Standard Chartered is pleased to announce launch of Custody and Clearing Services from Bahrain and Oman today. The Bank will provide direct Custody and Clearing services to clients investing in the Kingdom of Bahrain and Sultanate of Oman. This expansion of Custody and Clearing Services takes Standard Chartered’s coverage of the Middle East to five markets and reinforces the Bank’s commitment to the Middle East region and the expansion of its Securities Services business globally.
Custody and Clearing Services plays an integral role in the development of capital markets by providing market access for investors and broker dealers, addressing the growing industry and regulatory demand for segregated safekeeping of investment portfolios. This covers a range of services including equity and fixed income securities settlements, safekeeping, corporate actions, income collection, proxy services, foreign ownership monitoring and disclosure services, cash management, foreign exchange, reporting, and information services to clients.
Commenting on the expansion of Standard Chartered Bank Custody Offerings,
Jonathan Morris, Chief Executive Officer of Standard Chartered Bahrain said, "Standard Chartered has operated in Bahrain for 90 years and the launch of custody and clearing services further emphasizes the Bank’s commitment to the Kingdom. Standard Chartered’s extensive experience and history in the region allows us to provide both local knowledge and global expertise to support our clients' operations. Today’s announcement is another important milestone in our strategy to embed our Securities Services capabilities in Bahrain.”
Ravneet Chowdhury, Chief Executive Officer of Standard Chartered Oman said, “Standard Chartered has a long heritage in Oman. As an international bank, embedded into the local market for over 40 years, we are committed to enriching our local markets with our global expertise by providing a wide suite of securities services solutions. The launch today will further strengthen the Bank’s relationship with our clients in Oman, by ensuring their business needs are meet.”
Julian Gladwin, Regional Product Head of Securities Services added “We are pleased with our ongoing drive to continually expand our product portfolio for investors across the region. Our service model designed after extensive consultations with our existing clients based to ensure that we come-up with a distinguished product offering.”
Standard Chartered's Securities Services network extends across 21 markets in Asia and the Middle East serving a broad client base that comprises leading North American, European, Middle Eastern and Asian institutions.
