Standard Chartered Bank is poised to establish a full-fledged banking operation in Egypt, instead of its current representative office set-up, after obtaining the in-principle approval from the Central Bank of Egypt (CBE) on 27 September 2021.
The Bank is currently proceeding in accordance with the CBE’s requirements and as per the Banking Law 194/2020 in order to obtain the final approval for the branch’s establishment.
According to the bank, the move comes in light of the resilience and strength of the Egyptian economy. Thanks to the wise leadership of the CBE, the banking sector has experienced great stability during the past few years, which enabled it to seamlessly manage various challenges. The CBE’s strategy established a successful framework focused on strengthening the sector’s financial solvency, ensuring effective governance, implementing precautionary measures that led to maintaining financial support and high capital requirements that are exceeding the established minimum, as well as high liquidity ratios. This reflected positively on the overall Egyptian economy.
Standard Chartered Bank is a limited liability company, based in the United Kingdom and owned by Standard Chartered PLC. It has a history of 165 years and currently serves clients in over 85 markets around the world. The Middle East, where Standard Chartered currently has presence in 9 countries, is a core part of the bank’s footprint along with Asia and Africa. A multi-award winner within Africa and the Middle East region, the Bank’s strong international network and its high financial capacity is well regarded by the business community and rated highly by international credit agencies.
“We are a leading international banking group, with a presence in 60 of the world’s most dynamic markets, and serving clients in a further 85. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, ‘Here for good’,” says the bank.
Standard Chartered PLC is listed on the stock exchanges in London, Hong Kong, and Bombay, as well as the NSE in India.