Standard Chartered PLC, the U.K. bank that makes most of its profit in emerging markets, will expand in the Middle East and Africa to tap rising oil and commodities trade flows, said a senior executive.
Standard Chartered will expand in markets including Angola, Egypt, Libya, Qatar and Saudi Arabia, said Vis Shankar, who will become the bank's chief executive for the Middle East, Africa, Europe and the Americas on May 1 and be based in Dubai. The bank has a presence in 14 countries in Africa and 10 in the Middle East.
Shankar said Standard Chartered's strategy is to make it easy for its biggest customers in Asia, Africa and the Middle East to do all their business seamlessly across borders. "Our competitive edge is being more local than the global banks, but more global than the local banks," he said.