Standard Chartered announces official launch of operations in Egypt

Cairo, Egypt, 30 January 2024: Standard Chartered (“the Bank”) today announced the official opening of its operations in Egypt, after receiving final approval from the Central Bank of Egypt (CBE). This strategic step aligns with the Bank’s commitment to advance Egypt’s economic development by promoting commerce, facilitating investments, and channelling capital inflows.

Headquartered in Cairo Festival City, Standard Chartered Egypt will provide banking services to sovereign and governmental entities, major corporations, financial institutions, and multinational companies operating in the country.

Commenting on the announcement, 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. Our launch in Egypt is testament to the country’s strategic importance, its resilience, the potential of its diversified economy and its strong growth prospects.” 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.”

The Central Bank of Egypt (CBE) granted Standard Chartered its banking license for its first branch in the country in 2022.

Sunil Kaushal, Regional Chief Executive Officer of Standard Chartered in Africa and the Middle East, added: “Thanks to the leadership of CBE, we are pleased to announce the launch of our full operations in Egypt, a pivotal market in the Middle East and North Africa region. 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 Middle East and North Africa region.”

In November 2023, Standard Chartered announced the appointment of Mohammed Gad as the Chief Executive Officer for its operations in Egypt.

Standard Chartered is dedicated to advancing the growth of the Egyptian economy and achieving the objectives outlined in Egypt’s Vision 2030. This commitment involves providing robust support and assistance to clients and partners, through its extensive financial network, enabling them to explore diverse opportunities within the market.

The Middle East is a strategic market for Standard Chartered; its first branch in the Middle East was founded in 1920 in Bahrain. The Bank is headquartered in the United Kingdom, with a focus on emerging markets in Asia, Africa, and the Middle East.