Standard Chartered eyes churning out profits from Egypt
Egyptian authorities are betting on Standard Charter's expertise to boost online banking and stoke competitiveness.
UK-based bank Standard Chartered has been given a nod from the Central Bank of Egypt to launch a branch in the North African country. This is the first European-based bank to announce plans to set foot in Egypt after a number of European, Canadian and US-based lenders have exited the local market since 2012.
Economists say the Egyptian authorities are betting on a prosperous banking sector, despite the coronavirus pandemic, to lure foreign investors and boost sophisticated financial solutions on the local market.
Standard Chartered has said on its website that it is currently proceeding in accordance with central bank’s requirements in order to obtain the final approval for the branch’s establishment.
Central Bank of Egypt Deputy Gov. Gamal Negm said Jan. 25 that Standard Chartered would comply with licensing regulations for branches of foreign banks in Egypt, noting that the lender’s capital would not be less than $150 million.
