Standard Chartered Bank’s First Ever Branch Opens In Saudi Arabia

Standard Chartered donates USD 249,000 for flood relief
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Standard Chartered has inaugurated its first branch in Saudi Arabia. The ceremony was held virtually. Leading the ceremony was Fahad Almubarak, governor of the Saudi Central Bank (SAMA).

The branch launch virtual ceremony

The ceremony welcomed the top officials from the bank as well as Saudi Arabia. The officials included Bill Winters, Standard Chartered Group CEO and José Viñals, chairman of the Bank. Moreover, one could also see Yazaid Al-Salloom, CEO of Standard Chartered Saudi Arabia and Sunil Kaushal, regional CEO for Africa and Middle East (AME). Officials from Standard Chartered Bank and the Saudi Central Bank’s international clients were also present.

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As the ceremony started, the bank officials discussed the Kingdom’s Vision 2030. As a result, the conversation revolved around development in infrastructure and economy, trade across international markets, and investing in Saudi talent.

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Fahad Almubarak said:

“I am pleased to welcome Standard Chartered bank to carry on banking business in the Saudi banking sector. I wish all the best for the bank to success and provide the desired value proposition to the sector, by providing banking services and products to micro, small and medium enterprises, and providing innovations in the aspects that characterize the bank, especially financial technology.”

Bank’s officials address the ceremony

Yazaid Al Salloom, CEO Standard Chartered KSA, said:

“I am proud to be serving the Kingdom of Saudi Arabia as the first Saudi CEO at [the bank]. The global and regional leadership team share my excitement in our official entrance into the Kingdom, representing the Bank’s newest frontier, and one we are confident will further reinforce our purpose to drive commerce and prosperity across the region.”

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Sunil Kaushal, regional CEO of Africa & the Middle East at Standard Chartered, said:

“We are honoured to have our first-ever branch in Saudi Arabia under the patronage of Fahad Almubarak, Governor of the Saudi Central Bank.”

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He added that: “Our network across 59 countries had finally landed in the Kingdom. Thus, our strategy in the Kingdom is centred on engaging with well-established global corporates, subsidiaries and financial institutions, as well as providing services to support strategic transactions that can further contribute to the Kingdom’s market.”

This step will surely be beneficial for both parties.

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