BANK TO MOVE TO THE DIFC, PRECINCT ONE

13 March 2006, Dubai: Standard Chartered Bank, one of the UAE's leading international banks, today announced the launch of its new corporate building in the Dubai International Finance Centre (DIFC). The new building is at No 1, Dubai International Financial Centre.

Standard Chartered is the first bank within the Dubai International Financial Centre to purchase its own premises. To mark the historic occasion, Dr. Omar Bin Sulaiman, Director General of the Dubai International Financial Centre and Ray Ferguson, Chief Executive, UAE, of Standard Chartered Bank inaugurated the building.

Ray Ferguson said, "We recognise the enormous significance of being able to operate from our own building in the Dubai International Financial Centre. We believe this is a natural outcome of our commitment to the United Arab Emirates, and will bring real benefits for not only ourselves, but the entire banking sector.

''The Dubai International Financial Centre's world-class regulatory regime will be conducive to Standard Chartered's business aspirations in the Middle East, South Asia and North Africa region. The Centre is of significant strategic importance to our bank."

He continued that although federal law prohibited the dealing in UAE Dirhams and retail business from within the Centre, the regional business of Standard Chartered would benefit greatly from being within the Centre.

''The vision of Dubai to be the region's business hub has great synergy with that of Standard Chartered," said Ferguson. "The UAE, Middle East and South Asia region plays such an important role in the bank's network. Income from this region during 2005 was up 25% to USD 808million and profit before tax was up 27% at USD 478million. Almost all countries continue to deliver double digit growth with robust economies and we believe that Standard Chartered is well placed moving forward. This latest move further reinforces this.''

Standard Chartered coordinates many of its regional activities from the UAE. Senior regional management teams, including investment banking and islamic banking activities and IT infrastructure support units will be housed within the building. The Bank will also be looking to migrate relevant business units to the Dubai International Financial Centre as it grows.

Ferguson concluded, "Our presence here will allow us to be more creative and futuristic as the DIFC continues to attract Arab liquidity".

Dr Omar Bin Sulaiman said, "We welcome Standard Chartered to the Dubai International Financial Centre. We look forward to a long and mutually beneficial relationship. The Dubai International Financial Centre offers tremendous opportunities.  First of all, it has a world class regulatory environment. It will allow companies to take advantage of the unique benefits of the Centre as a hub for the fast growing markets in the UAE and the region. The benefits include zero tax on income and profits, 100 per cent foreign ownership, no restrictions on foreign exchange or capital/profit repatriation, operational support and business continuity facilities."

He added, "With the arrival of Standard Chartered Bank at the DIFC, we have its firm commitment to the region and the acknowledgment of our growth potential."

Standard Chartered was one of the first financial institutions to obtain a commercial banking licence in the Dubai International Financial Centre. It was appointed the settlement bank as well as a custody bank for the Dubai International Financial Exchange (DIFX) in August 2005.

-Ends- 

Notes to Editors:
Standard Chartered - leading the way in Asia, Africa and the Middle East 
Standard Chartered PLC is listed on both the London Stock Exchange and the Stock Exchange of Hong Kong and is ranked in the top 25 among FTSE-100 companies, by market capitalisation.

Standard Chartered has a history of over 150 years in banking and is in many of the world's fastest growing markets. It has an extensive global network of over 1,200 branches (including subsidiaries, associates and joint ventures) in 56 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. As one of the world's most international banks, Standard Chartered employs over 44,000 people, representing 89 nationalities, worldwide. 

Serving both Consumer and Wholesale Banking customers, the Bank combines deep local knowledge with global capability to offer a wide range of innovative products and services as well as award winning solutions.

Standard Chartered is committed to be the Right Partner to all our stakeholders by living its values in its approach to managing its people, exceeding expectations of its customers, making a difference in the communities that we operate in and working with its regulators. The Bank is trusted across its network for its standard of governance and corporate responsibility. 

About the DIFC: The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.

In just over one year, more than a hundred top international institutions have joined the DIFC as members. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards. 

The DIFC is made up of the following core bodies: 

1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. (www.difc.ae) 

2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modelled on that used in London and New York, and its regulatory regime operates to standards that meet or exceed those in major financial centres. (www.dfsa.ae) 

3. The Dubai International Financial Exchange (DIFX) - A liquid and transparent electronic market trading securities, bonds and derivatives, launched in September 2005, the DIFX eases access to regional and international investment opportunities and funds. (www.difx.ae ) 

4. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The laws, enacted by His Highness Sheikh Maktoum bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, provide for a new court system designed especially for the DIFC and the sophisticated transactions that will be conducted within it.

The law establishing the Judicial Authority at the DIFC creates and sets out the jurisdiction of the court and provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC; and

The DIFC Courts Law sets out the jurisdiction, powers, procedures, functions and administration of the court. ( www.difccourts.ae )

For further information please contact:
Niall McLoughlin
Regional Head of Corporate Affairs, Standard Chartered Bank
Tel: +971 (0) 4 5070467
Fax: +971 (0) 4 3594174
Mobile: +971 (0) 50 6251329
Email : niall.mcloughlin@ae.standardchartered.com

© Press Release 2006