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Standard Chartered plans to expand to Middle East and Africa

Standard Chartered is considering expanding its business in Middle East and Africa from its regional base in Dubai, to exploit banking opportunities evolving in emerging markets.

The bank, which has recorded 10 continuous years of profits, said that sub-Saharan Africa businesses witnessed 25% in income growth, backed by increased corporate growth and consumer spending.

Standard Chartered Europe, the Middle East, Africa and the Americas chief executive was quoted by Financial Times as saying, "We have spent time and effort building a trade and cash management platform focusing on cross-border income."

The bank sees huge business potential in emerging markets including China, Africa, India and Latin America and is vying with other global banks such as Barclays and Standard Bank in Africa to strengthen its positions.

The bank has established a joint venture (JV) in Angola and is planning to strengthen its operations in Mozambique.