Cccm Final Report

8/12/2019 Cccm Final Report

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ross ultural Management Report On

Standard h rtered

Presented ToDr:KashifMahmood

Presented ByMohammad FaizanUsman(9848)

MisbahRasheed(9641)Asma Haji Abubakar (6159)

MehwishMouiddin (8268)

Date: 15-12-2011


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T BLE OF CONTENTS

Letter of Transmittal

Acknowledgement

Introduction

Mission Statement& Values.

Standard Chartered world wise..

Cross Culturalproblem

Methodology..

RecommendationsReferences


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LETTER OF TR NSMITT L

Dr.KahifMehmood,

IQRAUniversity,

Karachi,

15th

Dec 2011.

Respected Sir,

We are honored to present this report that you have assigned us. This report is based on the topic

Cross Cultural Management Report on Standard chartered.

This report has been Prepared with great efforts and dedication, in compliance with course

requirement and your instruction.

We have learnt a great deal from the project, for which we are very grateful to you and as a

group we found this work really interesting and challenging. Should there be any query

concerning this report, wellbe happy to discuss it. Hope you like it.

Regards,

Mohammad FaizanUsman

MisbahRasheed

Asma Haji Abubakar

MehwishMouiddin


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CKNOWLEDGEMENT

We would like to thank from the core of our heartsto our Allah, who has given us ourthoughts,

vision and confidence to achieve our goals but however it was impossible for us to deliver this

report without the support and motivation of our course teacher DR. KashifMehmoodwho not

only gave us a chance to learn and write this report but also has been a true ideal for us. It was an

unforgettable experience for which we thank the Almighty Allah and our teacher.

Regards,

Mohammad FaizanUsman

MisbahRasheed

Asma Haji Abubakar

MehwishMouiddin


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IntroductionHistory of Standard Chartered Bank

Standard chartered is one of the worlds best leading and emerging banks in the market having

its headquarters in London. It is named after two banks originally named as Standard Chartered

Bank of British South Africa and the Chartered Bank of India, China and Australia merged in

1969. Chartered Bank is the older of these two banks founded in 1853, by The Grant of Royal

Charter from Queen Victoria. It was run by a Scot Economist, James Wilson who was a hat

maker but made his bright fortune in London. Standard Chartered was founded in 1862, nine

years later with the efforts of another group of Scot businessmen and John Paterson, who

migrated to Cape Province in South Africa and became a successful merchant. Both the banks

then had a huge expansion of trade among different continents of the world in order to capitalize

and make handsome profits from the financing and trade of these banks.

Standard Chartered was established in Pakistan in 1863, and had it first operations in Karachi. In

2006 it also acquired Pakistans Union bank. On 30th

Dec 2006 merged its own subsidiaries

with the Union Bank in order tobecome the Pakistans 6th

largest bank known as Standard

Chartered Bank of Pakistan.

Standard Chartered Bank Limited is the oldest and largest Foreign Commercial Bank of Pakistan

having 162 branches spread in Pakistan and over nine thousand employees working.

Standard Chartered Today:

As Standard Chartered today is one of the leading and emerging banks of the world, head

quartered in London, has 30,000 employees in 500 different offices working in more than 50

countries of the world. It has an IT infrastructure features worldwide with 5000 servers & 35000

desktops that supports 600 applications differently. The Bank services and provides its


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customers, consumers and the whole-sale banking-customers with the facility of Credit-Cards,

Mortgages, Personal-Loans, Wealth and Cash Management, Foreign Exchange and other

services like leasing etc.

Its two of the largest acquisitions are the purchase of Grind lays Bank from the ANZ Group

and second is Chase Consumer Banking Operations in HongKong in 2000. It is one the biggest

acquisitions in the history of the banks. From these acquisitions Standard Chartered had proved

to be a strongest firm and a leading emerging market globally in order to see a prosperous future

and dynamic growth of the Bank.


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Products n services:

Finance Lease Operating Lease Loans Domestic Banking Trust Operation Treasury Operations Morahaba Financing Bemisaal Investment Certificates Islamic banking products in accordance with Shariah principles Non-resident banking, provides discounted remittance charges between markets and other

benefits

Provides more than USD500 million to microfinance institutions and 80% ofmicrofinance users are women

Dream account that helps families save and manage their children future financial needs All-women branches in India and Sri Lanka, that provides customers with a safe and

comfortable environment in which to discuss their financial matters

Diva account, which is specifically for womens needs, with customized debit cards,discounts, benefits, and membership of the Diva club

Kenyan 'X Account' for men, which specifically caters to men with active lifestyles Networking opportunities such as roundtable breakfasts for female customers.


