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 current 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 resilience and strength of the Egyptian economy. Thanks to the wise leadership of CBE, the banking sector has experienced great stability during the past few years, which enabled it to seamlessly manage various challenges. CBE’s strategy established a successful framework focused on strengthening the sector’s financial solvency, ensuring effective governance, implementing precautionary measures that led to maintaining financial support and high capital requirements 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 history of 165 years and currently serves clients in over 85 markets around the world. The Middle East, where Standard Chartered currently has presence 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 region, the Bank’s strong international network and its high financial capacity is well regarded by the business community and rated highly by international credit agencies.