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StanChart to strengthen UAE presence

Dubai, April 1, 2009

Standard Chartered group chief executive and the board of directors are currently in the UAE to meet with clients, regulators and government officials in a move to further fortify the bank’s presence in the Emirates.

The trip follows the recent news that the bank made record results for 2008 in what was a difficult operating environment particularly in the second half.

The decision to hold the 2009 international board in Dubai is a demonstration of the Bank’s commitment to the UAE and confidence in the resilience of the Middle East.

The two-day trip will offer the board members of Standard Chartered a deeper understanding to support and respond to the broup's growth strategy in the UAE and the region.

Standard Chartered's key geographies delivered strong performance with seven of the nine geographic regions recording income of over $1 billion in 2008.

The group managed to significantly build on its reputation as a flight to quality institution with customer deposits rising 31 per cent during 2008, most of it coming in the last quarter as confidence in financial institutions declined.

Enhanced liquidity and an even stronger balance sheet, following Standard Chartered’s successful rights issue in December, places the group in a strong position to support clients and capture market share.

“Our Middle East and Other South Asia (Mesa) had a strong year with Operating Profits increasing by 25 per cent in 2008 and a strong start to 2009,” said Nelson, regional CEO for Standard Chartered Mena.

“We remain open for business and are supporting our clients as they navigate this challenging global environment,” he added. “We want to seize the opportunities arising from this turbulence. We have a clear and consistent strategy, and continue to invest for growth.”

The visit by the board members of Standard Chartered is a result of the increasing importance the Middle East and the UAE has on the group strategy. A number of the board members will also be visiting countries across the Middle East and Africa. – TradeArabia News Service




Tags: UAE | Dubai | Standard Chartered | StanChart | Board meeting |

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