Standard Chartered Announces Launch of Securities Services Business in Cote d'Ivoire
Abidjan, 12 February 2012
Bank expands custody services to cover the West African Economic and Monetary Union region.
Standard Chartered Bank has launched Securities Services in Cote d'Ivoire, expanding the Bank's existing regional securities capabilities to include the West African Economic and Monetary Union (UEMOA) region.
Cote d'Ivoire is the 4th new market in which Standard Chartered has launched securities services, following the Bank's acquisition of Barclays Africa securities business in 2010. This expansion aligns with Standard Chartered's ambition to be the preferred provider for Investors and Intermediaries across Africa.
Commenting on the launch, Serge Philippe Bailly, Chief Executive Officer for Standard Chartered Côte d'Ivoire, said, "By offering securities services in Cote d'Ivoire and across the West African Monetary Union (WAMU), Standard Chartered is enhancing the range of financial solutions and capabilities we provide to support the growth and expansion of new and existing clients. Cote d'Ivoire, and more broadly West Africa, demonstrates immense growth and investment potential – Standard Chartered is committed to facilitating the growth of the region's financial sector and realizing our brand promise of being Here for good."
With Cote d'Ivoire, the Bank will now offer securities services in 10 African markets (Botswana, Ghana, Kenya, Mauritius, Nigeria, Tanzania, Uganda, Zambia, Zimbabwe, Cote d'Ivoire) with indirect capabilities in a further 7 markets (Egypt, Malawi, Morocco, Namibia, South Africa, Tunisia and Rwanda) through an integrated network of agent banks.
Chris Wooldridge, Regional Head, Investors & intermediaries Africa for Standard Chartered added, "We are witnessing an increased demand from both international and regional clients to invest and participate in West Africa's economic potential - securities services enable corporate clients to proactively and efficiently track their investments into African equity, bond and money markets. By providing the structure, products and service for this valuable channel of investment, the Bank facilitates the growth and development of the region's various up-and-coming stock exchanges to meet the world's increasing investor appetite."
The acquisition and expansion of the securities business in Africa demonstrates Standard Chartered's commitment to investing in the continent's growth and development potential, entrenching its ranking as an increasingly attractive investment destination. Standard Chartered has a presence in 16 African markets, 14 of those in sub-Sahara, with a regional history of more than 148 years.
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