Sunil Kaushal - Afrikan Heroes

Standard Chartered Bank Reports Highest Operating Profit in Africa Since 2015

February 17, 2022

Standard Chartered PLC has announced that its financial results for the full year and fourth quarter ending 31 December 2021shows a record of highest operating profits in Africa and the Middle East region since 2015.

The performance highlights show a broad-based growth and improvement in income and profits. Income grew by 3.5 per cent to USD 2,446 million despite the adverse impact of rate cuts on margins. Record levels of income were reported in the bank’s Financial Markets and Wealth Management business

Sunil Kaushal, Regional CEO, Africa and Middle East

Sustained Cost discipline resulted in a net reduction of 4 percent year-on-year despite continuing investments. This generated positive income-to-cost jaws of 7 percent. Pre-provision Operating Profit increased by 21 percent year-on-year. Operating Profit grew to a robust USD 856 million, recording the highest level since 2015.Strong improvement in the region’s Return of Tangible Equity (ROTE) ratio at 8.8 per cent

Geographical Highlights:

A significant turnaround in the UAE with a healthy Operating Profit of USD 242 million compared to a USD 110 million during the same period last year, driven by cost reductions and de-risking actions

Pakistan delivered its highest ever Operating Profit, driven by strong balance sheet growth and continued productivity improvements

Middle East (ex-UAE) saw strong income growth driven by Saudi Arabia while maintaining cost discipline, resulting in a multi-year high level of Operating Profit.

The Bank’s income in Africa grew by 9 per cent on a constant currency basis driven by the digital banking momentum and strong pipeline conversion; Operating Profit for Africa was at the highest level since 2015.

Commenting on the results, Sunil Kaushal, Regional CEO, Africa and Middle East said: “2021 was an exceptional year for us in the Africa and Middle East region. Our record financial performance demonstrates the progress made in the execution of our strategy. It is testament to the hard work and commitment of our team and the continued cost discipline which has allowed investments to continue though the cycle”.

Th record performance was also driven by income growth despite the lower interest rate which impacted the bank’s cash management and retail businesses.

“Throughout the year, we accelerated our digital transformation, proudly expanding our digital banking network in Pakistan, in turn strengthening our customer base through enhanced connectivity. Aligned to the Kingdom of Saudi Arabia’s vision 2030, we have also expanded our presence in Saudi Arabia last year to provide project finance, capital markets and cash management support to promote trade and investments.” Sunil concluded.

Standard Chartered Bank’s Africa, Middle East Region has received the following awards for the year 2021 which solidifies the Bank’s robust progress as industry leaders in the region.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Mohanty Appointed CFO For Standard Chartered for Africa and Middle East

June 8, 2020

As part of its post Covid-19 efforts aimed at deepening its financial intermediation in the Middle East and Africa region, global banking groups, Standard Chartered has appointed Subhradeep Mohanty as its Chief Financial Officer (CFO) in the Africa and Middle East Region (AME). Subhradeep who brings over 19 years of diverse and international experience in the banking sector was recently the CFO for Standard Chartered Bank’s India franchise, where he played a crucial role in driving the country’s strategic transformation and performance. Prior to this, he was the Global CFO of Retail Banking at Standard Chartered, based in Singapore, where he was integral in the Retail Bank’s large-scale global turnaround efforts.

Speaking on the development, the Regional CEO AME, Sunil Kaushal, said that “we are pleased to welcome Subhradeep to the Standard Chartered AME Management Team. His commercial and management expertise complement our team as we continue to grow the business across our regional footprint. With his extensive experience in the banking sector and thorough knowledge of dynamic and changing markets, I am confident that Subhradeep will play a crucial role in achieving our strategic priorities and look forward to working with him in strengthening our position as the leading international bank in the region.” Prior to joining Standard Chartered, Subhradeep held senior positions at J.P. Morgan in Asia, and at American Express earlier, in strategy, finance and business transformation across a diverse set of markets.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Abbas Hussein Appointed New Head Corporate Finance for Africa and the Middle East at Standard Chartered Bank.

June 3, 2020

In preparation for its post Covid-19 growth and resilience strategy, global banking group, Standard Chartered has announced the appointment of Abbas Husain as Regional Head of Corporate Finance, Africa and the Middle East (AME). Armed with about 24 years of banking experience, 17 years of which have been with Standard Chartered, Abbas has been leading one of the largest and most successful Project & Export Finance teams in the region, with a proven track record in structuring and executing project finance transactions in the power, water, oil and gas, metals and infrastructure sectors. Along with his new responsibilities as Head of Corporate Finance, AME, Abbas’ will also expand his role as Head of Project & Export Finance for Middle East, North Africa and Pakistan (MENAP) to cover Europe, Africa, Middle East and Pakistan. He will continue to be based in Dubai.

