A senior executive announced that Standard Chartered is looking to hire bankers to focus on sustainable finance, project finance and capital markets in Saudi Arabia, a market that the bank expects to become a forefront of its activities in the region in the coming years.
Standard Chartered started this year Providing banking services through its branch in Saudi Arabia with a team of 25 people After obtaining a banking license in 2019.
The license helped the bank expand into areas other than the money market activity that it has been practicing in the country since 2011.
“This was just the beginning and we will continue to hire as the business grows. We have the ability to double what we currently have very easily,” said Sunil Kaushal, chief executive officer for Africa and the Middle East, referring to the headcount numbers.
“Remember that we have a large presence in the regional office, so some of it will be new employees, and some will be transfers from here to the kingdom,” he told Reuters.
On Wednesday, Saudi Central Bank Governor Fahad Al-Mubarak inaugurated the branch during a roundtable session in Riyadh.
Kaushal said the bank’s strategy in Saudi Arabia is to work with subsidiaries of international companies and financial institutions, while participating in operations that contribute to the country’s economic development.
He said that Islamic banking activities will represent a great opportunity in the Saudi market.
“For many years to come, for Africa and the Middle East, Saudi Arabia will be at the fore when it comes to contributing,” Kaushal said.
Currently, the UAE, Pakistan, Nigeria and Kenya are the bank’s largest markets in the Africa and Middle East region.
Standard Chartered was among other banks appointed to lead energy giant Saudi Aramco’s first dollar sukuk issuance, raising $6 billion.
The IFR news service reported that Standard Chartered was also among the banks appointed by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, as a member of an Environmental, Social and Corporate Governance committee for its medium-term capital raising strategy.
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