2008年11月28日に世界銀行東京ラーニングセンターで行われたマイクロファイナンス・フォーラムの資料です。 4.Scb MF and Role Of Investors Tokyo1108 スタンダード・チャータードがマイクロファイナンスに見出しているビジネス機会、投資パフォーマンスについて Prashant Thakker 氏(Standard Chartered銀行 マイクロファイナンス グローバルビジネスヘッド) ※Living in Peace(リビング・イン・ピース)について 本フォーラムの主催団体であるLiving in Peaceは、経済開発に関心のある金融機関関係者を中心に2008年10月に設立されました。その他にも公務員、国際機関関係者、学生などがメンバーになっており、2009年4月にNPO法人格を取得いたしました。また現在、ミュージックセキュリティーズと提携してマイクロファイナンス・ファンドの組成準備中です。（HP：http://www.living-in-peace.org/ 旧Blog；http://d.hatena.ne.jp/microfinance/）

1. Standard Chartered Bank
Microfinance :
Participation
Strategy
Prashant Thakker
2008

2. Introduction to Standard Chartered Bank
Leading the Way in Asia, Africa and the Middle East
Founded in 1853 and formed from the merger of the Standard Bank of British South

Africa and the Chartered Bank of India, Australia and China in 1969
Headquartered in London with global business hubs based in Singapore, Hong Kong

and Dubai, SCB is uniquely positioned in Asia, Africa and the Middle East.
Footprint in 75 countries, SCB has over 70,000 employees of over 100 nationalities

Listed on both the London Stock Exchange and the Stock Exchange of Hong Kong

and is in the top 25 FTSE-100 companies, by market capitalisation
Long term credit rating A2 (Moody’s) and A+ (S&P)

As at 31 Dec 2007, total assets stood at US$329 billion and operating income was

US$ 11 billion
Serving Consumer and Wholesale Banking customers

Fully committed to its key markets – has made a number of strategic acquisitions over

recent years
2

3. Standard Chartered Global Network of 75 countries
EUROPE
United Kingdom Kazakhstan
Poland
Jersey
Falkland Islands Romania
Russia
France*
Ukraine
Switzerland* NORTH EAST ASIA
Austria China
MENA
THE AMERICAS
Germany Hong Kong
Jordan
Argentina**
Italy Japan*
Oman SOUTH ASIA
Bahamas*
Luxembourg Macau
Qatar Afghanistan
Brazil**
Monaco South Korea
Turkey** Bangladesh
Colombia*
Spain Taiwan
Iran** India
Mexico*
Sweden Australia*
UAE Nepal
Peru* AFRICA
Pakistan Sri Lanka
United States of America* Botswana
Lebanon
Venezuela* Cameroon SOUTH EAST ASIA
Bahrain
Canada
Brunei
Gambia Egypt
Cayman Islands
Cambodia**
Ghana
Chile
Indonesia
Cote d’Ivoire
Uruguay
Laos**
Nigeria
Malaysia
Sierra Leone
Singapore
South Africa
Thailand
Mauritius
Vietnam
Kenya
Philippines
Tanzania
* Wholesale Bank (no retail branch network)
Uganda
** Representative Office (no retail branch network)
Zambia
Countries in Blue – SCB presence
Zimbabwe
Countries in Green – AMEX presence
3

4. Development Organisations ( DO)
Well-established ‘Development Organisations’ team in over 35

countries dedicated to serving Multilaterals, Bi-laterals, International
NGOs, Social Investors and Microfinance institutions.
Part of Financial Institutions Group in Wholesale Banking.

Full range of international banking products and services required to

support programmes, projects and crisis response
Working in partnership with clients to ensure that our products and

services are tailored to meet their unique requirements
The ideal commercial banking partner given our

Historical presence

Branch network

Experience

Understanding of local conditions

Unique and co-ordinated account management model – Local,

regional and global expertise available to our clients
GAM (Global Account Manager) based in the UK and US or HQ location

RAM (Regional Account Manager)

FAM (Field Account Manager)

4

5. Geographic Coverage
Geographic Coverage reflects Investment Flows in the Microfinance Sector
London
Tokyo(?)
Europe
New York
Beijing
Dubai
Delhi
Lagos
Nairobi Bangkok
MF/ DO
LatAm
Investor JoBurg
Centers
MF/ DO
investment / aid
flow countries
Country / region focused RMs at investment countries as MF loan originators

Ensure GAMs/ business head at Investor centres cover the ever growing interest in MF

