Standard Chartered opens representative office in Morocco
Casablanca, Morocco – Standard Chartered today announced the opening of its new representative office in Morocco, further expanding its footprint across the Middle East and North Africa region. The launch follows the licence approval from Bank Al-Maghrib and the award of the Casablanca Finance City status by the Casablanca Finance City Authority.
The representative office will be led by Cynthia El Asmar, who has been appointed CEO and Head of Coverage for Morrocco, subject to regulatory approvals. She brings extensive experience in client coverage across the region and will be responsible for driving the Bank's local strategy and deepening client relationships.
This expansion underscores Standard Chartered's long-term commitment to the region and reflects its strategy of supporting clients in high-growth, internationally connected markets. Morocco's strong economic fundamentals and strategic location position it as an increasingly important destination for global trade and investment.
Rola Abu Manneh, Chief Executive Officer, UAE, Middle East and Pakistan said: 'Our global network, sector expertise and financing capabilities mean that Standard Chartered is uniquely positioned to support Morocco's ambitious growth agenda. We would like to extend our sincere gratitude to Bank Al-Maghrib and the Casablanca Finance City Authority for their invaluable support in enabling the successful opening of our representative office. This launch reinforces our commitment to connecting clients to high-growth markets across continents and supporting regional economic development.'
Cynthia El Asmar, CEO and Head of Coverage for Morocco added: 'Morocco's location positions it favourably as a bridge between Europe and Sub-Saharan Africa. Structural reforms continue to improve the country's capacity to attract FDI and enhance its overall competitiveness, leaving it well placed to benefit from any adjustment in trade flows or realignment in global supply chains. We are delighted to establish our office in Morocco and are ready to support our clients capture the many growth opportunities the country has to offer.'
Standard Chartered's new representative office Morocco follows the launch of a fully-fledged banking operation in Egypt in early 2024 and Saudi Arabia in 2021. The office will enable Standard Chartered to broaden and deepen relationships with international businesses, particularly in the agro-industrial, automotive, aeronautics, and renewable energy sectors.
Morocco is the sixth largest economy in Africa. Its economy expanded 3.2 percent in 2024 and GDP growth is expected to increase to around 3.7 percent over the next few years. This is supported by a new series of infrastructure projects and the continued implementation of the country's structural reform agenda. [1]
Over the past decade, Standard Chartered has collaborated closely with the banking sector in Morocco, developing strong relationships with all major players. The representative office will serve as a platform to deepen those partnerships and deliver tailored banking solutions to multinational and regional clients.
For further information, please contact:
Wasim Benkhadra
Head of Communications, UAE, ME & Pakistan and Africa
Corporate & Investment Banking Communications Lead
Standard Chartered
wasim.benkhadra@sc.com
About Standard Chartered
We are a leading international banking group, with a presence in 53 of the world's most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.
Standard Chartered PLC is listed on the London and Hong Kong stock exchanges.
For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on X, LinkedIn, Instagram and Facebook.
