Niche Banking

Standard Chartered Bank is coming out with lquote Select, a new wealth management product, to manage upper middle class segments personal banking needs.
The bank is also betting on an upsurge in credit demand to fuel its consumer and retail banking operations this year.rn

rnStandard Chartered just concluded a merger with ANZ Grindlays Bank to become the second largest foreign bank in Sri Lanka, with a balance sheet size of Rs. 39 bn.rn

rnldblquote The merger was smooth with a few ups and downs. We re-examined the head count of both operations and downsized staff through a Voluntary Retirement Scheme,” Chief Executive Wasim Saifi told Lanka Business Online.rn

rnThe number of staff was reduced by about 150 out of the total strength of 430. rn

rnHe said 63 employees had accepted the retrenchment plan. A further 90 odd employees were also offered a VRS and their cases were referred to the Labour Commissioner.rn

rnThe Labour Commissioner has come out with a package of six months pay for about 55 p