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    Assignment on Standard Chartered Bank Essay

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    HISTORICAL BACKGROUND OF STANDARED CHARTERD BANK The word MANAGEMENT originated form the Latin word “Mangier” which means “to train up the horses”. But by the passage of time, it relates human being in lieu of horses. So the meaning of the word ‘MANAGEMENT’ is “to handle” the overall activities of the organization. The name Standard Chartered comes from the two original banks from which it was founded and which merged in 1969 — The Chartered Bank of India, Australia and China, and The Standard Bank of British South Africa.

    The Chartered Bank was founded by Scotsman James Wilson following the grant of a Royal Charter by Queen Victoria in 1853, while The Standard Bank was founded in the Cape Province of South Africa in 1862 by another Scotsman John Paterson. Both companies were keen to capitalize on the huge expansion of trade and to earn the handsome profits to be made from financing the movement of goods from Europe to the East and to Africa. In those early years, both banks prospered. Chartered opened its first branches in Bombay, Calcutta and Shanghai in 1858, followed by Hong Kong and Singapore in 1859.

    With the opening of the Suez Canal in 1869 and the extension of the telegraph to China in 1871, Chartered was well placed to expand and develop its business. In South Africa, Standard, having established a considerable number of branches was prominent in financing the development of the diamond fields of Kimberley from 1867 and later extended its network further north to the new town of Johannesburg when gold was discovered there in 1885. Half the output of the second largest gold field in the world passed through The Standard Bank on its way to London.

    Both banks – at that time still quite separate companies – survived the First World War and the Depression, but were directly affected by the wider conflict of the Second World War in terms of loss of business and closure of branches. There were also longer term effects for both banks as countries in Asia and Africa gained their independence in the ‘50s and ‘60s. Each had acquired other small banks along the way and spread their networks further. In 1969, the banks decided to merge, and to counterbalance their existing network by expanding in Europe and the United States, while continuing their xpansion in their traditional markets in Asia and Africa. In 1986 Lloyds Bank of the United Kingdom made a hostile takeover bid for the Group. The bid was defeated however it spurred Standard Chartered into a period of change, including a series of divestments notably in the United States and South Africa. Standard Chartered Bank has been operating in Bangladesh for over a hundred years. After the partition of the subcontinent in 1947, Bangladesh became East Pakistan; thereafter SCB started its business in 1948, in the port city of Chittagong.

    Today the bank is spread all over the country and is arguably the largest foreign bank in Bangladesh. It has branches in Bogra, Chittagong, Dhaka, Khulna, Savar and Sylhet. They have ATM booths almost all over Dhaka and Chittagong. Standard Chartered Bangladesh has bought out the Bangladesh operations of various other foreign banks such as Grindlays Bank and American Express. VISION AND MISSION Vision: To be the preferred provider of Islamic financial in the market. Mission:

    To create execptional value for our clients, investors and staff through market leadership in providing innovative Shariah compliant products and solutions and by adopting and living our core values. MANAGEMENT LEVEL First level managers First level manager direct non-management employees, they do not supervise other managers. The first level manager o Middle level managers Middle managers direct the activities of lower level managers and sometime those of operating employees as well. Top managers Composed of a comparatively small group of people, top management is responsible for the over all management of an organizing.

    These people are called execution. 14 Principles of administrative management & the bank: Division of labor Authority Discipline Unity of command Unity of direction Subordination of individuals Remuneration Centralization Scalar chain Order Equity Stability Initiative Esprit de crops Standard chartered bank follows most of the principles from the above 14 principles. Division of labor: A job can be performed more efficiently if the jobholder is specialize. Standard chartered bank has many divisions where the jobholders are specialized. Authority: Authority is needed to carry out managerial responsibilities. Discipline:

    Employee of the bank must respect the rules that imposed by the bank. Unity of direction: In this bank same type of works are done by one superior. For example- HM department, finance department etc. Remuneration: Standard chartered bank gives many financial facilities to their employees. Centralization: Power and authority is used by the top management of the bank as much As possible. Components of external and internal environment: Environment: Environment means those forces that directly or indirectly influence the operations and strategy of the company. Environment has two parts.

    External Environment Internal Environment External Environment: Everything outside organization boundaries that might affect it is called external environment. External Environment has two components General Environment Task Environment General Environment: General Environment indirectly influences the organization. The dimension of general environment: Economic dimension: The economical condition last five years are given below in chart – In crore YearLoanInvestProfit 2000900005000030000 2001700004000022000 20031600007000055000 2004880006000045000 Technological dimension: The main technology they use is computer.

    The other technological dimensions are – Atm, Debit card, credit card etc. Socio cultural dimension: The bank has many branches not only in our country but also in other country. With their branches they help their customers. International dimension: The standard chartered bank is an international bank. For these reason it has many branches in other country. Task Environment: Task Environment consists of specific external environment that directly influence the organization. The dimension of task environment: Competitions: This bank has some competitions. It has many national and international competitors.

