STANDARD Chartered Bank is set to open a knowledge services center in the Philippines by next year.

The bank is currently setting up Standard Chartered Group Services Manila, Inc. (SCGS Manila), which is expected to be fully operational in 2024, the lender said in a statement on Tuesday.

“We are proud to announce the establishment of Standard Chartered Group Services Manila, Inc. It underpins the bank’s deep commitment to the Philippines as the oldest international bank in the country. It is likewise a testament to the world-class Filipino talent pool and capabilities, which we will continue to invest in…,” Standard Chartered Bank Philippines Chief Executive Officer Michaelangelo K. Samson said.

SCGS Manila will join the bank’s network of Global Business Services (GBS) in China, India, Malaysia, and Poland.

Manila was selected as the next GBS branch due to its location, talented workforce, and young demographic, Standard Chartered said.

“The setup is in line with our intent to provide a robust, professional, and innovative center of excellence that serves as an alternative cost-effective solution to its businesses, operations, functions and technology,” it said.

Standard Chartered GBS provides services related to software and system development, technology support services, banking operations, finance, human resources, risk, audit, compliance, legal, and professional services to businesses globally.

“Standard Chartered continues to look for opportunities to expand our operations to support our clients, businesses globally and our shared services operations in Asia — to ensure we have a fit for purpose, cost effective workforce to support the bank’s strategy,” Standard Chartered Central Operations and Global Business Services Head Matthew Norris said.

“As such, our decision to establish a center in the Philippines further strengthens our strategic agenda and enable us to better support our clients and businesses in our markets,” he added. — AMCS