[1] April 2025: IMF 2025 ARTICLE IV.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
5 hours ago
- Khaleej Times
Dubai Islamic Bank surpasses $100b in assets on strong H1 growth
Dubai Islamic Bank (DIB) delivered another strong performance in the first half of 2025, achieving a 16 per cent year‑on‑year rise in pre‑tax profit to Dh4.3 billion as operating revenue climbed to Dh6.4 billion. The solid results, supported by double‑digit growth in financing and deposits and improved asset quality, helped the bank surpass the $100 billion mark in total assets for the first time in its history. Recommended For You Net profit for the six months ended June stood at Dh3.7 billion, a 10 per cent increase from a year earlier, as the bank benefited from improved cost of risk and declining impairment charges. Provisions fell sharply by 61 per cent year‑on‑year to Dh256 million, reflecting prudent underwriting and effective risk management practices. The balance sheet expanded by 8 per cent year‑to‑date to Dh373 billion. Net financing assets rose 12 per cent to Dh237 billion, driven by healthy demand from both wholesale and retail segments. Growth in wholesale financing was broad‑based, with strong contributions from local and cross‑border business in key sectors such as sovereigns, utilities and aviation. On the retail side, consumer financing assets climbed 13 per cent to Dh71 billion, supported by robust demand across all product lines. DIB's sukuk portfolio increased by 9 per cent to Dh89 billion, comprising high‑quality and well‑rated sovereign and financial institution issuances. Customer deposits reached Dh284 billion, up 14 per cent since the start of the year, underpinned by strong customer acquisition and retention. Current and savings account (CASA) balances rose 8 per cent to Dh102 billion, making up 36 per cent of total deposits. Asset quality improved notably, with the non‑performing financing ratio declining by 64 basis points to 3.36 per cent — the lowest in five years. The cash coverage ratio rose by 600 basis points to 103 per cent, while total coverage reached 145 per cent. Capitalisation remained strong, with a Common Equity Tier 1 ratio of 13.0 per cent and a capital adequacy ratio of 16.7 per cent, both comfortably above regulatory requirements. Liquidity was also healthy, with a liquidity coverage ratio of 128 per cent and a net stable funding ratio of 107 per cent. The bank continued to leverage artificial intelligence to enhance efficiency, accuracy and inclusion across operations. AI initiatives have reduced model‑building time by 80 per cent, cut false positives in risk alerts by 30 per cent, and automated 10 per cent of back‑office processes. Retail acquisitions supported by AI‑driven targeting accounted for 35 per cent of total new retail business, while AI‑based credit scoring enabled outreach to over 100,000 previously underserved customers. DIB also recorded Dh60 billion in new gross underwriting and sukuk investments in H1 2025, up 47 per cent year‑on‑year. Consumer banking contributed nearly Dh18 billion of this, a 46 per cent jump, while local and cross‑border corporate banking accounted for Dh31 billion, 78 per cent higher than a year earlier. The UAE customer base grew to more than 1.6 million, with 80 per cent of new clients onboarded digitally. In line with the UAE's goal to mobilise Dh1 trillion in sustainable finance by 2030, DIB financed Dh2.7 billion in new green and sustainable projects during the first half and facilitated nearly Dh14 billion in Islamic capital market issuances in the sustainability segment. The year marks DIB's 50th anniversary, underscoring its role as a pioneer in Shariah‑compliant banking since 1975. The bank also unveiled a refreshed corporate identity to reflect its vision centred on innovation, sustainability and purpose‑driven growth. Mohammed Ibrahim Al Shaibani, chairman of DIB, said the results demonstrate the strength of the bank's governance and long‑term commitment to value‑based banking. 'Surpassing $100 billion in total assets is not only a measure of scale but a marker of adaptability and resilience.' Group CEO Dr. Adnan Chilwan noted that the strong profitability, with a return on equity of 21 per cent, was achieved despite the introduction of corporate tax this year. issacjohn@ Issac John is Managing Editor at Khaleej Times and has over 45 years of experience in top-tier newspapers across UAE. A seasoned business writer and economic analyst, he brings unmatched insight into the geopolitics and geoeconomics shaping the Gulf and India.
Zawya
6 hours ago
- Zawya
United Arab Bank successfully raises $280.7mln through Rights Issue
United Arab Bank (UAB), listed on the Abu Dhabi Securities Exchange (ADX) announced the successful completion of its capital increase, which ended on July 29, 2025. The Rights Issue raised AED1,031 billion increasing the Bank's issued capital from AED2,062 billion to AED3,093 billion. The newly issued shares were priced at AED 1 per share. All necessary regulatory approvals have been obtained for this transaction. The Rights Issue was oversubscribed, underscoring UAB's robust fundamentals and strong performance as a result of the diligent execution of its turnaround strategy. United Arab Bank intends to use the net proceeds raised from the Rights Issue to strengthen its capital base and to support future growth of the business of the Bank. Commenting on the Rights Issue success, H.H. Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors of United Arab Bank, said, 'We are deeply grateful for the trust and support of our shareholders in this Rights Issue. The strong response we have received will further strengthen our balance sheet, mark a new chapter in UAB's progress, and reaffirm our commitment to delivering value to our shareholders. In addition, it will enhance our financial resilience, and position us to continue contributing to the UAE economy and its sustainable development agenda.' He added, 'We also extend our sincere appreciation to the Central Bank of the UAE (CBUAE), the Securities and Commodities Authority (SCA), the Abu Dhabi Securities Exchange (ADX) and all our transaction partners whose support and collaboration were instrumental in ensuring the success of this Rights Issue.' Commenting on the announcement, Shirish Bhide, CEO of United Arab Bank, said, 'The success of the Rights Issue reflects the confidence that our shareholders have in the Bank and our future endeavours. This step represents an important milestone in strengthening UAB's capital position and reinforces our long-term commitment to sustainable growth. The additional capital will support the next phase of our strategy, ensuring we are well-positioned to meet evolving regulatory requirements, support our clients' needs, and deliver sustainable returns to our shareholders.' UAB posted a net profit of AED208 million for the first half of 2025, compared to AED139 million for the same period last year, representing a 50% year-on-year increase. Total income rose by 24% year-on-year to AED374 million.
