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Monday, November 9 - 2009

Standard Chartered supports UAE Central Bank's decision to stablise banking system

  • United Arab Emirates: Monday, October 20 - 2008 at 10:44
  • PRESS RELEASE

Standard Chartered Bank supports the Central Bank's decision yesterday to stabilise the UAE banking system.

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The regulator's proactive action is an added assurance for the overall UAE commercial banking sector.

The move is a positive step by the Central Bank in keeping liquidity flowing as well as helping to regulate the credit growth rate to a sustainable level that will support economic growth in the UAE whilst instilling confidence in the markets.

Shayne Nelson, Standard Chartered Regional Chief Executive Officer, MENA said,
"Standard Chartered remains a net lender to the interbank market and will continue to contribute in helping with the sustainability of the banking sector in the UAE. Standard Chartered is confident that these steps by the UAE Government will help consolidate the short to mid-term sustainability."


"We remain well capitalised and have a strong liquidity position. The Bank is in great shape and has no direct exposure to the kind of instruments that have led to the current financial turmoil."
Shayne added.

Standard Chartered Bank continues to support its customers in what are challenging times for global markets.
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Notes and media contacts

Standard Chartered PLC, listed on both the London Stock Exchange and the Hong Kong Stock Exchange, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and the number of employees have more than doubled over the last five years primarily as a result of organic growth and supplemented by acquisitions.
Standard Chartered aspires to be the best international bank in its markets through leading by example to be the right partner for its stakeholders. The group now employs 73,000 people, representing 115 nationalities, in more than 1,700 branches and outlets located in over 70 countries. The bank derives more than 90 per cent of its operating income and profits from Asia, Africa and the Middle East, with balanced income derived from both Wholesale and Consumer Banking.
The group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity.

For further information please contact:
Patricia Bentham
Head of Corporate Affairs, Standard Chartered Bank, UAE
Tel: +971 (0) 4 508 2772
Fax: +971 (0) 4 369 6929
Mobile: +971 (50) 654 8287

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