Speaking on Abbas Husain’s new role, Sunil Kaushal, Regional CEO, Africa and the Middle East, commented: “The appointment of Abbas demonstrates the commitment we have made in developing top leadership talent within the bank. We are focussed on the continued growth of our business, and he brings a valuable wealth of experience in successfully advising clients across a diverse range of sectors in our footprint. As we navigate the current COVID-19 crisis, Abbas will play a crucial role in supporting our clients across Africa and the Middle East during this challenging period.”

In his previous role Abbas advised, structured and executed over 50 deals in MENAP, raising more than US$ 100bn of debt, including advising/structuring more than 60 gigawatts of new power generation and water projects that produce over 1,700 million imperial gallons per day in the region across 11 countries. Abbas was awarded the Dealmaker of the Year by EMEA Finance for Europe, Middle East & Africa in 2017. Under his leadership, the MENAP Project Finance business has been recognized industry wide as the Best Project Finance House in the region over the last few years. He has also been a key contributor to driving the bank’s Sustainable Finance commitment through leadership in the renewables sector.

Prior to joining Standard Chartered, Abbas worked with Citibank, managing a portfolio of multinational corporates and local corporates and at Bank of America managing a diversified portfolio.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Standard Chartered Calls for Improved Digital Access for Africa

February 2, 2020

Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered

International banking group, Standard Chartered Bank has called for improved digital access to unlock the huge business potential across Africa. The Bank in its latest report titled Opportunity2030 reveals that about $ 200 billion private-sector investment opportunities that could contribute to the UN Sustainable Development Goals (SDGs) in five African countries exist in the continent. The Report which is part of a study carried out by the Bank examined the most impactful opportunities for investing in three infrastructure-focused SDGs in five high-growth markets in Africa namely Ghana, Kenya, Nigeria, Uganda and Zambia.

Standard Chartered SDG Investment Map reveals a USD197 billion opportunity for private-sector investors in five high-growth markets in Africa to help achieve the UN’s Sustainable Development Goals (SDGs), with improving digital access making up USD74.5 billion of that total. The study highlights opportunities for investors to contribute to three infrastructure-focused goals between now and 2030: SDG 6: Clean Water and Sanitation, SDG 7: Affordable and Clean Energy and SDG 9: Industry, Innovation and Infrastructure across emerging markets.

Across all the world’s emerging markets, Oportunity2030 identifies a USD10 trillion opportunity for private sector investors. This represents around 40 per cent of the total funding required to meet specific indicators within the three SDGs – allowing for population growth as well as maintaining current access – with public funds expected to provide the bulk of the investment.

Providing universal digital access represents the greatest investment opportunity for the private sector by 2030 (USD74.5 billion), followed by universal access to power (USD65.8 billion), transport infrastructure (USD46.4 billion) and access to clean water and sanitation (USD10.3 billion)

The biggest single opportunity across the African markets in the study is in increasing digital access – a combination of mobile phone subscriptions rates and internet connectivity – in Nigeria (USD47.4 billion). Driven by its large and growing population, Nigeria also offers the greatest overall opportunity across the SDG indicators measured (a total of USD114.2 billion), followed by Kenya (USD40 billion)

Zambia and Kenya present a big opportunity to make an impact on SDG 6 (Clean Water and Sanitation): With an average of 43 per cent and 56 per cent of the population respectively currently lacking access to clean water and sanitation, there is a USD0.7 billion and USD2.3 billion private-sector investment opportunity to help close the gap by 2030

Uganda presents a meaningful opportunity to make an impact on SDG 7 (Affordable and Clean Energy): with just 22 per cent of the population that have access to electricity, there is a USD6.1 billion private-sector investment opportunity to help achieve universal access by 2030. The greatest investment opportunity in Ghana is in achieving and maintaining universal access to electricity (a key SDG 7 indicator), representing a USD7.8 billion private-sector opportunity.

Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered, said that the UN Sustainable Development Goals are amongst the most ambitious projects humanity has ever attempted. As well as offering our best hope yet of tackling the world’s most serious challenges, they also offer a unique opportunity for the private sector. For the goals to be met in Africa, the private sector must play a central role in deploying capital to get projects off the ground. Opportunity2030 provides a map of these opportunities, revealing the sectors and markets where investors can best contribute to the SDGs whilst achieving sustainable returns.

He added that “currently, not enough capital is reaching the countries that need it the most. With the UN’s 2030 deadline for achieving SDGs just 10 years away, the time to act is now.”

With Standard Chartered Bank’s experience and reach into Africa, the Bank uses banking knowledge, products and its unique footprint to fund sustainable development where it matters most. In June 2019, we launched our first Sustainability Bond, raising EUR 500 million to fund projects aligned to the SDGs in emerging markets, and have worked with clients and partners to create a number of important landmark structured solutions to support the SDG’s. The Bank has also launched its digital bank in nine markets in Africa, as part of the Bank’s digital transformation strategy for Africa. The digital banking solution provides Standard Chartered customers with affordable, fast and easily accessible banking services that is supporting financial inclusion in the markets.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry