Standard Chartered Gets Jordan License

Standard Chartered Bank has received a license to provide custody services for clients in Jordan.

Shikkoh Malik, regional head of Investors & Intermediaries Product, MENAP, Standard Chartered Bank says: “We have been working with the regulator and depository in Jordan over the past two months, and in this time we have completed a legal review of the market, made operational our custody platform, deployed experienced staff and completed technical testing to ensure a smooth client transition to our solution.”

Standard Chartered’s custody services now cover more than 40 markets across Asia, Africa, and the Middle East, along with select countries in other regions.

Commenting on the expansion Stewart Adams, regional head of Investors and Intermediaries services MENAP, Standard Chartered Bank, says: “We identified a gap in the Jordanian market for an international custody provider that can service the increasing international needs of the market. Our extensive global client base has reacted very positively to our expansion; we look forward to servicing them in Jordan and will complete all client transitions by the end of May.

“We continue to invest in our product capabilities and service coverage. The launch of our custody service in Jordan complements our existing coverage and adds further depth to our product capabilities.”