British Bank Standard Chartered Officially Opens Representative Office in Morocco
The move follows the approval of its license by Bank Al-Maghrib and the award of Casablanca Finance City (CFC) status by the Casablanca Finance City Authority.
The new office will be led by Cynthia El Asmar, who has been appointed CEO and Head of Coverage for Morocco, pending regulatory approval. El Asmar has strong experience in client relations across the region and will lead the bank's local strategy while building close relationships with clients in Morocco, said the company in a press release.
This step, Standard Chartered says, reflects the bank's long-term commitment to supporting clients in fast-growing and globally connected markets. The bank said Morocco's solid economy and strategic location make it an increasingly important player in international trade and investment.
Rola Abu Manneh, CEO for UAE, Middle East and Pakistan, commented: 'Our global network, sector expertise and financing capabilities mean that Standard Chartered is uniquely positioned to support Morocco's ambitious growth agenda.'
Meanwhile, Cynthia El Asmar said that Morocco represents a bridge between Europe and Sub-Saharan Africa. 'Structural reforms continue to improve the country's capacity to attract FDI and enhance its overall competitiveness, leaving it well placed to benefit from any adjustment in trade flows or realignment in global supply chains,' she added.
This expansion in Morocco follows Standard Chartered's recent launch of full banking services in Egypt earlier in 2024 and in Saudi Arabia in 2021. The new office is expected to help the bank strengthen ties with international businesses, especially in sectors like agriculture, automotive, aerospace, and renewable energy.
Standard Chartered has worked closely with Morocco's banking sector for over 10 years. The new representative office will help the bank deepen these partnerships and offer customized banking services to regional and international clients, concluded the statement.
Headquartered in London, the multinational banking and financial services company operates in over 50 countries, mainly across Asia, Africa, and the Middle East. Tags: bankMoroccoStandard Chartered
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