ABN AMRO Cutting the Edge on SME Businesses

A recent article in Business Times dated 7 June 2007 reported that Small and Medium Enterprise (SME) banking and wealth management were the two fastest growing segments in the banking industry, as a result of the strong global economy.  

Not surprisingly, earlier, in 2006, SPRING reported that the SME industry, comprising 90% of all enterprises in Singapore, had contributed to 42% of Singapore’s GDP. Not only has the SME population grown substantially, information technology advancements have also fuelled this growth by reducing overhead costs for businesses.  

With the increase in global financial integration and the advancement of trade links, SMEs are now greeted with greater opportunities, albeit more competition. This has seen more businesses expanding into overseas markets and developing new capabilities and competencies to diversify their core businesses. With Singapore’s strong relations with its neighbours, this augurs well for further trade growth in the Asia Pacific region.

 As the oldest foreign bank in Singapore, ABN AMRO has been providing trade and financial services to both small and large corporations alike since 1858 when it first opened its doors in Singapore.

Today, ABN AMRO serves a broad array of small and medium-sized enterprises as well as high net worth individuals, offering integrated personal and business banking services. Most recently, a new business unit, ABN AMRO Business Banking was set up to serve SMEs with an annual turnover of up to 50 million Euros.

SME clients are offered a full spectrum of financial services such as cash management, trade services and financing. Where information technology goes hand in hand with business management, ABN AMRO has incorporated various delivery channels such as online payments, customised electronic statements and Access Online, a web-based electronic banking service to ensure their SME clients have that competitive edge.

ABN AMRO believes in an integrated approach when it comes to taking care of their clients’ needs. Many of the rising number of high net worth individuals stem from Asia. According to the 11th annual World Wealth Report by Merrill Lynch and Capgemini in 2007, the population of high net worth individuals (HNWI) in Singapore itself has reached over 21.2 percent. With rising market capitalisation and real GDP growth rates, especially in emerging markets such as China and India, opportunities for wealth creation will continue to stimulate growth within the HNWI population.

Approximately 65 percent of ABN AMRO’s preferred banking clients are business owners, With ABN AMRO Van Gogh Preferred Banking, these SME clients’ personal wealth management needs are also cared for. These clients enjoy the luxury of preferred banking with a dedicated Relationship Manager, access to Van Gogh lounges in the Asia-Pacific, and a highly personalised client experience.

The bank’s vast, international network serves clients well. Today, its 4500 branches in 53 countries offer clients access to a global network for trade services, including access to local expertise through its overseas offices. This provides the bank’s clients a competitive edge in doing business easily around the world. And needless to say, for their personal wealth management needs, clients enjoy access to a global network of market analysts and a truly wide suite of products and services

With over 1000 SME clients already onboard within the short span of under 2 years, it looks like ABN AMRO’s internationally recognised credibility and focus on the individual is definitely standing it on good stead.

For more information on ABN AMRO’s services, please call 1800 226 2676 or email: business.banking@sg.abnamro.com

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