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Mission Statement& Values

Mission Statement

To be a foremost leasing company, receptive to the needs of our target market customers,

acknowledged for consistently providing finer service quality and pioneering products, thereby

delivering higher value to our stakeholders.

To create exceptional value for our clients, investors and staff; through market leadership in

providing innovative Leasing Products and Solutions, and by adopting and living our core

values.


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Our Values:


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ORGANIZATION S HIERARCHY

Courageous

Stand up for what we believe to beright. We accept accountability andtake calculated risks. We encourage

others to do the same

ResponsiveWe listen to our customers and

colleagues and build strong relationshipsbased on mutual respect. We work

quickly, thoughtfully and effectively todeliver the best solution. We work

quickly, thoughtfully and effectively.

CreativeWe are innovative and imaginative in

working with opportunities andchallenges. We continuously improvethe way we work, making it simpler,

better and faster.

TrustworthyWe do what is best for the

organization and our customers. Wedeliver on our promises and work tohigh standards. We are reliable, open

and honest.

InternationalWe value our diversity. We share

standards and best practice. We worktogether, as one team across the

organization for the benefit of ourcustomers. We work together buildingstrong partnerships across the Bank.

EMEA &

AMERICAS

TECHNOLOGY

SOLUTION


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CEO

DIRECTOR

TRANSACTION

BANKING, STRATEGIC

INITIATIVES &

CONSUMER BANKING

HUMAN

RESOURCE

PRODUCT

MANAGER

CFO

CHAIRMAN OF

THE BOARD

RISK

MANAGEMENT

SECRETARY

PEOPLE,

PROPERTY &

ASSURANCE

WHOLESALEBANKING

CONSUMER

BANKING

AIRCRAFT

LEASING

FINANCE

TECHNOLOGYGROUP

SOUTH EAST

ASIA

SMALL &

MEDIUM, INDIA

RISK

MANAGEMENT,

WEST

COMMODITIES

SALE

CIO

DIRECTOR

DIRECTOR

DIRECTOR

DIRECTOR

DIRECTOR

DIRECTOR


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Standard Chartered around the worldAsia: Europe:

Australia Austria

Bangladesh Italy

China France

Sri Lanka Germany

Singapore Russia

South Korea Switzerland

Malaysia Turkey

Nepal United Kingdom

Mauritius Sweden

Thailand Ireland

Taiwan Guernsey

Hong Kong

India

Japan

Indonesia America:

USA

Africa: Chile

Botswana PeruGhana Mexico

Kenya Falkland Islands

Nigeria Colombia

Zambia Brazil

Zimbabwe Argentina

Uganda

South Africa

Middle East:

PakistanQatar

Jordan

Bahrain

United Arab Emirates

Cross Cultural problems


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The most important explanation behind cultural difference and scope in progress when

employees of dissimilar country ongoing work mutually on combined projects and conflict

ongoing arise among the group of dissimilar races and culture .Keeping in observation of such

situation .The Cultural difference is appropriate extra important, and still show the way to

breakdown of teamwork. This issue has developed into a hot issue and far and wide talk about.

For these contradiction and uncertainty presented in multinational corporations managing, some

big business operator believe that this is a big business managing issue; at the same time as they

make an effort to solve this crisis, however the effect is incomplete, or copying of hard work. In

reality, it be cultural difference in the multinational companies managing, and cultural

Some religion, language or attitude, ideas may be extra often verbal. They mostly contain one

language, one religion, and single category of faith system. These two countries vary since one

an extra, at a lot of different aspect of society, other than as a great deal as they differ since one a

different there are some similarities between both countries.

Management of Standard Chartered Bank (Pakistan) Limited (the Bank) is accountable for

establish and maintain a sound structure of internal controls designed at achieve the follow

objectives of the Bank:

Effectiveness and efficacy of operation

Fulfillment with appropriate laws and policy

Consistency of economic treatment

ISSUE # 1

Initially ,Standard Chartered Bank had a cultural issues of language they came up with the

higher management ,who were form the international background to hire workers with goods

communications skills was one of the challenge for them ,but after sometimes they had

controlled the situation and now Standard Chartered Bank has a skilled , efficient , experienced

and well educated management and its employees

ISSUE # 2


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Standard Chartered Bank has an international group of professional with Islamic finance skill

person devoted to growing Shariah accepted financial solution for the Standard Chartered Bank.