Zawya
9 hours ago
- Zawya
United Arab Bank successfully raises AED 1.03bln through Rights Issue
United Arab Emirates: United Arab Bank (UAB), listed on the Abu Dhabi Securities Exchange (ADX) announced the successful completion of its capital increase, which ended on July 29, 2025. The Rights Issue raised AED 1,031 billion increasing the Bank's issued capital from AED 2,062 billion to AED 3,093 billion. The newly issued shares were priced at AED 1 per share. All necessary regulatory approvals have been obtained for this transaction. The Rights Issue was oversubscribed, underscoring UAB's robust fundamentals and strong performance as a result of the diligent execution of its turnaround strategy. United Arab Bank intends to use the net proceeds raised from the Rights Issue to strengthen its capital base and to support future growth of the business of the Bank. Commenting on the Rights Issue success, H.H. Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors of United Arab Bank, said: ' We are deeply grateful for the trust and support of our shareholders in this Rights Issue. The strong response we have received will further strengthen our balance sheet, mark a new chapter in UAB's progress, and reaffirm our commitment to delivering value to our shareholders. In addition, it will enhance our financial resilience, and position us to continue contributing to the UAE economy and its sustainable development agenda.' He added: 'We also extend our sincere appreciation to the Central Bank of the UAE (CBUAE), the Securities and Commodities Authority (SCA), the Abu Dhabi Securities Exchange (ADX) and all our transaction partners whose support and collaboration were instrumental in ensuring the success of this Rights Issue.' Commenting on the announcement, Shirish Bhide, CEO of United Arab Bank, said: 'The success of the Rights Issue reflects the confidence that our shareholders have in the Bank and our future endeavours. This step represents an important milestone in strengthening UAB's capital position and reinforces our long-term commitment to sustainable growth. The additional capital will support the next phase of our strategy, ensuring we are well-positioned to meet evolving regulatory requirements, support our clients' needs, and deliver sustainable returns to our shareholders.' UAB posted a net profit of AED 208 million for the first half of 2025, compared to AED 139 million for the same period last year, representing a 50% year-on-year increase. Total income rose by 24% year-on-year to AED 374 million. First Abu Dhabi Bank (FAB) acted as Lead Manager and Bookrunner of the Rights Issue and Al Tamimi & Co. acted as Legal Adviser. About United Arab Bank P.J.S.C. United Arab Bank P.J.S.C. (UAB) was established in 1975, in the Emirate of Sharjah as a joint venture between key UAE and international investors, and its shares are publicly traded on the Abu Dhabi Securities Exchange (ADX). UAB offers a wide range of Wholesale Banking, Retail Banking, Treasury & Financial Markets, as well as Shari'ah compliant products, services and flexible solutions, to meet the ever-evolving needs of our clients and the markets. Today, UAB is recognized as one of the few home-grown banks in the UAE, striving to enhance the lives of people by humanizing banking through impeccable service and tailored financial support. UAB is rated investment grade, both, by Moody's (Baa3/P-3/Positive) and Fitch (BBB+/F2/Stable).
