Standard Chartered will become the first foreign bank to receive a license to operate in Egypt after the issuance of the new Banking Law in September 2020
British bank, Standard Chartered Bank, is getting ready to establish a full-fledged banking operation in Egypt, having obtained the Central Bank of Egypt’s (CBE) approval to open a branch in Egypt, replacing its current representative office.
Standard Chartered will become the first foreign bank to receive a license to operate in Egypt after the issuance of the new Banking Law in September 2020.
The CBE granted the British bank a license to operate in Egypt as a foreign bank branch, displaying how attractive Egypt’s banking system is to investors, explained Deputy Governor of the CBE, Gamal Negm.
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Standard Chartered will open its first branch in September in Cairo, Negm announced.
Its entry into the Egyptian market will significantly expand its business in one of the largest African countries and increase the network of financial and banking services there.
Standard Chartered’s move reflects the bank’s confidence in the strength and resilience of the Egypt’s economy, explained the bank.
“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,” it noted.
In a statement last Thursday, the bank said that it had obtained the initial approval from the CBE on 27 September 2021 and is currently working on completing the legal and logistical procedures for the establishment of this branch in accordance with Banking Law No. 194 of 2020.
The British bank has already paid all the necessary fees to open the branch, and has presented a strategy and action plan explained Negm, explaining that the presence of a global bank in the Egyptian market will contribute to enriching the Egyptian banking system and adding new experiences.
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Standard Chartered is a limited liability company headquartered in the United Kingdom that is affiliated with Standard Chartered Group, and is listed on both the London and Hong Kong stock exchanges. It is a leading banking group with more than 165 years of experience in the field.
