SunTrust Bank’ll Finance SMEs to Stimulate Economy

The Chief Executive Officer of SunTrust Bank, Muhammed Jubrin, has said the bank will focus on the Small and Medium-scale Enterprises by providing financing for them to enable them to play their roles in the economy.

Jubrin was quoted in a statement to have said this at the official opening of the bank to the public in Lagos.

He said, “In line with our strategy, we are going to drive SMEs transactions certainly and part of our strategy is retail banking; we want to create a retail bank of choice and certainly, SMEs are the engine room for the growth of any economy.

“And to provide financing services to support the SMEs will be the only way we can support the growth of the economy and particularly in line with the vision of the Central Bank of Nigeria and the current administration.”

He noted that over 90 per cent of banking transaction were being transacted electronically worldwide.

Jubrin said, “Banking is no longer where you go to; the only financial institution that can stand in the future is no longer those with physical branches but only by banking services that will be driven by technology and, therefore, most customers of tomorrow will no longer be interested in going to the banking halls.

“We are a financial technology bank that will bring banking to your home rather than make you come to us. We will be everywhere but we will be nowhere. We will have the minimum branches required to operate as a bank but we will drive financial services through technology.”

The SunTrust Bank’s CEO said the bank would offer telephone, mobile and Internet banking underpinned by the traditional banking ethics of probity and integrity.

He said, “The bank’s competitive edge will be the strong reliance on technology and the bank will be encouraging customers to access its services from the comfort of their homes and offices and as such the bank will not be engaging in a proliferation of branches.