{"id":609731,"date":"2023-11-09T00:00:00","date_gmt":"2023-11-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/standard-chartered-to-set-up-shop-in-egypt-by-the-end-of-the-year\/"},"modified":"2023-11-09T00:00:00","modified_gmt":"2023-11-09T00:00:00","slug":"standard-chartered-to-set-up-shop-in-egypt-by-the-end-of-the-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/standard-chartered-to-set-up-shop-in-egypt-by-the-end-of-the-year\/","title":{"rendered":"Standard Chartered to set up shop in Egypt by the end of the year"},"content":{"rendered":"

Standard Chartered will open in Egypt by the end of this year<\/strong>: British multinational lender Standard Chartered Egypt expects to begin operations by the end of 2023, according to a statement<\/a> from the Planning Ministry yesterday. <\/p>\n

ICYMI:<\/strong> Veteran banker and the former head of the bank\u2019s Qatar branch Mohammed Gad was tapped<\/a> as head of the bank\u2019s Egyptian entity this week. <\/p>\n

Standard Chartered Egypt has been in the works for a while<\/strong>: StanChart received its full banking license from the Central Bank of Egypt in November 2022 allowing it to offer services to sovereign and government-related bodies, corporate entities, financial institutions and multinationals working in Egypt, the lender said in a recent statement (pdf)<\/a>. <\/p>\n

StanChart is looking at corporate clients: <\/strong>\u201cSovereign and government related entities, large corporates, financial institutions and multinational companies operating in the country\u201d are the company\u2019s target market, it said.<\/p>\n

The lender is no stranger to the region<\/strong>: Out of the 57 countries that the bank has a presence in worldwide, Standard Chartered currently operates in seven countries in the MENA region, accounting for 20% of the bank's total revenue, the bank\u2019s regional chief Sunil Kaushal told the National<\/a> last month.<\/p>\n

Goodbye Lebanon and Jordan, hello Egypt and Saudi Arabia: <\/strong>The bank announced last year its plans to exit seven markets, including Lebanon and Jordan, to focus on bigger and faster-growing markets like Saudi Arabia and Egypt, according to a report by Reuters<\/a>.<\/p>\n

Playing the long game<\/strong>:The bank is confident of long-term growth in Egypt, despite the economic challenges, Kaushal told the National. \u201cIt's under [economic] stress \u2026 but you know, we're going there for the next 50 to 100 years,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

The British multinational lender tapped Mohammed Gad to run the Egyptian branch last week<\/p>\n","protected":false},"author":1,"featured_media":609732,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7350],"tags":[204,72,125,492],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-enterpriseam","tag-investment-watch","tag-standard-chartered","wpautop","entry"],"acf":{"mongo_id":"4cad248a-f473-48cc-8ef5-12e456c2f98d","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/461.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Standard 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The weekend is getting closer as we have one less workday this week. PSA- Banks are also in line for a long weekend: Like the rest of us, banks will be off this Thursday, 25 January in observance of Police Day\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1843.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":663799,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/15\/standard-chartered-pushes-back-rate-cut-expectations-but-sees-a-bigger-may-cut\/","url_meta":{"origin":609731,"position":5},"title":"Standard Chartered pushes back rate cut expectations \u2014 but sees a bigger May cut","author":"enterpriseam admin","date":"15 April 2025","format":false,"excerpt":"The bank now expects the CBE to hold rates this week, forecasting a 200-bps cut in May as it warns of MENA spillovers from Trump\u2019s trade war.","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/4\/859.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=609731"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609731\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/609724"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/609732"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=609731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=609731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=609731"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=609731"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=609731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}