https://arab.news/mr44r
RIYADH: Egyptian companies and financial institutions can anticipate enhanced access to financing with the entry of Standard Chartered to the North African country.
The British multinational bank announced the official opening of its operations on Jan. 30, after receiving final approval from Central Bank of Egypt, according to a press release.
As per the announcement, this move aligns with Standard Chartered’s dedication to foster Egypt’s economic development through the promotion of commerce, facilitation of investments, and directing capital inflows.
Headquartered in Cairo Festival City, Standard Chartered Egypt will deliver banking services to sovereign and governmental entities, large corporations, financial institutions, and multinational companies operating within the country.
Following the announcement, Bill Winters, group CEO of Standard Chartered, said: “With today’s announcement, we have solidified our presence in the region with our rich history of over 100 years in the region.”
He added that its launch in Egypt is testament to the country’s strategic importance, its resilience, the potential of its diversified economy and its strong growth prospects.
Winters further said that by leveraging its global network and services, the company aim to tap into the country’s dynamic economic landscape and support its financial progress and clients in Egypt and worldwide.
Egypt’s Central Bank granted Standard Chartered its banking license for its first branch in the country in 2022.
Meanwhile, Regional CEO of Standard Chartered for Africa and the Middle East Sunil Kaushal expressed contentment in declaring the commencement of their full operations in Egypt, describing its market as an important one in the region.
“With the country being a new member of the BRICS group, Egypt carries substantial economic significance, promising growth opportunities and a strategic position, making it an attractive destination for international investors seeking a dynamic market with diverse potential,” he said, adding: “The launch of the Egypt branch aims to fulfill a long-standing gap in the bank’s network and reinforces our commitment to Egypt and the Middle East and North Africa region.”
In November 2023, Standard Chartered announced the appointment of Mohammed Gad as its CEO for its operations in Egypt.
The bank added in its statement that it is committed to advancing the growth of the Egyptian economy and achieving the objectives outlined in Egypt’s Vision 2030.
This commitment, it further stated, involves providing robust support and assistance to clients and partners through its extensive financial network, enabling them to explore diverse opportunities within the market.