A senior executive announced that Standard Chartered is looking to hire bankers to focus on sustainable finance. project finance and capital markets in Saudi Arabia, a market the bank expects to become one of the pioneering businesses in the region in the coming years.
Standard Chartered has begun quest’year Provide banking services through its branch in Saudi Arabia with a team of 25 people After obtaining a banking license in 2019.
The license helped the bank expand in areas other than the money market activity it has practiced in the country since 2011.
“This was just the beginning and we will continue to hire as the company grows. We have the ability to double what we currently have very easily,” said Sunil Kaushal, managing director for Africa and the Middle East, referring to the number of employees.
“Remember we have a large presence in the regional office, so some will be new employees and some will be transferred from here to the kingdom,” he told Reuters.
On Wednesday, Saudi Central Bank Governor Fahad Al-Mubarak inaugurated the branch during a panel discussion in Riyadh.
Kaushal said the bank’s strategy in Saudi Arabia is to work with branches of international companies and financial institutions, participating in operations that contribute to the economic development of the country.
He said Islamic banking will represent a great opportunity in the Saudi market.
“For many years to come, for Africa and the Middle East, Saudi Arabia will be in at the forefront when it comes to contributing, “said Kaushal.
Currently, the United Arab Emirates, Pakistan, Nigeria and Kenya are the bank’s largest markets in the Africa and Middle East region.
Standard Chartered was among other banks named to lead the first issue of sukuk in dollars from energy giant Saudi Aramco, raising $ 6 billion.
The IFR news service reported that Standard Chartered was also among the banks named by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, as a member of an environmental, social and corporate governance committee for its capital raising strategy a middle term.
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