SCB re-launches Gold Credit Card to mark its 150th anniversary
Merger with Grindlays Bank a "marriage made in heaven," says David Edwards

By Shabana Ibrahim
Standard Chartered Bank’s visiting Regional General Manager for the Middle East and South Asia (excluding India), David Edwards describing the merger with Grindlays Bank as a "marriage made in heaven" said it was an excellent acquisition.

"The merger with Grindlays has propelled Standard Chartered to the number one or two position in the type of operations we execute", he told a news conference in Colombo last week.

Standard Chartered which marked its 150th anniversary by re-launching its Gold credit card in partnership with MasterCard and opening the refurbished Fort branch, announced plans for further expansion in Sri Lanka.

Saying that he was glad to be back in Sri Lanka since his last trip in March, Edwards said he was indeed happy that under a period of three months the refurbishment of the Fort branch has been completed.

"In March when I promised to return for the inauguration of the Fort branch, I never imagined that I would have to return so soon," he said

Standard Chartered’s Head of Consumer Banking, Vivek Chand said the new improved Gold card offered a powerful array of features for the first time in Sri Lanka.

The Gold card targets those who earn approximately Rs. 45,000 to Rs. 50,000 a month. The bank has realised the need to provide its Gold card segment with an exclusive set of benefits to suit their lifestyle.

Key features of the card include discounts at Hilton, a special Health Check package at Apollo Hospitals, benefits at Alpha Orient Lanka Duty Free outlet and fitness benefits from Lifestyle gymnasiums. All cardholders will receive a gift of a Cross pen. In addition, customers will also enjoy the regular benefits from the bank.

Outgoing CEO/Senior Resident Representative, Wasim Saifi said that the market share at overall card level is 18%. He also said that the bank will be launching its new software platform.

Responding to a question on the bank’s retrenchment of certain categories of staff, Saifi said that out of a total of 94 people who went to the labour tribunal, 55 have gone to the Court of Appeal. "This is a situation that occurs in normal circumstances and we have made out of court settlements with most of the people. I have no authority to comment on the case pending in the Court of Appeal," he said.

Saifi said that the bank was happy to announce the completion of the refurbishment of its Fort Branch. The Central Bank has approved the bank’s decision to open up a new branch in Colombo 7 which will be the bank’s 9th branch in the greater Colombo area. He also said that the bank expected to open its Wellawatte branch early next month. "We have spent a total of $2.5 million on all our operations," he said.

Saifi expressed optimism about the ongoing peace initiative. "Last year, while the rest of the world was facing an economic crisis, Sri Lanka had an economic growth of 4% and I see this as a good omen for the country’s future economic success," he said.

Saying that the first few months of this year have been good, Saifi however declined to divulge any information regarding the bank’s projected profits.

Standard Chartered has been in operation in Sri Lanka for 110 years.