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Standard Chartered launches business in Egypt to boost MENA presence

Standard Chartered launches business in Egypt to boost MENA presence
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 Cairo – Mubasher: Standard Chartered officially began operating in Egypt after receiving final approval from the Central Bank of Egypt (CBE) to anchor its footprint in the MENA region, according to a press release.

In line with Egypt’s 2030 Vision, the global lender plans to boost Egypt's economic development by enhancing commerce, facilitating investments, and channelling capital inflows.

Headquartered in Cairo Festival City, Standard Chartered Egypt will offer banking services to sovereign and governmental entities, key corporations, financial institutions, and multinational companies operating in the Arab Republic.

Bill Winters, Group Chief Executive for Standard Chartered, said: "With today’s announcement, we have solidified our presence in the region with our rich history of over 100 years in the region.”

Winters added: “By leveraging our global network and best-in-class services, we aim to tap into the country's dynamic economic landscape and support its economic progress and our clients in Egypt and around the world.”

Sunil Kaushal, Regional CEO of Standard Chartered in Africa and the Middle East, added: "With the country being a new member of the BRICS group, Egypt carries substantial economic significance, promising growth opportunities and a strategic position, making it an attractive destination for international investors seeking a dynamic market with diverse potential.”

“The launch of the Egypt branch aims to fulfil a long-standing gap in the Bank’s network and reinforces our commitment to Egypt and the MENA region," Kaushal stated.

In November 2023, Standard Chartered named Mohammed Gad as the CEO to manage its operations in Egypt.