Afghanistan

Net profits of $240,000 on assets of $38.5m are hardly eye-catching but this is Afghanistan and Standard Chartered is one of a handful of pioneering banks that are bringing banking services to this formerly war-torn and still fragile country. At its head office in Kabul, sandbags, bullet-proof glass and automatic weapons are the tools of the trade and provision of such basic services as cash-in-transit present real physical danger to the bank’s employees.

Despite the challenges, Standard Chartered has brought modern banking facilities to the market, capturing customers from the numerous development agencies, aid agencies, embassies and multilateral agencies operating in the country. Since opening for business in January 2004, the bank has attracted more than 3500 customers, including both corporate and retail clients.

Given the breakdown of law in Afghanistan, and in particular the large drug economy, Standard Chartered has had to apply the strictest interpretation of the UK’s Financial Services Authority know-your-customer and anti-money laundering regulations to avoid any reputational risk in its home market back in the UK. Indeed, Standard Chartered has trained employees of Afghanistan’s central bank in these regulations.

The judges noted in particular Standard Chartered’s ambitious roll out of full service facilities, including automatic teller machines, internet banking and cash management services in all 32 provinces.