► reading news

Banking Liaison

Standard Chartered UAE – We Love to Entertain you

(Dubai, 20/10/2014) In August 2014 already, the “so much to UAE committed” foreign bank Standard Chartered announced to exit parts of its SME business in the federation. In the beginning of this month, the mass mails went to delivery.

Our recommendation to Corporate and Private Customers at that time was to close their accounts before the bank is doing so. The malpractice of Standard Chartered makes now clear that the recommendation was more than useful:

  • A lousy notice period of 30 days from date of the letter is given only, from which at least 7-10 days are getting lost due to the poor communication channel via PO Boxes (by the way, we know cases where the letter itself has been given to the post 2 days after issuing/printing/dating it!). Whoever had the “pleasure” to open Corporate Bank Accounts with banks in the UAE knows, this is a very ambitious time window even to get the account numbers only. Not to talk about the needed time frame to receive instruments like Cheque Books, ATM Cards, Internet Banking Security Items etc.
  • After November 17, it is announced that all US Dollar clearing activities will be suspended on “cancelled” accounts, open after that day. The bank remains unclear about the question, if after that date US Dollar clearing activities in general (means also for not cancelled accounts) will not be possible anymore. We contacted Standard Chartered – but no one was able to confirm continuity in US Dollar transactions!
  • In “efforts to sharpen the strategic focus”, the bank furthermore announces now in individual letters, to review Personal Accounts as well . . .

 

We can only repeat our strong recommendation:

Close your Standard Chartered UAE accounts – whatever nature they are
– as soon as possible.
Otherwise there is a very high chance to get it closed by the bank itself
in more than inconvenient manner.

And:

Speak with UAE local banks and leave the remaining
“Foreign Banks” aside.
After a massive meltdown, we are talking so or so only
about not even a hand full: CITI, HSBC, SC.

If anyone is interested about the qualified style of Account Closure Letters from Standard Chartered – we received one scan with comment from one of our clients.

20141020SCB1

20141020SCB2

20141020SCB3

20141020SCB4

 

 

 

 

 

 

 

 

 

 

Discussion

No comments yet.

Post a comment

 

INTELLIGENT CORPORATE SERVICES | TAX | LAW | COMPLIANCE BANKING | CUSTODIANS | REGISTERED AGENTS | CORPORATIONS

Welcome to the Web of MCI CLT GROUP - have a good Day!

Language

New articles

\n\n\n\n\nThis News Alert information could be useful, maybe essential for your business activities in the United Arab Emirates. Please don’t hesitate to contact us for further inform...
\nEconomic Substance Regulation (Reporting) implemented in UAE – a massive change of the shape of business operating environment\n\n\n\n\n\n\n\n(Dubai, 07/08/2019) The United Arab Emirate...
\n(The Hague, 17.06.2019) TMF Group, MCI CLT’s associated partners in Asian Offshore Association (AOA), published in the beginning of June its 2019 Global Business Complexity Inde...
\n\n\n\n\n(The Hague, 03.06.2019) Coming out of Q1/Q2 of 2019, the crypto currency space is seemingly reigniting the spark it had lost over the bear cycle that began in January 2018. Ar...
\n(Hong Kong, 2018-06-06) RAK Bank, RAK Bank, RAK Bank (although it could be nearly any other UAE Bank)!\n\n\n\nYou and your other competitors are well know - even over borders - for ar...
\n(Dubai, 25/09/2018) Dear Mr. Alabbar, this is for sure the wrong time to blow in the (wrong) nationalism trumpet.\n\n\n\n\n\n\n\nWhile the UAE government is intensively developing a huge ...
\n(Hanoi, 06.05.2019) From 14.-16. May 2019 it\'s time to increase the footprint in Indochina, especially in VietNam.\n\n\n\n\n\n\n\nWHY VIETNAM?\n\n\n\nVietNam is predicted to be the fastest gr...
\n(The Hague, 23.04.2019) The Dutch government has confirmed that a registry of ultimate beneficial owners of companies will enter into force in the Netherlands from 2020.\n\n\n\n\n\n\n\nTh...
\n(Dubai, 09/04/2019) In March 2019, the Parliament of the Commonwealth of Dominica enacted a series of new laws, forced upon it, as well as upon many other independent nations, by ...
\n(The Hague, 04.04.2019) Although from the headline seen \"just\" something related to the Danske Bank Scandal, this article is a brilliant summary of Deutsche Bank\'s US activities (...

Facebook

Tags