As well, our Shariah decision-making group provides help to our Islamic Banking side and

approves the Islamic laws. The development of product and Shariah analysis ensure that SCBs

Shariah law are free of Riba (interest) and within the plan set through the Shariah (Islamic law)

.When it start a cultural issues Standard Chartered Bank also had faced a problem challenge and

that challenge is about interest free banking or a Islamic banking, so the Standard Chartered

Bank started a Islamic banking by its newly launched saadiq currentaccountfor those

customers who are not willing to have interest or monthly profit thing but they wanted it in a

right Islamic way, so the Standard Chartered Bank took a decision to start Islamic Accounts for

its value customers

ISSUE # 3

The big Challenge ofStandard Chartered Bankinside the Islamic CountriesSince the conventional

banking system is widely spread inside as well as outside the Islamic

Countries for decades, it gains the clients trust especially if it is well regulated and actively

Contributed to the economy. On the other side, IFIs are new player in the financial market;

Therefore, they strive to compete with the existing system inside the Islamic countries. IFIs are

Still building up their regulatory system and trying to contribute to the countrys economy in

Line with Islamic Sharis. IFIs are currently recruiting their employees and management from

Those who work in conventional banks because of the serious shortage in their manpower

ISSUE # 5

Another important issue is to maintain the relationship with the management and the customers

satisfaction .what the management need, how they can fulfilled their needs, how much they give

the benefit to their employees, bonus and allowances and how much customers satisfied with

their services . Develop respectful and cooperative relationships with all individuals from

differing backgrounds. Build up civil and supportive relationships with all persons from opposed

background. It might look like a lot of try to construct cross cultural business relationships and

however the benefits of building these dealings far be more important than the cost

ISSUE # 6


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The Standard Chartered Bankhas another issue to Islamic banking in Pakistan as compared to

conventional banking system. There is need of experience person who are well aware about

the Islamic banking and give the knowledge about the Islamism banking to increase the value

market demand of Islamic finance ,lack of professionals, need of new technology, no legal

framework, no central bank, , no central bank and the educated scholars are important to

compete the other banks

ISSUE # 7

Foreign currency transactions issue. The Transactions in foreign currencies are translated to

Pakistan Rupees at exchange rates current at the date of the Transaction. Monetary assets and

liabilities denominated in foreign currencies at the reporting date are retranslated to Pakistan

Rupees at the exchange rate current at that reporting date. Foreign currency difference arise on

retranslation are accepted in profit or loss.

ISSUE # 8

The Standard Chartered Bankis coming to the western culture and their Limited government

involvement in the deal-making and in Pakistan they the use of involvement of the government is

must because in the Pakistan government is the back bone without government we cannot do

anything in Pakistan.

ISSUE # 9

In initially they focuses on the short term planning than they has to faced the problems after that

they understand the mentality of Pakistan then they moved to the long term planning which type of

the customer will come ,what type of product they need ,how they understand ,what the customers

wants .

ISSUE # 10

How to utilize an institutions history while increasing into a nimble modernorganization?

Todays unpredictable and complicated international environment needs new authority features

the ability to manage inconsistent needs under conditions of excessive indecisiveness, to weld

together a consistent and focused worldwide company whilst improving local variety, and to


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encourage staff unmoved by older ordered techniques. Experiencing these difficulties was

Standard Chartered Financial institution, a large and long-established worldwide bank focusing

on appearing areas with a strong modern custom that has over 73,000 people in 1,700

workplaces across 70 countries.

Mervyns Davies, then the control supervisor with liability for engineering, and who therefore

became the CEO of Frequent Chartered Affordable training, designed to Said Enterprise

Training and to Ron Emerson (a former individual control of the lending company who is now

can Be linked Other of Said Enterprise School) to make a series of different applications. Key to

the approach done by Oxford was status the contacts in the location of reflective practitioners:

to offer them the functions, remedies, and often the new thoughts, to see their business issues in a

new laminationto reframe the difficulties and leads so that new techniques could be designed.

There was a need to see management as a positioning on holiday of recovery and leadership as

the features to get around that journey while still offering directionality and management. The

first application,

The New Enterprise Alliance, taken care of an immediate dilemma experiencing the bank:

integrated, had become a key situation, especially of IT with overall technique. It was becoming

obvious that the Suppliers technology and business areas were continually not able to get in

touch properly with each other, The program, went to by one hundred of the Loan companies top

IT and country administrators in its first year, demonstrated a good results.

This was followed by a series of Authority Classes, went to by 300 of the Loan companies top

management, such as selected board members, looking at wider issues of leadership, interaction

and self improvement.

The programs have utilized on a wide range of professions. Beginning ones presented

instructional thoughts from complication idea and situation developing.

There was considerable use of team work in syndicates to develop the concentrate further, as

well as contributors working on their personal times.

