Middle East revenues contribute to 23% of Standard Chartered’s 1H profits

Published August 12th, 2003 - 02:00 GMT

Standard Chartered Bank has reported that the Middle East and South Asia (MESA) region contributed over 23 percent to the Group's pre-tax profits, on revenues of $271 million in the first half of 2003. The bank’s pre-tax profits reached $741 million during the same period. 


"The MESA region is now a significant part of our Group and has huge potential. In the last six months revenues were up 12 percent and profit before tax up 17 percent over the equivalent period last year,” said Group Chief Executive Officer, Mervyn Davies.  


Headquartered in London, the bank recently appointed a senior member of the Bank as general manager for Iraq. Initially based in Dubai, Stuart Horsewood will be exploring opportunities where the Bank can contribute to the rebuilding efforts in Iraq.  


In the United Arab Emirates (UAE), Standard Chartered has a network comprising seven branches and 22 automated teller machines (ATMs). It employs 30,000 people in over 500 locations in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. — (menareport.com) 

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