MercoPress. South Atlantic News Agency

Standard Chartered opens representation office in Santiago

Britain's Standard Chartered Bank has been authorized to open a representation office in Chile, according to an official release from the country's banking regulator, Superintendencia de Bancos e Instituciones Financieras, SBIF

The release states that "the activities of the SCB Representation Office consist in acting as business agent for its main office and facilitate the exchange of information between local entities and the bank's branches overseas". According to Chilean law the licence extended prevents the SCB office from acting as a bank, "and the current authorization can be revoked at any moment if the representation does not abide with regulations or if its presence is inconvenient". Standard Chartered requested the representation licence last July 22. With a banking heritage spanning more than 150 years, Standard Chartered has an extensive global reach and a strong position in emerging markets, supplemented by strategic alliances and acquisitions Standard Chartered has a network of over 1,750 branches and outlets in more than 70 countries across the Asia Pacific Region, South Asia, the Middle East, Africa, Europe and the Americas, according to the bank's website.