Standard Chartered is looking to be “solid in the region,” particularly the UAE says, V. Shankar, CEO of the company’s Middle East, Africa and Americas branch.
"Those who have oil have a lot of financial flexibility to introduce the sorts of reforms that they have to and those who don't have clearly have a lot more pain.”
He added that the Middle East is home to a wide spectrum of countries in terms of economic performance, the countries with political problems like Syria and Egypt have a difficult time implementing reforms.
Shankar says the “UAE scores well on all those counts.”
“Economically it is in a good shape. Politically it’s in good shape and it’s become a safe haven,” said Shankar.
According to Standard Chartered business is booming in the region.
“We have a presence in seven countries and the business generally is doing very well, both in whole sale and in consumer.” Shankar said.
Shankar says the bank is committed to the Middle East and is the largest bank in Dubai. This headquarters manages the affairs of the entire region, including North Africa.
“I don't think any other international institution has that sort of presence in Dubai,” Shankar said.
There is a strong demand today globally for EELD (Economic Emission Load Dispatch), so bonds typically play into that. Investors are demanding EELD specific to the region, commented Shankar.
The CEO says that UAE's Standard Chartered has no immediate plans for expansion in the country.