London. Standard Chartered PLC (“The Group”), today announced that it has obtained from the European Central Bank (“ECB”) a banking licence under German law and under the direct supervision of BaFin, enabling it to operate in the European Economic Area (“EEA”) once the UK withdraws from the European Union (“EU”). The wholly-owned German subsidiary, Standard Chartered AG (which will become Standard Chartered Bank AG) will provide its European and global clients with the Bank’s full range of banking products and solutions following the UK’s anticipated departure from the EU on 29 March 2019.
The Bank is delighted to have been granted the licence which strengthens its footprint in Europe and supports the growth the Bank expects to achieve in its European business. Nearly 200 colleagues are already located in Frankfurt and it is expected these numbers will increase in the future. The EEA is one of the Bank’s fastest growing client franchises and is pivotal to delivering our strategic aspirations in Europe and continuing to meet the needs of our European and global client base. It is envisaged that Standard Chartered Bank branches in France and Sweden will be incorporated into Standard Chartered AG over the coming months.
Stephen Sheridan, Regional COO, Europe and Americas said “We’re extremely pleased to have secured a full banking licence for our new German subsidiary to serve our European clients. We have worked closely with BaFin, the Bundesbank and the ECB over the past 15 months to achieve this significant milestone. Given the UK’s decision to withdraw from the European Union we have taken the opportunity to build an integrated and well-resourced bank in the EU to serve our growing EEA client base.
Heinz Hilger, CEO and Country Head, Global Banking, Germany said “I am delighted at this announcement – from a personal as well as a professional perspective. Frankfurt is a great city and I am proud that we have chosen it as our new post-Brexit EU hub. As well as attracting some of the best talent in banking I am confident this new hub will increase our presence and grow our business in Europe. Standard Chartered AG will be the catalyst for a more dynamic client-focused proposition and will increase our reach and support the growth of our business in Germany and throughout our European market.”
For further information please contact:
Tel: +49 172 6873371
Executive Director, Strategic Communications, Europe and Americas
Tel: +44 20 7885 7457
Regional Communications Head, Europe
Tel: +44 20 7885 7479