Standard Chartered Bank officially commences banking operations in Egypt

CAIRO - 30 January 2024: Standard Chartered Bank officially announced on Tuesday the commencement of its banking operations in Egypt after obtaining the final approval from the Egyptian Central Bank. 

 

The announcement was made in the presence of senior representatives of the bank, including Bill Winters, the CEO of Standard Chartered Bank Group, and Sunil Kaushal, the Regional CEO for Standard Chartered Bank in Africa and the Middle East.

 

The bank stated that it would provide its banking services to sovereign entities, government bodies, major corporations, financial institutions, and international companies operating in the country through its main office in Cairo Festival City.

 

In this regard, Bill Winters, the CEO of Standard Chartered Bank, commented, "Today's announcement allows us to strengthen our presence in the region thanks to our rich history of 100 years. Launching our operations in Egypt reflects the strategic importance of the Egyptian state, highlighting its economic diversity, potential, and strong growth prospects."

 

He added that by leveraging the ank’s global network and exceptional services, they aim to enter the dynamic economic scene in the country and support its economic progress.

 

It is worth mentioning that Standard Chartered Bank had obtained the license from the Egyptian Central Bank to open its first branch in the country in 2022.

 

"We are pleased to announce the launch of our operations in the Egyptian market, which is one of the most important markets in the Middle East and North Africa. As a new member of the BRICS group, Egypt holds significant economic importance, promising growth opportunities, and a strategic location, making it an attractive destination for global investors seeking a dynamic market with diverse potential,” Sunil Kaushal, the Regional CEO for Standard Chartered Bank in Africa and the Middle East, stated.

 

He continued, "The bank's branch launch in Egypt fills a long-term gap in the branch network, reinforcing our commitment to Egypt and the Middle East and North Africa region."

 

In November of last year, the bank announced the appointment of Mohamed Gad as the CEO for its operations in Egypt. The bank is committed to promoting the growth of the Egyptian economy and achieving the vision of Egypt 2030 by providing support and assistance to its clients and partners in opening diverse opportunities in the market, expanding their business scope, and connecting them through its banking network.

 

While the bank's headquarters is in the United Kingdom, it focuses its operations on emerging markets in Asia, Africa, and the Middle East. The Middle East is considered a strategic market for Standard Chartered Bank, with its first branch in the region established in Bahrain in 1920.