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Standard Chartered expands in the Middle East


Standard Chartered’s private banking division is expanding its presence in the Middle East by opening offices in Qatar, Bahrain and Lebanon.

According to a report by Reuters, the firm is planning to employ seven relationship managers in the United Arab Emirates in the next year.

Media reports quoted David Inglesfield (pictured), regional head of Standard Chartered’s private banking division, as saying: "One of the things we started doing this year is opening local offices, we put in a small team in Abu Dhabi, we’re putting a small team into Qatar, the same in Bahrain, also in Beirut and probably longer term in Cairo.

"The important thing about the Middle East is that it is a market which is deep and liquid, significantly above-average wealth creation happening here and the private banking industry remains very young."

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