5

6. Our Commitment to Microfinance
21st September 2006, New York – Commitment by
Standard Chartered Chief Executive, Mr Mervyn Davies, at
the second annual Clinton Global Initiative.
The commitment is the establishment of a $500million
Microfinance Facility [over a five year period]. Standard
Chartered will provide development organizations and fund
managers with $500million of credit and financial
instruments as well as technical assistance to finance
microfinance institutions (MFIs) in Africa and Asia. It is
estimated this facility will benefit 4 million people who are
currently excluded from participation in the financial sector,
over a five-year period.
6

7. Value Proposition
Provide access to credit and financial services to MFIs in Africa and Asia and to
contribute to poverty reduction and economic empowerment.
Support Intermediaries that provide financial services to a section of the population
that is un-served or under-served by the formal financial sector.
Network
Network
Presence in developing economies for over 100 years, where the problem of financial exclusion is
acute. Currently supporting MFIs in 16 countries
Capabilities
Capabilities
Local Currency funding, Cross border loans, Debt Capital markets, Transaction Banking solutions, FX
and Derivatives - for the MFIs and Investors.
Strategic Alliances
Strategic Alliances
Leverage alliances with Development Organization customers . The Bank is using these alliances to
mitigate risk, develop the sector and provide technical assistance
Brand Value
Brand Value
Access to Finance is core to SCB’s Sustainability Strategy
7

8. SCB Microfinance Approach
Microfinance End Users
Investors
Wholesale
Microfinance Group
Africa, Asia and Middle East
Lending
Microfinance Institutions
Financial Business
Local Currency
CSR
Institutions
Funding, GM, TB,
Individual
DCM
Lending
Development Poverty
Risk Participation,
Provision of
reduction
Organisations
Asset distribution • Loans
• Social development
• Group formation
• Training
Technical
Microfinance Sector
Assistance &
development
Experts
Training
Enterprise
Thought Financing
Leadership,
Economic
regulatory
Governments development
Community
framework
Lending
8

9. Microfinance Business Model
 Group Account
Managers (GAMs)
 Financial
in MF Investor
 Wholesale Bank Institutions Senior
centers
 Standard
Relationship
Management Management
Chartered Bank  Regional & Managers / RMs
team
 Wholesale Bank
country Heads of
 Board of Directors
Credit Analysts
Risk committee  Group Head DOs
FI / DO
WHO  Corporate
Credit and Risk
 Group Markets  Global Business
 Product partners:
Responsibility control.
and Institutional Head ,
Transaction
Committee
Risk - MIRM Microfinance Country /
banking, Global
Regional MIRM
 Microfinance markets,
Central team Consumer
Banking
Strategy Implementation
Business
Prepares 

development
Strategy Manage &

Identify client
Recommends develop 
 Defines 
 Defines
needs
credit standards Investor /
Participation
Philosophy
network
Model Initiate credit
Drives business 

 Approves
relationships processes
WHAT approach &
 Approves
Participation
objectives Support
business Local credit
 
 Provides
Regional /
Strategy approval.
Global Portfolio

aspiration country targets
Management
 Agree Risk Implement

 Thought
Execute client
parameters Corporate

Define

leadership specific responsibility links
Corporate
products needs
responsibility Country portfolio

linkage management
9

10. Microfinance Loan cycle
Risk Assessment
Customer Sales
Relationship
Credit Analyst scores
MFI needs Managers – Sources
and grades
deals
• Ongoing risk
• Score sheet
reviews
and risk grading
• Business and • KYC & Constant
account Strategy • Covenant
• Limit application
monitoring
Continuous
Monitoring
monitoring
• Assessment of • Co-ordination
• Suitable product
customer needs with CRC
sales
• Inputs into
• Approves
• Security and
• Documentation - Account plan
- Underwriting
collateral
based on - country/ regional
standards
management
approvals strategy
- Risk grading
tracking loan
• Country specific - Early Alert & recovery
lifecycle - Specific deals
legal issues
- Minimum pricing
covenants & EL
Microfinance
Central team & CRC executes MIRM approves
product partners
support loan cycle
as required
Control & Credit Approval
Documentation
10

11. Products/Services suite for MFIs
Term Loans: As part of our wholesale approach, we provide term loans (up to 3 yrs)

to MFIs to further on lend to Self Help Groups (SHG), individuals or enterprises.
Revolving Loans & Overdraft facilities: Depending on the needs of the MFI, we also

provide MFI with revolving loans or overdraft facilities for working capital needs.
Debt Capital markets: As MFI achieve scale, we would like to assist our clients to

access the debt capital markets directly.
Rates and FX solutions: Our MFI partners are increasingly diversifying their funding

base to include FCY loans. We provide syndications, rates and FX solutions to MFI as
well as investors
Cash Management & Cross Border Remittance solutions: The Microfinance sector

achieves an out reach that no other formal channel can. However to effectively
manage its cash flows it needs a partner bank to help its operations. We are a strong
transaction bank in most of the core markets and increasingly focusing on this
segment to provide tailor made solutions.
Advisory and Governance support: Irrespective of its business prospects, we wish

to offer whatever support we can to this sector. Not strictly a ‘paid’ service, this is often
more important to our partners than the funding we offer.
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12. Products/Services suite for Investors
Credit

