Standard Chartered has opened a new representative office in Casablanca, Morocco, expanding its presence in the Middle East and North Africa. The opening comes after receiving a license from Bank Al-Maghrib and gaining Casablanca Finance City status from the Casablanca Finance City Authority.
Cynthia El Asmar has been appointed CEO and Head of Coverage for Morocco, pending regulatory approval. She will oversee local strategy and client relationships. "Morocco's location positions it favourably as a bridge between Europe and Sub-Saharan Africa," El Asmar stated, highlighting the country's potential to attract foreign direct investment (FDI) due to ongoing structural reforms.
Rola Abu Manneh, Chief Executive Officer for UAE, Middle East, and Pakistan at Standard Chartered said: “Our global network, sector expertise and financing capabilities mean that Standard Chartered is uniquely positioned to support Morocco’s ambitious growth agenda."
The bank's new office aims to strengthen ties with international businesses in sectors such as agro-industry, automotive, aeronautics, and renewable energy. This move follows Standard Chartered's expansion into Egypt in early 2024 and Saudi Arabia in 2021.
Morocco's economy grew by 3.2% in 2024, with GDP growth expected to rise to about 3.7% in the coming years. The country is implementing infrastructure projects and structural reforms to boost its economic competitiveness.
Over the last ten years, Standard Chartered has developed strong relationships within Morocco's banking sector. The new office will enhance these partnerships by providing tailored banking solutions to multinational and regional clients.