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Stanchart sets aside $40bn for emerging markets

STANDARD Chartered Bank Zambia Plc says it has more than US$40 billion in global financial exposure, ready to support growth in emerging markets of Asia, the Middle East and Africa.

The oldest commercial bank in Zambia also says renewed confidence in the country’s economy since regime change last year has broadened its international capital and investment exposure.

Stanchart head of corporate and institutional banking Emmy Kumwenda said during a clients’ cocktail in Kitwe at the weekend that through its global network, the bank had in excess of $40 billion to support emerging economies.

“Recently we made changes to our prestige banking priorities, sending money abroad through our bank is easier. We have a strong network where we have combined our digital capacities to serve the emerging markets of Africa, Middle East and Asia,” Ms Kumwenda said.

She said the bank had established a very strong Chinese banking corridor making it one the most sustainable financial institutions in the world.

Ms Kumwenda also revealed that the bank had continued supporting sustainable sectors across its network with investments reaching a staggering $500 million in the areas of renewable energy, among others.

Stanchart chief executive officer Sonny Zulu also said the positive energy towards the rebuilding of the economy in recent times puts the Zambian economy on the growth trajectory.

“The economic prospects for the country are very positive, I have been away for more than four years, but the positive energy I am seeing is unprecedented, Government is sending positive signals to the outside world,” Mr Zulu said.

He added that the continued investments in digital banking was improving productivity as everything was happening instantaneously

Mr Zulu said the bank was looking at ways of providing a service to the more than 30,000 recruited teachers and helping Government create more jobs through the digital space.

He encouraged Government to invest more in data science for the country to stop importing capacities.

Kitwe Mayor Mpasa Mwaya said key developments taking place in the country were aimed at promoting long term economic growth, development and job creation.



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