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Standard Chartered Bank Tanzania Ltd.

$2.7 million
Financial Services
Project Brief
Not Active

Standard Chartered Africa p1c., a subsidiary of Standard Chartered Bank of the United Kingdom, opened a wholly owned subsidiary in Tanzania with MIGA's support. The first foreign bank to reenter the country since the nationalization of all financial institutions in 1967, Standard Chartered Africa will provide a variety of financial services and stimulate competition in the banking sector. When fully operational, the subsidiary will employ about eighty people. MIGA's $2.7 million guarantee of Standard Charter's equity investment covers the risks of currency transfer and expropriation.