Standard Chartered launches custody in Ivory Coast
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Standard Chartered launches custody in Ivory Coast 21 February 2012Abidjan Reporter: Anna Reitman
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Standard Chartered Bank has launched securities services in Cote d’Ivoire, expanding its existing capabilities to include the West African Economic and Monetary Union (UEMOA) region.
Cote d’Ivoire is the fourth new market in which the bank has launched securities services, following its acquisition of Barclays Africa securities business in 2010.
That puts the bank's securities services business in 10 African markets (Botswana, Ghana, Kenya, Mauritius, Nigeria, Tanzania, Uganda, Zambia, Zimbabwe, Cote d’Ivoire) with indirect capabilities in a further seven markets (Egypt, Malawi, Morocco, Namibia, South Africa, Tunisia and Rwanda) through an integrated network of agent banks.
Chris Wooldridge, regional head, Investors & intermediaries Africa for Standard Chartered added, “We are witnessing an increased demand from both international and regional clients to invest and participate in West Africa’s economic potential – securities services enable 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.”
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