    Customers: General people are two main customers of the bank fixed deposit or withdraw money from the bank. Suppliers: Customers are two main suppliers of the bank. They also collect information many other suppliers like other bank and information offices. Regulators: Government and top level managers are the regulators of the bank. They establish legislate and other rules. Internal environment The conditions and forces within an organization is called internal environment. The dimension of internal environment: Owners: Owners are the people who have legal property rights to the bank. Board of Direction:

    Board of directions is elected by the stockholders. There are exclusive and non-exclusive directors in the bank. Employee: Employees are the persons who work for the bank. COMPLEXITY & DYNAMISM OF STANDARD CHARTERED BANK Standard chartered bank is an international bank. It is give good service to the customers. But rather this bank has some complexity. By researching about standard chartered bank we found that the bank has some complexity. The complexity is given below: Late payment is one of the problems of standard chartered bank. The employers are not conscious about their work. The managers are not hostile to their customers.

    Not enough seats for the customers. Only two customer service officer. Only one customer service to handle the work. The waiting time of the customer is only 30 minutes. Changes can not be made instantly. Customer service officer is just like messenger. ATM both is limited. The branch of standard chartered bank is limited. The call center is not 24 hours. SUGGETION FOR FURTHER IMPROVEMENT From the analysis of the data and comparing it with the practice it is clear that, the bank is still not aware and to some extent it is not practicing the guide line and its competitive analysis at the top level.

    The findings results that inefficient management the bank as well as its human resources are facing a lot of problems to smooth running its goal. Suggestion The employees should have to train more for management and development for achieve their target. Standard chartered bank should formulate a strategic plan for the well defined level of bank. Employee should more a sound 3 tier relationships is to be develop as soon as possible. Employee should given the freedom of doing their job. They have to make good relation between their customers.

    Management should take necessary take to reduce the threat of employee. Grouping among the employee should be removed. Necessary initiative is to be made to develop the knowledge about the loyalty, devotion and behavior of the different levels of employee. They have to red-ward their employers. They have to dedicate their work. They have to sincere and honest about their work. The standard incentive system should be ensuring for levels of bank. With the increase in the technology, the bank should made its IS up to date for providing best services to their customers.

    The security of this system should be made. Credit card system should be improved providing the unique facilities to their customers which the other banks have not yet introduce. MAIN OBJECTIVES Standard Chartered Bank is an international bank, focused on the established and emerging markets of Asia, Africa, the Middle East and Latin America with an extensive global network of more than 600 offices in over 50 countries. The three principle business groups are Treasury, Consumer Banking and Corporate and Institutional Banking.

    Their main objectives is to offer outsiding value to their customers by providing knowledge, efficient and reliable service in a personal, helpful and responsive manner. Central to this service philosophy is the professional consultative approach they take with each customer. By getting to know the customer better, they can identify the customer’s needs and match them with quality products which suit their best. MAIN SERVICES Consumer Banking: Standard Chartered provide Mortgages, Credit Cards, Personal Loans, Auto Loans, Islamic Banking and Wealth Management products.

    In order to maximize customer convenince, they offer 24-hours Phone Banking, eStatements, SMS Banking, ATM Cards and VISA Debit Cards as well as Online Banking and state of the art branches. Wholesale Banking: Wholesale banking provides Transactional banking, Debt Capital Markets, Corporate Finance, Derivatives & Fx Options, Commodity Finance and deposite products. Islamic Banking: Standard Chartered Saadiq’s dedicated Islamic Banking team provides comprehensive international banking services and a wide range of Shariah Compliant financial products that are basrd on Islamic valus.

    TOTAL OFFICES AT NATIONAL AND INTERNATIONAL LEVEL Standard Chartered is operating more than 150 branches in about 25 cities of Bangladesh. Standard Chartered has a history of over 100 years in banking and operates in many of the world’s fastest growing markets with an extensive global network of over 1400 branches in over 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. As one of the world’s most international banks, Standard Chartered employes 60000 people, representing over 90 nationalities worldwide.

    This diversity lies at the heart of the bank’s values and supports the bank’s growth as the world increasingly becomes one market. . SOURCESS OF DATA COLLECTION The data of the present study has been collected form two sources: Primary data Primary data and information have been collected by interviewing the managers, staff and workers (about 21 persons) on the basis of using questionnaires in view of the objectives of the study. Secondary data To collect the secondary data, it has taken the help of various reports i. e. annual report, audit report etc of the standard chartered bank. CONCLUSION

    Standard chartered bank is an international bank. This is the fastest growing bank in Bangladesh. Management is a process that provides the information necessary to manage an organization effectively. And the bank using the management system efficiently and increasing its profitability. Standard chartered bank provide many loans, ATM cards , Credit cards , Consumer banking, Wholesale banking, Islamic banking, Online banking and so on to their customers. REFFERENCES 1″. MANAGEMENT”(9th edition) -Ricky W. Griffin 2. www. standardchartered. com. bd 3. www. standardchartered. com 4. lecture sheets of southeast university

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