StanChart pledges to back EAC integration

14Mar 2016
Prosper Makene
The Guardian
StanChart pledges to back EAC integration

EAST African integration has witnessed growth in trade volumes and transaction activities which Standard Chartered Bank Tanzania Limited has pledged to continue supporting.

At a custody business forum held in Dar es Salaam last Friday which was attended by some local business elites, the bank’s Chief Executive Officer, Sanjay Rughani said that their bank provides its custody clients with solutions when it comes to investment into equities and management of bonds.

Rughani pointed out that StanChart is also offering convenient, single window post-trade services in multiple security portfolios with additional value adding products available such as cross border cash management and online services.
“We also provide instant access to foreign exchanges rates and transaction,” he noted.

Rughani reiterated that StanChart offers vast experience in both local and cross border custody services which are already proving a success in the Middle East, Asia and the rest of Africa.

“We have capable and experienced custody service teams across East Africa, an investor only needs to walk into our offices and we will do the rest. We will liaise with the brokers and any shareholder on the customers’ behalf,” he said.

The CEO added: “We also hold customers investment security documents within a secure environment, awaiting further instruction from them. Overall, our custody services facilitate investments into all eligible securities within and outside Tanzania.”

The bank’sEast Africa Head of Investors and Intermediaries, John Odhiambo said that StanChart introduced custody services in Africa following the banks acquisition of Barclay’s Africa Custody Business in 2010.

“The Bank has subsequently launched custody services in four new markets, bringing Standard Chartered custody services to 18 African countries. Since the activation of the foreign investment business within the region in 2014, Standard Chartered has facilitated a number of significant investment transactions,” Odhiambo said.

He further pointed out that the East Africa region is growing at a fast pace with Tanzania leading the pack thanks to rapid transformation and growth.

“With oil and gas to infrastructure sectors, the opportunities here continue to grow,” Odhiambo noted.