Standard Chartered Bank declared the official initiation of its banking activities in Egypt on Tuesday, having secured the final approval from the Egyptian Central Bank.

 

The announcement took place in the presence of key representatives from 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 affirmed its commitment to delivering banking services to sovereign entities, government bodies, major corporations, financial institutions, and international companies operating within the country. These services will be facilitated through its primary office located in Cairo Festival City.

 

Bill Winters, the CEO of Standard Chartered Bank, remarked on the significance of the announcement, stating that today's declaration enables us to fortify our presence in the region, leveraging our century-long history. Launching operations in Egypt underscores the strategic importance of the Egyptian state, emphasizing its economic diversity, potential, and robust growth prospects."

 

He further emphasized that, by capitalizing on the bank's global network and outstanding services, they aim to actively participate in the dynamic economic landscape of the country and contribute to its economic advancement.

 

Standard Chartered Bank had received the license from the Egyptian Central Bank to inaugurate its initial branch in the country back in 2022.

 

Sunil Kaushal, the Regional CEO for Standard Chartered Bank in Africa and the Middle East, expressed satisfaction at the market entry, highlighting Egypt's significance as one of the crucial markets in the Middle East and North Africa. He noted Egypt's substantial economic importance, promising growth opportunities, and strategic location, making it an appealing destination for global investors seeking a dynamic market with diverse potential, especially as a new member of the BRICS group.

 

Kaushal added that the launch of the bank's branch in Egypt addresses a longstanding gap in the bank’s branch network, reinforcing our dedication to Egypt and the Middle East and North Africa region.

 

In November of the previous year, the bank announced the appointment of Mohamed Gad as the CEO for its operations in Egypt. The bank remains devoted to fostering the growth of the Egyptian economy and realizing the vision of Egypt 2030. This commitment involves providing support and assistance to clients and partners, facilitating diverse opportunities in the market, expanding business horizons, and fostering connections through its banking network.

 

While the bank's main headquarters are in the United Kingdom, its operational focus extends to emerging markets in Asia, Africa, and the Middle East. The Middle East holds strategic importance for Standard Chartered Bank, with its initial branch established in Bahrain in 1920.