Bank contributes US$5 million to relief for unprecedented disaster

Mumbai: Standard Chartered PLC has announced it is committing at least US$5 million to relief and reconstruction activities in countries affected by Asia's tsunami. The Bank will channel its contributions through local relief funds in Indonesia, Sri Lanka, Thailand, India and Malaysia.

"The scale and international impact of this disaster is unprecedented in recent times and is drawing a tremendous response from the public and governments around the world," said Standard Chartered's Group chief executive, Mervyn Davies.

"Our aim is to help the funding of sustainable initiatives that run beyond short-term relief work and help communities re-establish themselves in some of the worst-hit areas," he added.

Davies said the US$5 million was an initial contribution to the disaster. Some funds have already been released to help with relief efforts. He added that the Bank has established a task force to co-ordinate the Bank''s response to longer-term reconstruction.

Over the past week, many Standard Chartered staff assisted with relief efforts through collecting and distributing relief materials and in helping to try and locate people lost after the tsunami.