Standard Chartered Bank is a British Bank that really serves as a memento for the British Empire, which has ruled the world for almost 4 centuries starting from the 1600’s and pulling out of its last colonies in the Sixties and Seventies. Despite its British origins the Bank has mainly operated and did its business and investment in the African, Middle Eastern and Asian regions, having its first branches opened in Shanghai China, Mumbai, India, in Hong Kong Great Britain and in South Africa. Let us see the importance of Standard Chartered Bank in Dubai and in the United Arab Emirates.
Standard Chartered PLC is one of the biggest banks in the world, having been set up in 1862 as a merger between Standard and Chartered Banks a part of which was founded in Cape Province South Africa the other bank Chartered used to be known on the names of Chartered Bank of India, Australia and China. The Standard Chartered still collects 90% of its total revenue because of businesses and investments made in the Middle East, in the African and in the Asian region. Apart from these continents, Standard Chartered has offices in 70 countries in the world. In Africa Standard Bank was largely recognised as a South African bank and was set up to primarily deal with the revenue and business because of diamonds of Kimberley. From 2000, Standard Chartered purchased Grindlays bank, as a former part of ANZ Bank, which meant a huge step for the British bank to enter to the sphere of high-class Private Banking.
The acquiring of Grindlays plays a huge part in getting most of its clients from the Middle East, namely Dubai, Qatar, Bahrain or Oman among its main customers. As for the UAE (Dubai) branch, Standard Chartered has started up in the UAE in 1958 with its first branch office in Sharjah. Today the Middle Eastern, Asian hub of administration of the bank is located in Dubai.
Standard Chartered Bank UAE has the distinction of being the Dubai and UAE bank that has the largest contact base with the international banks. The business base of the bank is Private, Personal and Priority banking by which we can see, that it does not really deal with clients who go there to invest their 100 DH to open a bank account. Although the bank has several alternate and modern services, the whole system is in real for those clients who can start their accounts from at least half a million AED.
In Dubai and the UAE, Standard Chartered has 11 branches. Out of these, the highest number is located in Dubai and Sharjah. The banks objectives are that they become the leading private banking institutions in the area of Dubai and of course the whole United Arab Emirates. They want to build on their extensive range of special and international products and their quality costumer service. As the bank is one of the oldest international banks in the Middle Eastern region too, it counts as a reliable financial institution for all the upper class investors.