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Wednesday, February 29, 2012

Standard Chartered offers security cover to UEMOA


The Standard Chartered Bank has launched Securities Services in Cote  d’Ivoire,  expanding  the  Bank’s existing regional securities capabilities to include the West African Economic and Monetary Union (UEMOA) region.

A press statement made available to ITRealms Online, quoted the Chief Executive Officer,  Standard  Chartered Côte  d’Ivoire, Serge Philippe Bailly, as saying that Cote  d’Ivoire  is  the  4th  new  market  in  which Standard Chartered has launched  securities services, following the Bank’s acquisition of Barclays Africa  securities  business  in  2010.

This expansion, Bailly said, aligned with Standard Chartered’s ambition to be the preferred provider for investors and intermediaries across Africa.

“By offering securities services in Cote d’Ivoire and across the West African Monetary Union (WAMU), Standard Chartered is enhancing the range of financial solutions and capabilities we provide to support the growth and expansion of new and existing clients,” Bailly said.

Cote d’Ivoire, and more broadly West Africa, Bailly said that this demonstrated immense  growth and investment potential, stressing that Standard Chartered is committed to  facilitating  the growth of the region’s financial sector and realizing our brand promise of being here for good.

With Cote d’Ivoire, Bailly pointed out that the bank will now offer securities services in 10 African  markets namely Botswana, Ghana, Kenya, Mauritius, Nigeria, Tanzania, Uganda,  Zambia, Zimbabwe, Cote d’Ivoire with indirect capabilities in a further  seven  markets, including Egypt, Malawi, Morocco, Namibia, South Africa, Tunisia and Rwanda through an integrated network of agent banks.

Equally speaking, Regional Head, Investors & intermediaries Africa for Standard Chartered, Mr. Chris  Wooldridge, said that they have witnessed  an  increased  demand  from  both  international and regional  clients to invest and participate in West Africa’s economic potential including securities services enabled for corporate clients to proactively and efficiently track  their  investments into African equity, bond and money markets.

“By providing the structure, products and service for this valuable channel of investment,  the bank facilitates the growth and development of the region’s various up-and-coming stock exchanges to meet the world’s increasing investor appetite,” he said.

Remmy Nweke

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