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StanChart to set up Polish office

Standard Chartered PLC will set up an office in Warsaw, dubbed Standard Chartered Global Business Services Sp z o.o., as part of efforts to attract more clients in Europe and the Americas.

The U.K.-based lender said June 14 that the envisaged office, which is expected to open in September, will house its global business services and cover cross-border activities including technology and finance services, cyber security and banking operations. It will start with about 100 staff by 2018-end and will grow to roughly 750 employees in five years, the Financial Times reported the same day.

Rowena Everson, currently managing director and head of business support, risk and governance for Europe, was appointed CEO of the Polish operations.

Stephen Sheridan, StanChart's COO for Europe and the Americas, said the move is not related to Brexit, the FT added. The bank had already chosen Frankfurt as it new base in the EU post-Brexit.

The envisaged Warsaw office will provide shared services for StanChart's European and American operations, and will supplement the bank's Asian service centers, the FT noted.