Standard Chartered officially launches operations in Egypt

Updated 1/31/2024 8:38:00 AM
Standard Chartered officially launches operations in Egypt

Arab Finance: Standard Chartered has officially launched its operations in Egypt after obtaining the final approval from the Central Bank of Egypt (CBE), as per an emailed press release.

This move aims to foster Egypt’s economic development by boosting commerce, facilitating investments, and channeling capital inflows.

Headquartered in Cairo Festival City, Standard Chartered Egypt will offer services to sovereign and governmental entities, financial institutions, and major and multinational companies operating in Egypt.

“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 bank’s CEO Bill Winters commented.

“The launch of the Egypt branch aims to fulfill a long-standing gap in the bank’s network and reinforces our commitment to Egypt and the Middle East and North Africa region,” the bank’s Regional CEO in Africa and the Middle East Sunil Kaushal said.

It is worth noting that Standard Chartered granted its banking license for its first branch in Egypt in 2022.

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