Standard Chartered Bank - commendation for 'Best Overall Bank'

Standard Chartered Bank received The Banker Corporate Responsibility Commendations 2008 for 'Best Overall Bank', 'Best Corporate Finance' and 'Banking the Unbanked' in recognition of its innovation and industry-leading sustainability activities.

Standard Chartered Group Chief Executive, Peter Sands said, "This is a huge tribute to the hard work and commitment of our staff in driving forward sustainability practices which are woven into the fabric of how we work at Standard Chartered. At a time of economic unrest, we truly stand out for thriving in a sustainable way in emerging markets."

Last year the Bank invested $170 million in financial inclusion and has pledged to invest $500 million in microfinance by 2011. In addition to microfinance, Standard Chartered has arranged a $500 million Islamic project finance deal in UAE. Its investments in renewable energy and clean technologies include an $800 million renewable energy fund, a $25 million South Korean wind farm and a EUR50 million investment in a carbon fund.

In being commended for Best Corporate Finance, the Bank was recognised for its heritage and expertise in emerging markets and risk forecasting. With 93 per cent of its revenue generated in emerging markets, the Bank developed advanced strategies for forecasting and anticipating social, political and environmental risk - a strong track record in risk mitigation.

Standard Chartered is the co-lead for a hydroelectric plant at Bujagali Falls - at $682 million, one of the biggest financing projects in Uganda. It will supply the majority of Uganda's electricity and is expected to approximately halve the cost of electricity on completion.