British multinational bank Standard Chartered (StanChart) expects to commence operations by the end of 2023, shared Minister of Planning and Economic Development (MPED) Hala El-Said in an official statement yesterday.

The launch of the bank’s first Egyptian branch was originally expected to happen in September 2022, after receiving the go-ahead from the central bank in January 2022.

Standard Chartered Bank obtained its full banking license from the Central Bank of Egypt (CBE) in November 2022 and was registered on the list of licensed banks in May last year, which enables it to provide services to sovereign and government-related bodies, corporate entities, financial institutions and multinationals working in Egypt.

The bank became the first foreign bank to receive a license to operate in Egypt after the issuance of the new Banking Law in September 2020.

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El-Said met with the executive team of Standard Chartered Bank on Wednesday, with the minister highlighting the government’s support for the private sector, particularly the banking sector.

The MPED minister also reviewed her ministry’s efforts on several economic development files, including the National Program for Economic Reforms. El-Said highlighted the reform program’s goals of improving the stability and resilience of the Egyptian economy through strengthening sectors such as the agriculture, industry, communications, and tourism.

The cabinet’s media center, the IDSC, recently explained that the current reforms include macroeconomic and sectoral policies, with a total of around 171 measures aimed at supporting the private sector, with 144 measures already implemented.

Standard Chartered’s Mohammed Gad, who was appointed as the bank’s CEO for its Egyptian operations earlier this week, praised the long-standing relationship between the bank and the government during his meeting with El-Said.

The decision to open a branch in Egypt reflects Standard Chartered Bank’s confidence in the Egyptian economy, Gad explained, noting the country’s position as one of the largest economies in the Middle East.

The bank is eager to offer all its services through its branch in Egypt to support the Egyptian commercial private sector and contribute to the government’s plans, as well as to diversify its client portfolio across all economic sectors, he added.

The British bank is currently preparing to exit from 7 markets, including Lebanon and Jordan, as it aims to narrow its focus on bigger and faster-growing markets like Saudi Arabia and Egypt, according to a report by Reuters.