Participants labored on problems such as the effective use of information techniques and the

profitable progression of customer interactions. As well they were also looking at bigger ideal

difficultieswhat would be the appearance of checking and financial in ten years time, how to


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develop a powerful enterprise, how to win the war for talent by strengthening the newer

technology and women secured.

ISSUE # 11

Relaxed work culture. Good place for people, who do not have many

expectations from life.

Typical chartered is having good guidelines for personnel advantages, they have many offices

here in Pakistan so a personnel can switch to different area, and flexibility to worldwide nations

around the world are also being provided but on other hand A person tends to get calm and

sluggish, because of the slowly work lifestyle. No concentrate on expert progression and on

understanding progression. Campaign and income increase is very slowly. Most of the front-lineand sellers are not very knowledgeable and are just normal students. Computer not innovative

and insufficient synchronizations between various departments

At Standard Chartered, Diversity & Inclusion lies at the heart of our values and forms a

distinctive element of our brand. Diversity & Inclusion is simple: we want to get the best out of

the broadest spectrum of people to sustain strong business performance and competitive

advantage.

Standard Chartered supports the 1948 UN Declaration of Human Rights which contains number

of fundamental rights. The bank is committed to uphold and protect these rights in their internal

policies and procedures with respect to their employees, customers and communities they

operate in

Marginalization and discrimination faced by Dalits in socio-economic spheres is a key issue that

the CSR policy of Standard Chartered Bank in India with its long history might have been

expected to have been addressing. This community is the most vulnerable in India, with limited

access to key essential services such as health facilities, education and income-generating

opportunities.
http://www.glassdoor.com/Reviews/Employee-Review-Standard-Chartered-Bank-RVW1233495.htmhttp://www.glassdoor.com/Reviews/Employee-Review-Standard-Chartered-Bank-RVW1233495.htmhttp://www.glassdoor.com/Reviews/Employee-Review-Standard-Chartered-Bank-RVW1233495.htmhttp://www.glassdoor.com/Reviews/Employee-Review-Standard-Chartered-Bank-RVW1233495.htm


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ISSUE # 12

Ghana: TDCL Barks at Standard Chartered Bank

TemaThe control of the Normal Chartered Bank, Ghana, has been energized of posting their

personnel to illegal guide function and business process that does not only go against the

circumstances of the Nationally Work Act, but is also an affront to the 1992 Framework.

This has furious experts and contacts of the Tema Area Specialists of Work (TDCL) to make a

strong-worded three-page website to the control of the lending company to sign-up its

unhappiness about the process of their personnel.

The website, old July, 26, 2011and treated to the Major Management Professional (CEO) of

Stanchart states; "We are phoning on your control to rescind your choice on the illegal guide

function techniques and the apartheid techniques you have unacceptably personalized

immediately. If these needs are not met within one (1) months time upon expenses of this

website, the TDCL shall lawyer itself accordingly."

The website, which was finished together by the Chairman and Associate of the TDCL, Messrs.

Wilson Agana and Ebenezer Kodwo Taylor respectively, described in the extensive run,

violation in disciplinary techniques, increased holding out in conversation, and violation of the

Mixed Interacting Agreement (CBA) as the major problems influencing employees of the

organization.

According to the letter: "Management has dropped to pay in the extensive run, after employees

have decreased their own enjoyable a while to function in the extensive run in the interest and

progression of the business."

On the dilemma of violation in disciplinary techniques, the website noted: "The Specialists is

surprised that a big and trusted business like STANCHART, which is approximated to know

better, has dropped to accept the set up down techniques permitted and finished by both activities

- the Alliance and Management.

"Again, the Specialists is astounded by the routines, where control has set aside the CBA andorganization your own undesirable section without the Alliance and employees acceptance as

enshrined in the CBA, which was usually finished by control. This techniques by control

amounts to illegal training, which is despite the provide of the Nationally Work Act."

The website further energized the STANCHART control of ignoring to sit down at the talking

about workplace to parley on problems concerning personnel, for a helpful solution.


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The TDCL said the control of STANCHART, by its techniques, wants to peaceful its personnel

not to come out with their problems, even if they have problems and are dissatisfied.

"The techniques of control is against the self-reliance of idea by personnel, which is an affront to

the 1992 Framework of the Republic of Ghana, the circumstances of the Nationally Work Act

and the ILO Conference," the website troubled.

The website was attractive to the Associate Typical UNICOF, Reverend of Profession,

Nationally Work Commission amount rate, Nationally Chairman STANCHART, all regional and

section regional authorities of guide function, and the regional assistant.

ISSUE # 13

Standard Chartered Bank Business Development Manager in Mumbai (India)

Disappointing. Was not given an opportunity to learn, grow or improve.