Cash Management

 Term lending
 Regional Solutions
 Structured Finance
 Payment & Collection
 Account Services
Trade Finance

 Straight2Bank (internet
 Short-Term Trade
banking)
 Guarantees/Bonds
 Liquidity Management
 Supranational Trade
Investment Banking

Global Markets

 Export & Project Finance
 Exotic Currencies
 Debt Capital Markets
 Reserve Currencies
 Corporate Advisory
 Risk Management
 Interest Rate Derivatives
Consumer Banking (for staff)

 Online Treasury (internet
 Credit/Smart Card
based)
 Branch Banking
 Economic Research
 Payroll
12

13. Our Priorities
Provide credit of up to USD300 million by the end of 2008

It is our aim is to provide a cumulative USD 300 million of credit by this year,

providing greater support to our existing MFI customers and grow our Microfinance
programme to include new clients in other countries in our network. The next
phase of priority countries are Pakistan, Sri Lanka, Afghanistan, Philippines,
Indonesia, Vietnam, Cambodia, Nigeria and China.
Distribute Microfinance assets through a capital markets structure

We will seek investor participation through an appropriate structure that will help us

to achieve scale and accelerate support to the MFIs as well as provide a platform
for investors to leverage our network and participate in the sector across Asia and
Africa
Thought Leadership program in Africa and Asia

Standard Chartered has already organized, sponsored or participated in

programmes that support the growth of the Microfinance industry. We also support
innovation in the sector We would like to advocate positive policy and regulation in
the markets we operate specific to the Microfinance sector needs.
Technical Assistance to core MFI clients with key partners

A formal TA and training strategy is being formulated. We will provide training to

MFIs in areas where the bank has natural skill sets e.g. Credit, Governance etc and
will partner with experts in this field to finance the TA to the MFIs
13

14. New initiatives
• Service model for SRIs : Developing a product delivery and service
model for Socially Responsible Investors and Microfinance Funds &
Intermediaries
• Agri Microfinance: Exploring opportunities to tie up Microfinance
capabilities with Agriculture and Structured Trade Financing
• Private Bank offering: Attempting a link up Microfinance investment
opportunities for SC Private Bank customers.
• Apex Infrastructure body: Evaluating a Investment that will help
create an Apex Financial Infrastructure company for Microfinance in
Key SCB markets
14

15. Socially Responsible
Investors in Microfinance
Asian Investors
Missing the action?

16. Sector Outlook is positive
2005 UN year of Microcredit, Nobel peace prize for Prof. Muhammed Yunus

and Grameen for 2006 has ensured international attention on the
Microfinance industry.
Country governments are adopting this tool as part of their policy towards

poverty eradication. Many regulators are introducing enabling regulations and
recognition of MFI as part of the formal financial sector.
Microfinance is among the few asset classes that offer a double bottom-line

return – economic and social returns.
Industry gradually moving towards a wider definition that addresses financial

inclusion rather than provision of credit and other services.
‘Mainstream’ private sector interest is growing, support of innovation and

experimentation is strong.
Interest of commercial finance sector, and the rise of the Social Commercial

Investor has seen large capital flows into the sector.
16

17. Opportunity for the Asian investor
Currently less than 15% of all foreign flows into Microfinance are in Asia and

Africa ( Asia accounts for 7%)
Markets are maturing with high growth rates from South Asia, and South East

Asia and China.
Microfinance Institutions are now becoming larger and more professional.

Regulatory environment is improving.
There are more than 75 Sector specific investment funds operating out of US/

Europe apart from multilats and bilats.(not a single Asian fund )
Many of the established Commercial banks as well as private equity majors are

now participating in the sector but few have Asia focus.
17

18. Possible participation options
Direct (at Institutional level - MFIs) or
Indirect (Government, Microfinance Investment vehicles, funds)
in
Equity
Debt
Developmental funds
Recommended reading
Reille, Xavier, and Sarah Forster. 2008. “Foreign Capital Investment in Microfinance:

Balancing Social and Financial Returns.”Focus Note 44. Washington, D.C.: CGAP.
 A billion to gain ? : A study on global financial institutions and microfinance – March 2008;
ING Research
 Microfinance : An emerging investment opportunity- Uniting social investment and financial
returns – December 2007; Deutsche Bank Research.
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