Standard Chartered Kenya reported strong financial results in 2005 but it was product innovation that set it apart from its competitors. Net profits were up 31% to Ks2.5bn ($34.1m) but it was the launch of eight new products that caught the judges’ attention.
Standard Chartered set the standard by launching a fixed-rate mortgage product with a tenor of up to 20 years. It is the only product of its kind in the market, and was awarded the international IFS/Deloitte UK grand prix gold award for the most promising new financial product in 2005.
In 2005, the bank relaunched its SME banking business model to address fully the needs of this increasingly sophisticated segment in Kenya and to provide a comprehensive range of commercial banking solutions. The product range was expanded to include cash management solutions for SMEs and unsecured loans for professionals.
On the treasury side, Standard Chartered was the first bank to close a large cross-currency swap deal. This built on its market leadership in other areas such as high yield deposits, options and fixed income products.
