In October 2010, Standard Chartered launched a new initiative aimed at reviewing the bank’s social and economic impact across its markets through a series of independent studies carried out by noted academics.
Following an in-depth analysis of its impact in Ghana, a second study, focused on Indonesia, conducted by Prof. Ethan Kapstein of INSEAD and Dr. René Kim of Steward Redqueen, was released in January 2011.
On the basis of a combination of quantitative and qualitative assessments, the study finds that the direct, indirect and induced impacts of Standard Chartered’s Indonesian operations and onshore financing amounted to USD 4,504 million of value-added in 2009, or about 0.8% of Indonesia’s GDP.
Highlights on job creation include:
- The total direct employment figure came to 4,492 in 2009, but Standard Chartered’s operations generated a total of 67,000 jobs, including the indirect and induced effects.
- Clients financed by the bank employed 187,000 directly as a result of its financing, but a total of 962,000 jobs were created including the indirect and induced effects.
- Relative to Indonesia’s workforce of 113 million, the bank’s total impact of 1,029,000 jobs amounted to 0.9% in 2009.
Find out more and download the reports on Indonesia and Ghana at: http://www.standardchartered.com/sustainability/news/20101014/en/index.html