How partnering with a global bank can elevate your enterprise

From inward-looking businesses to global competitive powerhouses: How partnering with a global bank can level up your organization.

You may never understand the weight attached to the bank your business operates until you have to deal with an international entity.

One institution comes to mind. Recently, the company was seeking an import arrangement with a global manufacturer, and during negotiations, one question came up: Who is your financial partner?

The company was dealing with Standard Chartered Bank, and when they mentioned the bank, that alone contributed significantly to closing the deal. As we speak, this organization is the sole distributor of the manufacturer's products in Kenya.

In the business world where decisions sometimes have to be made quickly, it is possible to lose an opportunity because of your financial partner. Think of a long-distance market that requires you to use products such as letters of credit, guarantees, and the like. The presence of a global brand like Standard Chartered has led to medium-sized institutions completing transactions instantly.

Successful business owners are constantly looking for opportunities for their products and services in local, regional and international markets. In order to source and trade cross-border effectively, companies with a local presence now realize the importance of having a relationship with a bank that has a global network.

As a testament to the competitive advantage we provide to institutional clients, Standard Chartered Bank was this year recognized as the Best Trade Finance Provider in Kenya by Global Finance magazine.

Below, I answer some of the questions that often arise when I engage companies on this topic.

With its presence in 53 markets in different countries around the world, Standard Chartered Bank makes it easier for companies to reach other markets.

To make doing business easier for our clients, we have a dedicated team of relationship managers and solution specialists with experience in supporting our clients to achieve their business ambitions.

The bank has made this possible through its award-winning Straight2Bank digital platform. Through it, businesses can make payments and transactions from anywhere with the click of a button.

Companies appreciate Standard Chartered's strength and expertise in providing foreign exchange solutions. Our Forex traders work closely with business clients to meet their requirements. Our Straight2Bank digital platform also enables customers to make foreign currency transfers at their convenience.

Meeting increased production requirements to meet orders can translate into a need to borrow, and we work closely with our clients to provide the right mix of financing solutions to meet their working capital and loan requirements. This is done to support their ambitions to grow in a sustainable way. We are always available to guide entrepreneurs on the right type of financing for their business.

Standard Chartered Bank can also use investments made by the company in various short-term and long-term products as collateral to provide working capital. This means that even if a company directs funds towards a particular investment that may take some time to produce returns, the funds are not just tied up.

As an international bank in Kenya serving business clients, Standard Chartered is the market leader for local collateral, advising on both volume and value. Imagine if you, as an entrepreneur, saw an opportunity. You want to start importing a specific product into Kenya. The selling company tells you that it needs a guarantee that you will pay. They will only get a guarantee from an international bank or a well-known brand, which is why they prefer Standard Chartered Bank.

Through our wealth management solutions, we are better placed to support businesses with their investment options in both local and global markets. We support our business clients to take advantage of a range of investment opportunities including, but not limited to, fixed deposits, stocks, bonds and mutual funds. Regular detailed market reports help our clients make informed decisions in determining their preferred investment options.

Sometimes, the investment decision can be in terms of expansion possibilities, which means going beyond what the company is currently doing to invest in new lines of business, or such a move. Through our consultants, we guide institutions on how to achieve their strategy through a wide range of banking solutions.

In the same vein, we also have the personal banking aspect. Behind every action there is a human being. These are people who need to invest for their retirement, their children's education, among other things. We address the business side and the personal side, the key is to invest right and do it wisely.

Because we look at business from a 360-degree perspective, insurance is one aspect we never lose sight of. Standard Chartered also offers corporate bancassurance options across a variety of general and life insurance covers. These are business insurance solutions to protect business owners and employees.

We make sure that our clients can ride any wave, because sometimes there is turbulence, and we are able to walk through that turbulence with our clients so that we support them to be successful in their business ambitions.

To experience good banking services for your business, you can email us at (email protected). You can also call us at +254 20 329 3900 or +254 703 093 900. Our branches across the country are ready to serve you as well.

Written by Jeremiah Kimutai, Head of Medium Enterprise Banking at Standard Chartered Bank Kenya