Stanchart to raise staff strength

BANGALORE JUNE 26. The London-based Standard Chartered PLC will add 500 people to its business process outsourcing (BPO) operations in Chennai by the year-end, according to Chris Low, Chief Executive Officer (India region), Standard Chartered Bank.

He told presspersons that the staff strength of the BPO would be increased from 2,700 to 3,200 by end of the financial year. "Our scale of operations and centralisation of several processes to the Shared Services Centre in Chennai (under SCOPE International, a subsidiary of Standard Chartered PLC) gives us operating efficiencies and cost synergies," he said.

The bank, which opened its branch in India on April 12, 1858, was celebrating 150 years of service.

The bank was focussing on building customer banking business by significantly expanding the network in the country and strengthening the distribution network.

The bank had 66 branches and 15 more would be added by the year-end, he said.

"The Standard Chartered brand is now well recognised and trusted across 24 cities in India."

The bank would also launch a web-based regional cash management system next month, he said.

Mr. Low said the bank would expand its lending in areas such as telecom, health, information technology, and other service sectors.

The bank registered 121 per cent growth in profit after tax (PAT) for 2002-03. Its net income increased by about 38 per cent, he added.

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