Stanchart to set up new global busi­ness ser­vices hub in Warsaw

The Gulf Today - Business - - INTERNATIONAL -

LONDON: Asia-fo­cused bank Stan­dard Char­tered said on Thurs­day it was set­ting up a new global busi­ness ser­vices hub in the Pol­ish cap­i­tal of Warsaw, the lat­est ex­pan­sion by a ma­jor bank out­side London, Eu­rope’s big­gest fi­nan­cial cen­tre.

Poland, by far the largest coun­try in the Euro­pean Union’s east­ern wing, has had strong eco­nomic growth over the past decade and has proven at­trac­tive for in­ter­na­tional banks and other com­pa­nies, partly due to its cheaper labour costs.

Wall Street banks Gold­man Sachs and JP Mor­gan have said they are also plan­ning to in­crease their pres­ence there.

Stan­dard Char­tered’s new of­fice, which is ex­pected to open in Septem­ber, will house a range of op­er­a­tions serv­ing the bank’s grow­ing Euro­pean and US client base, in­clud­ing tech­nol­ogy and fi­nance ser­vices, cy­ber se­cu­rity, as well as tra­di­tional bank­ing ac­tiv­i­ties.

The Warsaw op­er­a­tion - which joins a net­work of sim­i­larly struc­tured hubs in China, In­dia and Malaysia - will be run by Rowena Ever­son, who has been pro­moted to chief ex­ec­u­tive of Stan­dard Char­tered Global Busi­ness Ser­vices in Poland from her cur­rent role as a man­ag­ing di­rec­tor and head of busi­ness sup­port, risk and gov­er­nance for Eu­rope based in London.

Thurs­day’s an­nounce­ment fol­lows spec­u­la­tion late last year that Stanchart had short­listed the cen­tral Euro­pean city as a base for up to 500 mem­bers of staff.

A spokesman for Stanchart said the Warsaw of­fice was likely to house as many as 750 staff within the next five years, as func­tions nor­mally per­formed by its Asian global busi­ness hubs mi­grated to Warsaw.

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