Gamal Negm, Deputy Governor of the Central Bank of Egypt (CBE), stated on Monday that the British bank Standard Chartered had obtained preliminary approval from the CBE to operate in the Egyptian market.
The governor stated that Standard Chartered coming to Egypt shows the attractiveness of investment in the Egyptian banking system. Negm also revealed that Standard Chartered will open its first branch in Egypt by September, at the latest, in Cairo, and that it will open another branch in Alexandria by 2023.
Read more: The Central Bank of Egypt Directs Banks to Open Accounts for Every Citizen
He added that Standard Chartered Bank had paid all the fees required to open a branch in Egypt, and had also submitted its strategic plan in the Egyptian market.
Standard Chartered was the first to get the CBE’s operation licence after the issuance of the Central Bank and Banking System Law in September 2020.
The bank has over 80,000 employees and is present in 59 markets with a network of customers in almost 150 markets worldwide. Standard Chartered has also been the main club sponsor for Liverpool F.C. since 2010.
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