Standard Chartered Bank has officially commenced its banking operations in Egypt today, following the final approval from the Central Bank of Egypt.
"The launch of our operations in Egypt reflects the strategic importance of the Egyptian state, showcasing its economic resilience, diverse potential, and strong growth prospects," said Bill Winters, CEO of Standard Chartered, in a press release.
Winters added, "Leveraging our global network and services, we aim to integrate into the country's dynamic economic landscape and support its economic advancement."
On his part, Sunil Kaushal, Regional CEO of Standard Chartered in Africa, commented, "We are delighted to announce the start of our operations in the Egyptian market, which is one of the most significant markets in the Middle East and North Africa region."
"Egypt's membership as a new member of the BRICS brings significant economic importance, promising growth opportunities, and a strategic location; making it an attractive destination for global investors seeking a dynamic market with diverse potentials," he added.
It is noteworthy that Standard Chartered obtained the license from the Central Bank of Egypt to open its first branch in the country in 2022. Mohamed Gad was appointed as the CEO last November.
With its headquarters in the United Kingdom, the bank focuses its operations on emerging markets across Asia, Africa, and the Middle East.
