Bank expands custody coverage

Standard Chartered Bank has announced the expansion of its regional custody coverage for investors and intermediaries from its MENA regional hub in the Dubai International Financial Centre.

The service now covers more than 40 markets across Asia, Africa, and the Middle East along with a few select countries from other regions, making it, says the bank, the most comprehensive regional custody coverage offering of any service provider in the Middle East.

Commenting on the move, Farooq Siddiqi, regional head of transaction banking MENA, Standard Chartered, said,“This expansion is a clear example on how we are leveraging our network to benefit our clients and the wider region. We are already seeing intra-regional and international investment flows in the markets that we cover and this will only grow over time. Standard Chartered is committed to continue investing in our business capabilities and provide clients with an integrated set of solutions.”

The expanded coverage leverages the bank’s custody capabilities in Africa and enables Standard Chartered to provide custody solutions to Middle East Investors and Intermediaries in the world’s fastest growing regions.

Custody plays an integral role in the development of capital markets by providing securities market access to investors. This covers a range of services, including equity and fixed income securities settlements, safekeeping, corporate actions, income and entitlements collection, cash management, reporting, and information services to clients.

Shikkoh Malik, regional product head of investors and intermediaries, MENA, added, “This expansion demonstrates Standard Chartered commitment to grow its securities services business. Through our continuous investments, integrated solutions and strong footprint across the world’s most dynamic markets, we are ideally positioned to serve securities industry participants.”