Standard Chartered bank launched a state-of-the-art treasury dealing room aimed at facilitating the bank's operations.
Standard Chartered Managing Director Lamin Manjang said the dealing room will enable the bank serve its customers in an efficient way as well as meet international standards.
"The bank is encouraged to continue with this drive in the quest to address the needs of our customers," he said.
The facility was launched by Bank of Uganda governor Emmanuel Tumusiime Mutebile who commended the bank for the innovation.
"A market without the necessary infrastructure is bound to be inefficient and prone to errors with poor price discovery and is bound to be prone to inefficient trade execution. The systems will bring about discipline and will minimize risk at every stage in the dealing, processing and settlement systems," he said.
Standard Bank gets US$400m credit line
Standard Bank Group, will access a US$400 million credit line from the World Bank's private sector arm, the International Finance Corporation (IFC,) aimed at financing trade in sub-Saharan Africa.
Standard Bank is the parent company for Stanbic Bank Uganda which will access some of the money to fund trade programs for customers.
The bank says in a statement that the money will address the shortage of trade finance resulting from the global financial crisis.
The bank will use the financing to provide funding for the trade of consumer and intermediate goods.
Funds will also be used to finance deals between companies in Africa as well as those in other emerging markets.
Cairo nets Shs 1.1b in profits
Cairo International Bank has recorded a marginal decline in net profits from Shs 1.35 billion in 2007 to Shs 1.1billion in 2008 weighed down by an increase in operating costs, the bank's audited accounts reveal.
The bank's operating expenses went up to Shs 5.1billion last year from Shs 3.7billion in 2007.
According to the financial statement the bank recorded an increase in customer deposits of Shs 35 billion from Shs 23 billion while loans and advances also increased to Shs 21.3 billion from Shs 1.1b in the period under review.
The bank's total assets also went up to Shs 47.1 billion last year from Shs 35.6 billion in 2007.
written by sharetipsinfo, December 09, 2009