Standard Chartered is looking to add bankers to focus on sustainable finance, project finance and capital markets in Saudi Arabia. This is a front-runner for its regional business in coming years. Standard Chartered this year began offering banking services through its branch in Saudi Arabia. A banking licence in 2019 was granted with a team of 25 people. This licence helped the bank to expand beyond the capital markets business it has conducted in the country since 2011.
Sunil Kaushal, the bank’s regional CEO for Africa and Middle East, said that this has just been a start and they will continue to add as business grows. They have the capacity to quite easily double what they have currently. He also added that they have a large presence in the regional office. Fahad al-Mubarak, governor of the Saudi Central Bank, formally inaugurated the branch during a roundtable session in Riyadh.
Kaushal said that the bank’s strategy in Saudi Arabia is to work with subsidiaries of global corporate and financial institutions. He said Islamic banking will also be a huge opportunity in the Saudi market. And for many years Saudi Arabia would be the frontrunner when it comes to contribution. Currently, the United Arab Emirates, Pakistan, Nigeria and Kenya are the biggest markets in the bank’s Africa and the Middle East region.
Standard Chartered was among other banks this year that has hired to lead energy giant Saudi Aramco’s inaugural dollar sukuk issue. And that raised $6 billion. Standard Chartered was also among banks that were hired by Saudi Arabia’s sovereign wealth fund.