British lender Standard Chartered Bank has expanded its footprint in the Middle East and North Africa (MENA) region with the launch of its full-fledged banking operations in Egypt.

After obtaining final approval from the Central Bank of Egypt (CBE), the multinational bank opened the doors to its first branch in Cairo Festival City on Tuesday, solidifying its presence in the region, a statement said.

“We have solidified our presence in the region… Our launch in Egypt is testament to the country’s strategic importance, its resilience, the potential of its diversified economy and its strong growth prospects,” said Bill Winters, Group CEO of Standard Chartered.

The new Standard Chartered branch will provide banking services to sovereign and government entities, major corporations, financial institutions and multinational companies operating in Egypt.

In 2022, the bank obtained from CBE a banking license to set up its first Egyptian branch.

Egypt, which has recently joined the BRICS bloc, is a “pivotal market” in MENA, according to Sunil Kaushal, Regional CEO of Standard Chartered in Africa and the Middle East.

“With the country being a new member of the BRICS group, Egypt carries substantial economic significance, promising growth opportunities and a strategic position, making it an attractive destination for international investors seeking a dynamic market with diverse potential.”

 (Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com