May 22, 2025
Casablanca, Morocco – Standard Chartered has officially launched its new representative office in Morocco, marking a strategic expansion of its presence across the Middle East and North Africa (MENA) region. The move follows license approval from Bank Al-Maghrib and the awarding of Casablanca Finance City (CFC) status by the Casablanca Finance City Authority.
The office will be led by Cynthia El Asmar, appointed as CEO and Head of Coverage for Morocco, pending regulatory approval. With deep experience in client coverage across the region, she will spearhead the Bank’s local strategy and focus on strengthening client relationships in the market.
This new presence reinforces Standard Chartered’s long-term commitment to the MENA region and aligns with its strategy of supporting clients in dynamic, internationally connected markets. Morocco’s robust economic performance and strategic geographic location make it an increasingly significant hub for global trade and investment.
Rola Abu Manneh, CEO for UAE, Middle East, and Pakistan at Standard Chartered, commented:
“With our global network, sector-specific expertise, and strong financing capabilities, we are well-positioned to contribute to Morocco’s ambitious growth plans. We are grateful to Bank Al-Maghrib and the Casablanca Finance City Authority for their essential support in facilitating our market entry. This milestone underscores our dedication to linking clients to high-growth markets and fostering regional economic development.”
Cynthia El Asmar added:
“Morocco serves as a strategic link between Europe and Sub-Saharan Africa. Ongoing structural reforms are enhancing its investment appeal and global competitiveness—making it well-placed to benefit from shifts in global trade and supply chains. We are excited to establish our presence here and ready to help clients seize the many opportunities Morocco offers.”
This new representative office follows Standard Chartered’s recent expansion into Egypt with a full banking license in early 2024 and into Saudi Arabia in 2021. The Morocco office will focus on deepening ties with international businesses, especially in key sectors such as agro-industry, automotive, aviation, and renewable energy.
As the sixth-largest economy in Africa, Morocco’s GDP grew by 3.2% in 2024, with projections of 3.7% growth in the coming years—driven by major infrastructure projects and an ongoing reform agenda. Over the past decade, Standard Chartered has maintained close collaboration with the Moroccan banking sector, establishing strong partnerships with key financial institutions. The new office will act as a platform to further these relationships and deliver customized banking solutions to multinational and regional clients.
