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Morocco World
29-04-2025
- Business
- Morocco World
British Bank Standard Chartered Chooses Casablanca for Strategic African Expansion
Rabat — British banking giant Standard Chartered has officially opened its new branch in Casablanca's Casa Anfa business district, choosing Morocco's economic capital as the base of its African strategy. The legal registration with the Casablanca Commercial Court, dated April 25, 2025, confirms the bank's commitment to making the city a key operational hub for its sub-Saharan African activities. Casablanca: Africa's rising financial gateway The bank's choice of Casablanca as the host of its new branch confirms Morocco's growing respectability in the global financial ecosystem. Morocco's economic capital has transformed itself into North Africa's premier financial center, offering Standard Chartered an ideal launching pad for regional operations. The bank's new office in Casa Anfa — the city's modern business district — puts it at the heart of Morocco's financial ecosystem. 'Casablanca offers unmatched advantages as our strategic anchor point for a coherent continental presence,' said Chris Egberink, Standard Chartered's head of the South Africa region, in a statement to Bloomberg. 'From here, we can effectively serve clients across sub-Saharan Africa while building stronger connections with major economic partners throughout the continent.' Leveraging Casablanca Finance City Standard Chartered's move capitalizes on the growing influence of Casablanca Finance City (CFC), which has become a powerful magnet for international companies seeking an African base of operations. CFC offers financial institutions substantial benefits that provide them with tax incentives, streamlined regulations, and a business environment curated to facilitate cross-border operations. The city's modern infrastructure, international connectivity through Mohammed V Airport, and growing pool of multilingual financial talent make it particularly attractive compared to other potential locations. These advantages allow Standard Chartered to coordinate complex financial services, including international trade financing, treasury management, and institutional investments from a single, efficient hub. Strategic realignment with Casablanca at the center While Standard Chartered has recently withdrawn from several African markets, including Zimbabwe, Angola, and Cameroon, this doesn't signal retreat. Instead, the bank is strategically repositioning itself with Casablanca as the focal point for high-value services targeting major corporations and financial institutions across Africa. Casablanca's geographic position — a four-hour flight from most major European financial centers and well-connected to sub-Saharan Africa — gives Standard Chartered operational advantages impossible to match elsewhere in the region. The city's growing reputation for financial innovation and its stable business environment further enhance its appeal. The bank's investment in Casablanca strengthens the Moroccan city's position as a financial bridge between Europe, the Middle East, and Africa, creating new opportunities for local talent while supporting Morocco's ambitions to establish itself as the continent's premier financial services hub. Tags: Casablanca Finance City"CasablnacaStandard Chartered
Morocco World
08-04-2025
- Business
- Morocco World
Standard Chartered Eyes Morocco Entry After Access Bank's Move
Doha – Standard Chartered Plc is weighing a potential expansion into Morocco as part of its Africa growth strategy, people familiar with the matter said. The London-based bank's push into Morocco forms part of its broader strategy to enhance its wealth management and transaction banking businesses across Africa, according to Chris Egberink, chief executive officer and head of banking & coverage, South Africa, as reported by Bloomberg. 'Like we've gone and expanded in Egypt with a fully-fledged bank on the ground, we are looking at one or two other countries,' Egberink said in an interview in Johannesburg. 'There's a number of countries we are considering, and Morocco is one.' The potential expansion is a continuation of Standard Chartered's recent strategic repositioning in Africa, where it has spent the past three years divesting from smaller operations across the continent. The bank has already exited operations in several markets including Zimbabwe, Angola, Cameroon, Gambia, Sierra Leone, and Tanzania, while exploring the sale of its retail banking units in Botswana, Uganda, and Zambia. Standard Chartered's interest in Morocco coincides with Access Bank's plans to establish operations in the North African country, announced in December 2024. Nigeria's largest bank by assets recently raised $228 million through a rights issue to support its expansion strategy, viewing Morocco as a strategic gateway between Sub-Saharan Africa and Europe. Read also: Access Bank Set to Enter Moroccan Market Amid African Expansion The timing of Standard Chartered's entry into Morocco will depend on multiple factors, including 'regulatory engagement, licensing processes, due diligence, and client interest,' Egberink explained. The bank has already demonstrated its commitment to North African expansion by opening a branch in Egypt in January 2024, which it views as a pivotal gateway to Africa and the Middle East. This strategic move comes at a time when several global banking competitors have reduced their African presence. Major players such as Société Générale SA, BNP Paribas SA, and HSBC Holdings Plc have all scaled back their operations across the continent in recent years. Despite regional uncertainties, Standard Chartered maintains a 'risk-on' position in Africa, where it has benefited from the departure of global competitors. The bank reports strong deal activity across various sectors, including metals and mining, retail clothing, manufacturing, construction, and water treatment. The expansion strategy goes in line with Standard Chartered's focus on wealth management and cross-border transactional services, following a streamlining initiative that began in April 2022. 'We are seeing a lot of aggressive interest from the United Arab Emirates – a lot more on the merger and acquisitions side from the east,' Egberink noted.
