Wednesday 31, October 2018 by Kudakwashe

StanChart pressing on with Saudi licence application, says CFO

 

In October 2017, the bank announced that it was talking to regulators about applying for a licence in the Kingdom.

The Chief Financial Officer (CFO) of Standard Chartered said that the lender is pressing on with its application for a banking licence in Saudi Arabia, despite global outrage over the murder of a journalist in the country's Turkish embassy.

Andy Halford, the CFO of Standard Chartered, said, “We have taken account of recent events, but conversely this is about running a business for the long-term and that process will continue.”

This follows comments by HSBC executive last week that the bank saw little long-term impact on Saudi Arabia investment from the case, reported Reuters.

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