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share financing scheme from Stanchart
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syrix11
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18-Sep-2007 10:09
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Below news from Channelnewsasia... SINGAPORE: Standard Chartered Bank is tying up with local brokerages to offer a scheme under which investors can obtain financing while buying their shares. The SharePower Plus scheme allows individuals to draw up to ten times their monthly salary to invest in shares listed in Singapore. For a start, Standard Chartered has signed up two partner brokerages for its new share financing scheme. The two brokerages are Lim & Tan Securities and Phillip Securities. SharePower Plus provides customers with up to ten times of their monthly salary to invest in Singapore-listed shares ? up to a maximum of S$200,000. They may draw on this limit when purchasing shares through any broker partner. Lim Cheng Teck, CEO of Standard Chartered Bank Singapore, said: "So from a customer's point of view, it's totally transparent to him. He just goes to the broker, does the trade and all the administrative stuff is taken care of by the bank via the credit hub, and the interchanges between the security companies, the bank and CDP (The Central Depository). So all this is hassle-free as far as the customer is concerned." Interest is charged on the amount of credit used at a rate of 12 percent an annum. The scheme is seen as an example of how banks and brokerages can join hands to help boost the local equities market. Hsieh Fu Hua, CEO of Singapore Exchange, said: "This is a product which actually brings out the best of brokers. We hope to see more of such launch by other banks and other brokers." There are some 250,000 active share investors in Singapore. StanChart plans to sign up other stock brokers as partners to this share-financing scheme. |
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