Standard Chartered applies to open Afghanistan branch
Standard Chartered Bank has applied for a banking license in Afghanistan. The Bank has submitted documentation to the central bank in Afghanistan and hopes to open its first branch in Kabul.
Standard Chartered intends to be the first major international bank to open commercial banking activities in Afghanistan. It expects initially to offer a range of general banking services including: deposit taking in US dollars and Afghani dollars; facilitating international money transfers and trade services on selected secured transactions.
At a lunch briefing David Edwards, regional general manager for the bank's operations in the Middle East and South Asia, said: "With our expertise and extensive network, Standard Chartered is uniquely placed to help provide assistance for ensuring the efficient flow of donor and aid funding and for progressing rebuilding efforts of both the economy and the country for the benefit of the Afghan people.”
"We are probably one of the best-qualified banks to meet these needs and are excited by the opportunity to play a role in the rehabilitation process." John Janes, Standard Chartered's country manager for Afghanistan said: "The application has been warmly received by the relevant authorities."
As the world's leading emerging markets bank, and with over 50 years' presence in many countries across the Middle East, the Bank has considerable experience in operating in regional markets. The MESA area contributed over 23 percent of the Group's total trading profit in 2002.
The acquisition of the ANZ Grindlays operations in 2000, gave the Bank important additions to its branch network across the region, and makes Standard Chartered one of the leading international banks in the Middle East and South Asia. Its biggest market in the region is in the United Arab Emirates where it has the largest branch network of any foreign bank.
Standard Chartered employs 29,000 people in over 500 offices in more than 50 countries in the Asia Pacific region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. The Bank serves both consumer and wholesale banking customers. — (menareport.com)
© 2003 Mena Report (www.menareport.com)