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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

 

 

 

 

 

 

 

 

 

 

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