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Standard Chartered unveils three-year market strategy

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[FILE PHOTO] Standard chartered bank Nigeria

Standard Chartered Plc will be building on the significant market progress made over the last three years, with strong focus on affluent client businesses, streamline operations to enhance customer satisfaction and embrace digitisation and partnerships under its refreshed strategic priorities.

On the other hand, the refreshed priorities and related actions, are expected to deliver a return on tangible equity of at least 10 per cent by 2021 and generate significant surplus capital that is intended to be distributed to shareholders, if not deployed to fund additional growth.

The new plan is prioritizing investments to accelerate growth in the Group’s differentiated network and affluent client businesses, optimizing performance in lower-returning markets, driving productivity, and building on existing digital credentials to innovate.

These actions will position Standard Chartered as the leading bank for clients based or doing business in Asia, Africa and the Middle East.

The Group Chief Executive of Standard Chartered, Bill Winters, said the bank has been fundamentally overhauled in the last three years and now on a solid platform to grow profitably and sustainably a double-digit return on tangible equity by 2021.

“We will achieve this through relentlessly focusing on where we have a distinct competitive advantage, attacking the residual causes of lower returns and ramping-up innovation and productivity.

“We view the profound technology-driven changes in banking as an opportunity: we are big enough to be relevant to our most complex clients and partners, yet nimble enough to be a profitable disrupter,” he said.

Also embedded in the new plan is a performance-orientated and innovative culture, emphasising conduct and sustainability, as deliveries are expected to income growth of five to seven per cent, underpinned by a continued focus on controlling risks.

The cost growth is expected to remain below the rate of inflation, with gross aggregate cost reduction of $700 million, creating capacity for investment and ordinary dividend per share showing the potential to double by 2021.

Also, the bank will use existing digital capabilities and develop new models to reshape retail banking offerings, including collaborating with partners to improve customer experience and economics and rapidly expand sustainable financing to drive a positive social, environmental and economic impact.


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