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Standard Chartered, through its Straight 2 Bank product, supports Advance Telecoms business.

KARACHI, June 30, 2010 (Balochistan Times): Standard Chartered, the largest international Bank in Pakistan, with 161 branches in 41 cities, and Advance Telecom, the largest authorized distributor of Nokia Mobile phones in Pakistan, signed an agreement for Straight 2 Bank, Standard Chartered Banks electronic banking platform. Standard Chartereds relationship with its clients is a manifestation of its commitment to Pakistan. The bank is keen on building long term partnerships with its clients by offering banking solutions that help add value to their businesses. Straight 2 Bank is one such global product. It is a tool to efficiently execute and monitor cash management, foreign exchange and trade finance activities. It also offers a wide range of payment solutions on a single platform. This includes transfers, corporate cheques, pay orders, payroll and telegraphic transfers. Commenting on this occasion, Mr. Imran Ahad, Managing Director, Origination and Client Coverage, Standard Chartered said, Standard Chartered, consistent with our brand promise of being Here for good for our clients, offers banking solutions and products that greatly enhance our clients operational efficiency. We believe that this product offering to Advance Telecom will go a long way in helping Advance Telecom further streamline their business operations through efficient and secure cash management solutions. Advance Telecom, with approx 40% share of the USD 360 million cell phone market in Pakistan, will move to Straight 2 Bank from August 1, 2010. Share of Advance Telecom in the Nokia official cell phone market in Pakistan is close to 60%. It is hoped that for Advance Telecom, adopting this product will lead to reduction in internal costs, facilitate reconciliation and enhance their control levels. Commenting on the agreement, Mr. Rizwan Majeed, COO Advance Telecom said I am impressed with the functionality of the Straight 2 bank product. Using the Straight 2 Bank electronic platform has led to improved workflow within the company, resulting in considerable time saving in processing of transactions especially with regards to opening of Letters of Credit. I am confident that this product will contribute in helping Advance Telecom further cement its leadership position in the mobile phone market. Seen in the photograph below are Mr. Imran Ahad, Managing Director, Origination and Client Coverage and Mr. Rizwan Majeed, COO Advance Telecom, along with their respective teams.

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Publication:Balochistan Times (Baluchistan Province, Pakistan)
Date:Jun 30, 2010
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