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StanChart to have a hub in Warsaw

Standard Chartered Bank is setting up a new global business services hub in Warsaw, Poland. This is seen as the latest expansion by a major bank outside London. 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 labor costs. The new office of the bank, which is expected to open in September, will house a range of operations serving the bank’s growing European and U.S. client base, including technology and finance services, cyber security, as well as traditional banking activities. The hub is expected to join 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. A spokesman for the bank said the Warsaw office was likely to house as many as 750 staff within the next 5 years, as functions normally performed by its Asian global business hubs migrated to Warsaw.

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