Big organization, large system Great f &b amenities, good health facilities

NO center. Workers act very pleased and do not help their fellow workers. Maybe they

experience they need to work that way because of the organization connections. However, it was

a unsettling practical knowledge for me - I would not suggest it to anyone who is considering a

useful profession development and/or discovering possibilities.

The dimension organization is too big and the organization of control is certainly not that easy all

the time many instance its challenging to express your concept to greater specialists.

Low income and small advantage don't count with yearly economical outcome.

Promotion seems an issue to everyone although there are more certifying internal than other

economical institutions.

Outsourcing, such as ITSC, is big disaster to the whole organization. It causes in-efficiency

around the globe.Training funds seems to be cut always.Minimum stage of delegation to people

down the hierarchy.A bit unorganized and badly maintained environment. The business is not

particularly considering being at the leading side of its areas.


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ISSUE #14

Overall good, but people career management could be handled far well

Forward preparing of the most important property - people, is often missing for all but the few

that are "fast tracked", no arranged progression plan or expand despite it being pointed out as a

primary purpose.

Too much function stress. Uncommon objectives, Insufficient values at the walk out, No

function life stability and little time to chill out and rest.

Non-stop work and no admiration from other departments.
http://www.glassdoor.com/Reviews/Employee-Review-Standard-Chartered-Bank-RVW991303.htmhttp://www.glassdoor.com/Reviews/Employee-Review-Standard-Chartered-Bank-RVW991303.htm


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Methodology

This information related to our project has been collected from the main branch of Standard

Chartered Bank, in Karachi. The methodology used is as follows:

Collection of data by conducting interviews of the officials of the Bank. Internet Search and web browsing. Study of Banks annual reportsand data. Frequent visits to different branches of the bank. A comprehensive study of the literature has also been carried out to see factors that help

in achieving a competitive advantage in a dynamic banking environment globally.


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Recommendations

Standard chartered should appreciate their employees work. The y should let them know

that they have performed the task well. This will motivate employees and at the same

time they will be ready to take more challenging task. They should also provide sufficient

time so that employees can maintain work life and family life. In this way they will have

highly motivated staff this will not only improve their performance but will also increase

benefits for the company.

Indians are more self-interested they care for themselves only. The problem in India rose

because the staff was not coordinating and were only thinking of themselves and their

promotions. Working environment is successful when people coordinate so company

should change their organization culture and should train the heads so that they can

transfer this knowledge to the lower levels.

Standard chartered should work and set its rules according to the host countries

environment. This will make employees feel equality in their nation and they feel they


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are fairly treated. This problem occurred in Ghana. They set rules and regulation

according to their feasibility they didnt consult the government. So legal actions were

taken against them to overcome this issue and the company should see the rules and

regulation of the host country as well.

At standard chartered the benefits employees get is that they can transfer themselves to

any branch according to their area of comfort. The issue which standard charted faces is

that is of technology the technology which is used in Pakistan is far too old so the

problem of inter branch communication issue exists because of which customers are

facing the problem. Company should upgrade the system and should send professionals

from the parent country or any different region to train employees in Pakistan that is they

should use ethnocentric staffing approach this will help them in technological

advancement and at the same time staff in Pakistan (subsidiary) can be trained as well

this will help in improve of performance hence increasing customer satisfaction.

Interest issue for customersin Muslim country

Standard Chartered Bank faced interest problem in Pakistan which is considered Haram

in Islam. But still it had the interest system in Islamic countries but there was still some

cultural issues due to which it was not able to attract its customers in Islamic countries.

Standard Chartered Bank has an international group of professional with Islamic finance

skill person devoted to growing Shariah accepted financial solution for the Standard

Chartered Bank. As well, our Shariah decision-making group provides help to our Islamic

Banking side and approves the Islamic laws. The development of product and Shariah

analysis ensure that SCBs Shariah law are free of Riba (interest) and within the plan set

through the Shariah (Islamic law). In Islamic countries like Pakistan people are turning to

Islamic financing so to retain your customers company needed to come up with new

strategy. So they decided to launch new product in Islamic banking. Standard Chartered

Bank also started a Islamic banking by its newly launched Saadiq Current Accountfor

those customers who are not willing to have interest or monthly profit but they wanted it


24/24

in a right Islamic way, so the Standard Chartered Bank took a decision to start Islamic

Accounts for its value customers. So this is how they resolved this cultural difference.

REFERENCES

www.google.com www.wikipedia.com www.standardchartered.com www.standardcharteredleasing.com
http://www.google.com/http://www.wikipedia.com/http://www.standardchartered.com/http://www.standardchartered.com/http://www.wikipedia.com/http://www.google.com/

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