The Standard Chartered Group will continue to focus its long-term growth plans on consumer banking as part of its global business strategy, according to Alexander Thursby, CEO and regional head of both Standard Chartered Bank and the recently acquired Standard Chartered Grindlays Bank.

In a reference to the post-merger situation and possible redundancies, he said that while any major bank tended to "rescale" personnel routinely, there would be "no massive cost-cutting".
The two banks are separate legal entities, and it would be premature to speculate on personnel changes since systems integration is a long, 12-stage process, he said.

He was speaking to media personnel yesterday during the launch of Activ, a new bank account that provides a range of lifestyle benefits in addition to standard bank services.

Benefits include vehicle registration service, Arabic and English newspapers at reduced subscriptions, exclusive holiday packages, personal accident insurance, free Visa Classic credit card, interest on current account, and up to 20 per cent discount at 1,500 restaurants and shops.

"This new account further underlines our conviction that banks will have to offer considerably more value to their traditional activities, and that consumer banking will continue to fuel our growth as we go ahead," he said.

Standard Chartered has a UAE customer base of over 60,000 in consumer banking, and the group has a base of about 85,000.