STANDARD Chartered Bank (SCB) plans to set up a new subsidiary in Brunei in line with the Securities Market Order to cater to local needs for investment funds and wealth management this year.
Details of the subsidiary will be announced after the completion of the ongoing discussions with key stakeholders, Rino Donosepoetro, Chief Executive Officer (CEO) of SCB Brunei, said.
Reiterating the bank’s commitment to have a strong presence in the Sultanate, he said, “We are here to stay in Brunei. We are not going anywhere. SCB will continue to seek opportunities to grow and invest further in Brunei.”
The CEO was addressing a press conference prior to the Chinese New Year open house event organised by the bank.
“Due to a slump in oil and gas prices, the global economic scenario will be very challenging in 2016. However, SCB remains optimistic and sees a clear opportunity in the Brunei market, especially in the retail, corporate and institutional sectors,” he added.
He also assured that there will not be any job cuts at SCB Brunei, and instead it will be scouting for more growth.
As the market leader in wealth management businesses, “SCB has a wide range of products such as unit trusts, bonds, structured deposits as well as over 100 funds in different currencies including global funds linked with equity and fixed income. We are able to give our clients flexibility and options for them to invest in”, he said.
Rino Donosepoetro, Chief Executive Officer of Standard Chartered Bank Brunei. – JAMES KON
He also revealed that SCB has recently rolled out a new product called ‘Smart Saver’ to cater to the investment needs of a wider range of retail clients. Clients can choose to save their money in SCB by investing as low as $100 per month in a wealth management product linked to any fund of their choice. This will also nurture saving culture where the saving is invested in an investment fund, he added.
Touching on Autoriti Monetari Brunei Darussalam’s (AMBD) amendment easing credit card norms last year, he said SCB welcomes the initiative as it will help create a more balanced consumer finance environment.
The public can opt to possess more than one credit card from different banks based on their Total Debt Service Ratio (TDSR) and this will create a healthy competition among banks, ultimately benefiting the public.
To promote the development of Small and Medium Enterprises (SMEs), he said, “We also cater to local SMEs by financing their needs with specially designed business loans. Applicants will need to meet certain criteria in getting the loan.”
“We are very supportive to the national agenda on SMEs and promote the SME sector through the Brunei Association of Banks,” he added.
Regarding international and regional connection, Donosepoetro highlighted, “As the only international bank with presence in all 10 markets across Asean and with deep local knowledge, we are well positioned to help our clients to tap into the opportunities within the region.
“International and multi-lateral cooperation have become very important because markets are opening up with the realisation of the Trans Pacific Partnership Agreement (TPPA) and the Asean Economic Community (AEC) that also involve Brunei. We believe that we are well positioned to help our clients to tap into overseas opportunities.”
He added, “The Sultanate has a banking industry which is well capitalised and a highly educated society. Opening up of the markets through TPPA and AEC will benefit Brunei tremendously.”
More than 400 guests including members of the diplomatic corps, government officials as well as clients of SCB Brunei were present to celebrate the open house event which was held at the Emperor’s Court, Hua Ho Manggis Mall where the CEO and the senior management of SCB Brunei greeted the distinguished gathering.
A member of the Legislative Council, YB Pehin Kapitan Lela Diraja Dato Paduka Goh King Chin also attended the event.
In his festival message, the SCB Brunei CEO said, “On behalf of Standard Chartered, I am delighted to have this opportunity to personally convey my best wishes to all our clients and associates for the season.”
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