UK Standard Chartered Bank Plans to Open Branch in Egypt Next Year: CEOSource: www.export-egypt.com 5/24/2023, Location: Africa |
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The UK-based multinational Standard Chartered bank plans to open a new branch in Egypt next year after securing approval from the Central Bank of Egypt, according to CEO Bill Winters.
"We have a solid relationship with Egypt. They are taking some painful steps to get their economy into the right place and we will be there to support them," Winters said in statements to Asharq Business. “We know that emergent markets go through ups and down and our job is to stay there consistently through this period; provide the help that we can without taking imprudent risks,” added Winters. Standard Chartered is currently operating in Egypt through a representative office. In January 2022, Standard Chartered announced that it received an in-principle approval from the Central Bank of Egypt to establish a "full-fledged banking operation" in the country. Standard Chartered is headquartered in the UK but operates in Asia, Africa and the Middle East mainly, with 90 percent of its profits coming from these regions. |
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