The creation of this hub will allow the bank to further leverage its position in the DIFC as well as its competitive advantage in the region. It is also very much in line with the Bank's strategy to become the world's best international bank - leading the way in Asia, Africa and the Middle East.
The Middle East has seen phenomenal growth in recent years and presents the Bank with tremendous opportunities in a region which is central to the Bank's business footprint and client markets. The strength of the regional market has been reflected in the Group's business, which has grown exponentially.
"The Gulf Region has undergone a major transformation in recent years with the modernisation and diversification of the economy, and is now playing an increasingly pivotal role in world investment and trade flows - a trend we expect to continue," said Peter Sands, Group Chief Executive Officer of Standard Chartered. "The creation of the DIFC is a positive development for the region's growing financial and capital markets, and creating a hub in the DIFC enables us to enhance both our capabilities and our commitment to the region."
Mike Rees, Wholesale Banking Chief Executive Officer of Standard Chartered added, "We believe that now is a critical time to fully capitalise on the extraordinary growth dynamics in the region. The creation of a strategic hub in the UAE is a key element in executing the Group's strategy to grow the business, outperform competitors, and deliver our brand promise to our customers."
Shayne Nelson, Regional Chief Executive Officer Middle East & North Africa, Standard Chartered Bank commented, "Next year marks Standard Chartered's 50th year in the UAE, and with a strong foundation built over four decades, the Bank has now become recognised as a market leader in the UAE."
"We are thrilled about the numerous opportunities and synergies for our UAE, regional and global businesses, and we envisage these will derive from our new world-class premises in the DIFC. We have identified the UAE as a crucial global market, and it is already amongst the top five performing markets for the Bank.
"Standard Chartered has partnered with DIFC, Central Bank and local regulators to ensure a best-in-class regulatory approach, for the benefit of the region's future as a centre of financial excellence. I am very thankful to our regulatory partners for their support and vision, it has been much appreciated."
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Standard Chartered to create world class business hub in United Arab Emirates
- United Arab Emirates: Saturday, May 26 - 2007 at 08:43
- PRESS RELEASE
Standard Chartered Bank's new building located in the prestigious Gate complex of the Dubai International Financial Centre (DIFC) is central towards the Bank creating a world class business hub in the United Arab Emirates to capitalise on its strong business growth in the region.
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About Standard Chartered Bank UAEStandard Chartered Bank is leading the way in the UAE, where it was the first commercial bank to receive a licence, the first bank to purchase property in the DIFC and the first settlement bank in the Dubai International Financial Exchange.
About Standard Chartered
Standard Chartered PLC is listed on both the London Stock Exchange and the Hong Kong Stock Exchange and is consistently ranked in the top 25 among FTSE-100 companies by market capitalisation.
Standard Chartered has a history of over 150 years in banking and operates in many of the world's fastest-growing markets with an extensive global network of over 1,400 branches (including subsidiaries, associates and joint ventures) in over 50 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 almost 60,000 people, representing over 100 nationalities, worldwide. This diversity lies at the heart of the Bank's values and supports the Bank's growth as the world increasingly becomes one market.
With strong organic growth supported by strategic alliances and acquisitions and driven by its strengths in the balance and diversity of its business, products, geography and people, Standard Chartered is well positioned in the emerging trade corridors of Asia, Africa and the Middle East.
Standard Chartered derives over 90 per cent of profits from Asia, Africa and the Middle East. Serving both Consumer and Wholesale Banking customers worldwide, 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.
Trusted across its network for its standard of governance and corporate responsibility, Standard Chartered takes a long term view of the consequences of its actions to ensure that the Bank builds a sustainable business through social inclusion, environmental protection and good governance.
Standard Chartered is also committed to all its stakeholders by living its values in its approach towards managing its people, exceeding expectations of its customers, making a difference in communities and working with regulators.
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
Posted by Lara Lynn Golden, News EditorSaturday, May 26 - 2007 at 08:43 UAE local time (GMT+4)
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This article was updated on Sun Jun 24 2007.
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