Standard Chartered is expanding its footprint in North Africa with the opening of a new representative office in Morocco, marking a key milestone in the bank’s regional growth strategy. The move follows regulatory approval from Bank Al-Maghrib and the granting of Casablanca Finance City status, further embedding the British banking group into the economic landscape of the Middle East and North Africa.
The new office will be led by Cynthia El Asmar, whose appointment as General Manager and Head of Coverage for Morocco is still pending final confirmation from Moroccan regulatory authorities. With a strong track record in client relationship management across the region, El Asmar is well-positioned to spearhead Standard Chartered’s ambitions in the country, building lasting connections with both local and international businesses.
This expansion is part of the bank’s broader long-term strategy, which focuses on high-growth markets with solid ties to global trade networks. Morocco’s economic stability and strategic location have increasingly made it a focal point for investors and multinational companies looking to tap into emerging opportunities in Africa and beyond.
Rola Abu Manneh, who oversees Standard Chartered’s operations in the UAE, Middle East, and Pakistan, emphasized the strategic significance of the Moroccan launch. She highlighted the country’s favorable business environment as a foundation for long-term success and expressed gratitude to Bank Al-Maghrib and Casablanca Finance City Authority for their essential support in bringing the project to life.
Cynthia El Asmar echoed these sentiments, pointing to Morocco’s unique position as a bridge between Europe and sub-Saharan Africa. She noted that recent reforms have enhanced the country’s appeal for foreign direct investment and improved its global competitiveness. The new office is now ready to support clients navigating a shifting global trade landscape and increasingly complex supply chains.
The Casablanca opening comes on the heels of other recent regional moves by the bank, including a full-service branch in Egypt launched in early 2024 and a presence established in Saudi Arabia back in 2021. In Morocco, Standard Chartered aims to build strong partnerships with global firms, particularly in sectors such as agribusiness, automotive, aerospace, and renewable energy.
