The UK-based multinational Standard Chartered Bank has officially commenced its banking operations in Egypt, following the receipt of final approval from the Central Bank of Egypt (CBE), according to a statement by the bank on Tuesday.
This step aligns with Egypt's strategic objectives of bolstering economic development, supporting commercial activities, and promoting investment and capital inflows within the country, as per the statement.
The launch of Standard Chartered Bank in Egypt underscores the country's strategic importance, highlighting its economic potential, growth prospects, and flexibility, said the bank’s CEO Bill Winters.
Egypt holds a crucial position as one of the most important markets in the Middle East and North Africa region, said Sunil Kaushal, the regional CEO of Standard Chartered Bank in Africa and the Middle East.
“As a new member of the BRICS group, it enjoys substantial economic importance, promising growth opportunities, and a strategic location that makes it an attractive destination for global investors,” Kaushal added.
Furthermore, the establishment of the bank's branch in Egypt fills a longstanding gap in its branch network and reinforces the bank's commitment to Egypt and the wider MENA region, Kaushal stated.
The Central Bank of Egypt granted the bank a license to operate in the country in November 2022, and last week, it further authorized the construction of the bank's branch.
In November 2023, Mohammed Gad was appointed as the CEO of Standard Chartered's new subsidiary in Egypt.
Standard Chartered Bank, with its headquarters in the UK, operates in 53 markets, primarily across Asia, Africa, and the Middle East.