Cairo - Mubasher: Standard Chartered Bank has received the in-principle approval from the Central Bank of Egypt (CBE) to establish its first branch in Egypt, instead of its current representative office.
As per the CBE’s requirements, the bank is currently completing procedures to obtain the final approval to launch its full banking operations in Egypt, according to a press release on Thursday.
This step is in line with the CBE’s strategy to strengthen the banking sector’s financial solvency, ensure effective governance, adopt precautionary measures that led to maintaining financial support and high capital requirements.
Owned by the UK-based Standard Chartered PLC, the bank offers services in more than 85 markets around the world, including nine countries in the Middle East
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