Standard Chartered has launched custody and clearing services in Bahrain and Oman.
Global Custodian learnt in June 2009 that Standard Chartered aimed to expand its securities services business to six new markets in the Middle East by 2010. According to industry sources at the time, Bahrain, Oman and Qatar, plus three other markets, will see an increased presence as Standard Chartered looks to challenge HSBC as the regional leader in securities services.
In September 2008, Standard Chartered expanded its custody services in UAE with the addition of Abu Dhabi Securities Exchange. Standard Chartered already provides full custody services in the Dubai International Financial Exchange and Dubai Financial Market.
Standard Chartered also hired David Law in September 2009 as the managing director and regional head of origination and client coverage team for the Middle East and North Africa, reporting to V. Shankar, member of the Standard Chartered group management committee and group head of origination and client coverage.
Giles Elliott, global product head of securities services commented on the expansion of Standard Chartered Banks custody offerings, Our Custody launch in the Middle East confirms our focus on providing sophisticated securities services across Asia and the Middle East. We are appreciative of the local support that we have received in extending our network and look forward to playing a key role in partnering with the markets to help drive the development of capital markets in the Middle East, and developing new standards in custody services. We see ongoing demand for regional and international investment services across the region, and Standard Chartered remains committed to providing clients with an integrated set of solutions that promote ongoing growth of this industry.
Farooq Siddiqi, managing director and regional head of transaction banking, Middle East & North Africa said, Standard Chartered has a very long heritage as an international bank in the Middle East, providing our clients with a wide suite of solutions for their business needs. Being more local than foreign banks and more global than local banks in the region, the launch of Custody and Clearing Services taps on our existing branch network to further entrench the Banks relationship with our clients.
In August 2009, Standard Chartered also expanded its wholesale banking coverage to Taiwan.