Standard Chartered is to expand its securities services business within the Middle East, adding six new markets by the end of the year.
According to industry sources, 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.
Standard Chartered recently hired David Law, who will join the bank on 1st September as the Managing Director and Regional Head of Origination and Client Coverage (OCC) team for the Middle East and North Africa (MENA), reporting to V.Shankar, Member of the Standard Chartered Group Management Committee and Group Head of Origination and Client Coverage.
In September 2008, Standard Chartered expanded its custody services in UAE with the addition of Abu Dhabi Securities Exchange (ADX). Standard Chartered provides full custody services in three markets including Dubai International Financial Exchange (DIFX) and Dubai Financial Market (DFM) in the Middle East.