Standard Chartered announces official launch of operations in Egypt

Standard Chartered announces official launch of operations in Egypt

Cairo, Egypt: 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