The Banking Executive Magazine - January 2022 Issue

Standard Chartered Standard Chartered RECEIVES IN-PRINCIPLE APPROVAL TO OPEN ITS FIRST BRANCH IN EGYPT Standard Chartered Bank, is poised to establish a full-fledged banking operation in Egypt, instead of its cur- rent representative office set-up, after obtaining the in-principle approval from the Central Bank of Egypt (CBE) on 27 September 2021. The Bank is currently proceeding in accordance with CBE’s requirements and as per Banking Law 194/2020 in order to obtain the final approval for the branch’s establishment. The move comes in light of the re- silience and strength of the Egyptian economy. Thanks to the wise leader- ship of CBE, the banking sector has experienced great stability during the past few years, which enabled it to seamlessly manage various chal- lenges. CBE’s strategy established a successful framework focused on strengthening the sector’s financial solvency, ensuring effective gover- nance, implementing precautionary measures that led to maintaining fi- nancial support and high capital re- quirements that is exceeding the established minimum, as well as high liquidity ratios. This reflected positively on the overall Egyptian economy. Standard Chartered Bank, a leading international banking group, is a Limited Liability company, based in the United Kingdom and owned by Standard Chartered PLC. It has a his- tory of 165 years and currently serves clients in over 85 markets around the world. The Middle East, where Stan- dard Chartered currently has pres- ence in 9 countries, is a core part of the bank’s footprint along with Asia and Africa. A multi-award winner within Africa and the Middle East re- gion, the Bank’s strong international network and its high financial capac- ity is well regarded by the business community and rated highly by inter- national credit agencies. the BANKING EXECUTIVE 16 ISSUE 157 JANUARY 2022