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StanChart CEO: Qatar impasse threatens Dubai's finance hub status


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StanChart CEO: Qatar impasse threatens Dubai's finance hub status

Standard Chartered Plc CEO Bill Winters has warned that the diplomatic blockade against Qatar could have an adverse impact on Dubai's status as a financial hub, Reuters reported Aug. 7.

The bank, which has a staff of 128 people in Qatar, is "not fundamentally changing the way we do business," Winters said, adding that the diplomatic impasse with Qatar entails "a risk of turning away from the UAE."

Earlier, Winters told analysts that the business in Qatar has not been affected by the ongoing disputes the country is involved in.

Saudi Arabia and fellow Gulf Cooperation Council members Bahrain and United Arab Emirates, together with Egypt, cut off relations with Qatar on June 5, alleging ties to terrorism.

A number of Saudi Arabian and UAE-based banks followed suit and reportedly suspended business dealings with their Qatari counterparts.