Market Play

Mar 30, 2008 (LBO) - Standard Chartered Bank which won a deal to raise 150 million dollars for the government earlier this month, is well positioned to boost fee based services, a top official said. A top player in foreign exchange markets and hedging products in the island, Standard Chartered Sri Lanka's after tax profit grew 38 percent to nearly two billion rupees in 2007.
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Out of its three billion rupee pre-tax profits, two thirds was generated from fee-based services. The bank's foreign exchange operations alone had brought in a billion rupees.

Unlike fund based lending, most fee-based services do not require balance sheet expansion, though risks have been carefully management when interacting with financial markets.
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"More and more the sophistication of the products that we tend to offer means that a fee is charged, it's not just a beneficial amount from the interest," chief executive Clive Haswel told ETV's Money Report show.

"So fee income is a particularly important part from the banks point of view because it means that we structure a deal or we arrange some financing for witch a service is provided and a fee is returned,"

The bank has been active in providing hedgi