16 Jun 2013
In order to capture the global market, Standard Chartered Bank is looking forward to expand its transaction banking business in Iraq and in some other countries. In an interview, Karen Fawcett, the UK-headquartered bank’s global head of transaction banking business, stated that the company has plans for developing its operations in the countries, like – Iraq, Mozambique and Myanmar.
She also stated, “Our transaction banking business is constantly evolving. We are expanding our capabilities and coverage and constantly trying to fill the gaps across our network in Asia, Africa and the Middle East.”
It was reported on the first half of this week that trading relations between Asia and Middle-East are getting more and more strengthened. In this scenario, relation between these countries will benefit the both hugely, as opined by the experts. According to figures cited by Lim Hng Kiang, minister for trade and industry and deputy chairman of the Monetary Authority of Singapore in a speech earlier this month, financial flows between the Middle East and Asia are increasing significantly.
Kiang said management consultancy firm McKinsey observed that between 2002 and 2006, 11% of the GCC’s capital outflows were to Asia and that it estimates that this share could nearly double to 20% by 2020.
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