about The Standard Chartered Bank. This includes the detail study and analysis of the bank. The working of the bank, how it caters the need of the public is clearly mentioned here in this project. The bank performs its functions on the basis of rules and regulations set by The Reserve Bank of India (R.B.I.). The Standard Chartered Bank is a British financial services company which has its headquarter in London, England. It performs its operations in more than seventy countries. It operates a network of over 1,700 branches and outlets (including subsidiaries, associates and joint ventures) and employs around 80,000 people worldwide. Despite having a British base, it has only few customers in the United Kingdom and around 90% of its profits come from Asia, Africa, and the Middle East. Because the bank's history is entwined with the development of the British Empire, its operations lie predominantly in former British colonies, though over the past two decades it has expanded into countries that have historically had little British influence. It aims to provide a safe regulatory bridge between these developing economies. It now focuses on consumer, corporate, and institutional banking, and on the provision of treasury services—areas in which the Group had particular strength and expertise.Standard Chartered have recently signed a four-year sponsorship deal with the football club Liverpool F.C, which started on 1 July 2010.Standard Chartered is listed on the London Stock Exchange, Hong Kong Stock Exchange and the Indian Stock Exchanges and is a constituent of the FTSE 100 Index. Its largest shareholder is Temasek Holdings. The Standard Chartered Bank has now introduced a new scheme named ‗Breeze‘.Breeze is a whole new way of banking that lets you manage your money like never before. Enjoy the flexibility of customising how you see, move and keep track of your money. That's right - we put you back in control of your bank account! Best of all, we do it in a language that you can understand. STANDARD CHARTERED BANK – The History The name ―Standard Chartered‖ comes from the two original banks from which it was founded and which merged in 1969 — The Chartered Bank of India, Australia and China, and The Standard Bank of British South Africa. THE CHARTERED BANK The Chartered Bank was founded by Scotsman James Wilson following the grant of a Royal Charter by Queen Victoria in 1853.The Chartered bank opened its first branches in Mumbai (Bombay), Kolkata and Shanghai in 1858, followed by Hong Kong and Singapore in 1859. With the opening of the Suez Canal in 1869 and the extension of the telegraph to China in 1871, Chartered was well placed to expand and develop its business. In 1957 Chartered Bank bought the Eastern Bank together with the Ionian Bank's Cyprus Branches. This established a presence in the Gulf. The traditional trade was in cotton from Mumbai (Bombay), indigo and tea from Kolkata, rice from Burma, sugar from Java, tobacco from Sumatra, hemp from Manila and silk from Yokohama. THE STANDARD BANK The Standard Bank was founded in the Cape Province of South Africa in 1862 by another Scotsman John Paterson. The Standard Bank commenced its business in Port Elizabeth, in January 1863. In South Africa, Standard, having established a considerable number of branches was prominent in financing the development of the diamond fields of Kimberley from 1867 and later extended its network further north to the new town of Johannesburg when gold was discovered there in 1885. Half the output of the second largest gold field in the world passed through The Standard Bank on its way to London. The bank expanded in Southern, Central and Eastern Africa by 1953 and had around 600 offices. In 1965, it merged with the Bank of West Africa, expanding its operations into various other countries such as Cameroon, Gambia, Ghana, Nigeria and Sierra Leone. From the early 1990s, Standard Chartered has focused on developing its strong franchises in Asia, Africa and the Middle East. It has concentrated on consumer, corporate and institutional banking and on the provision of treasury services - areas in which the Group had particular strength and expertise. Both companies were keen to capitalise on the huge expansion of trade and to earn the handsome profits to be made from financing the movement of goods from the East to Europe. In those early years, both banks prospered. Standard Chartered Bank has a major branch in Kolkata. Both banks – at that time still quite separate companies – survived the First World War and the Depression, but were directly affected by the wider conflict of the Second World War in terms of loss of business and closure of branches. There was also longer term effects for both banks as countries in Asia and Africa gained their independence in the ‗40s till ‗60s. Each had acquired other small banks along the way and spread their networks further. In 1969, the banks decided to merge and to counterbalance their existing network by expanding in Europe and the United States, while continuing their expansion in their traditional markets in Asia and Africa. In 1986 Lloyds Bank of the United Kingdom made a hostile takeover bid for the Group. The bid was defeated however it spurred Standard Chartered into a period of change, including a series of divestments notably in the United States and South Africa. RECENT ALLIANCES AND DEVELOPMENTS In 2000, Standard Chartered acquired Grindlays Bank from ANZ Bank, increasing its presence in private banking and further expanding its operations in India and Pakistan. Standard Chartered retained Grindlays' private banking operations in London and Luxembourg and the subsidiary in Jersey, all of which it integrated into its own private bank. This now serves high net worth customers in Hong Kong, Dubai, and Johannesburg under the name Standard Chartered Grindlays Offshore Financial Services. In India, Standard Chartered integrated most of Grindlays' operations, making Standard Chartered the largest foreign bank in the country. On 15 April 2005, the bank acquired Korea First Bank by beating HSBC in the bid. Since then the bank has rebranded the branches as SC First Bank. Standard Chartered completed the integration of its Bangkok branch and Standard Chartered Nakornthon Bank in October, renaming the new entity Standard Chartered Bank (Thailand). Standard Chartered also formed strategic alliances with Fleming Family & Partners to expand private wealth management in Asia and the Middle East, and acquired stakes in ACB Vietnam, Travelex,American Express Bank in Bangladesh and Bohai Bank in China.