Standard Chartered Bank (StanChart) officially commenced operations in Egypt on Tuesday, marking a strategic move to support the country’s economic development ambitions.
Receiving the final green light from the Central Bank of Egypt (CBE), StanChart brings its global expertise and extensive network to bear on Egypt’s vibrant markets.
The launch ceremony in Cairo brought together key figures, including Bill Winters, StanChart’s Group Chief Executive, and Sunil Kaushal, Regional CEO for Africa and the Middle East. The bank will operate from its Cairo Festival City headquarters, serving sovereigns, government entities, businesses, financial institutions, and multinationals across Egypt.
“Today’s launch marks a significant milestone for StanChart, building on our century-long history in the region,” Winters stated. “Egypt’s strategic importance, economic potential, and strong growth prospects are undeniable. We aim to leverage our global reach and unparalleled service to contribute to its dynamic landscape and support its economic progress.”
Kaushal echoed this sentiment, highlighting Egypt’s unique position as a rising star in the Middle East and North Africa (MENA) region. “Egypt’s recent entry into the BRICS group, its promising growth trajectory, and strategic location make it a magnet for global investors seeking diverse opportunities,” he said. “This launch not only fills a gap in our network but also reaffirms our commitment to Egypt and the entire MENA region.”
Leading the charge in Egypt is Mohammed Gad, appointed CEO in November 2023. StanChart aims to be a catalyst for Egypt’s Vision 2030, facilitating market access, business expansion, and seamless connections through its vast network for its clients and partners.
Headquartered in the UK, StanChart focuses its operations on emerging markets in Asia, Africa, and the Middle East. The Middle East holds a special significance for the bank, with its first branch in the region established in Bahrain in 1920.
StanChart’s entry into Egypt adds another vibrant chapter to its legacy in the region.