Standard Chartered is making a push into selling derivatives products in Africa and has appointed Jean-Michel D'Oultrement, treasurer for U.K. and Europe in London, to be the head of markets for Africa based in London. D'Oultrement replaces Peter McLean, who has been appointed as chief executive of Standard Chartered Zambia, McLean said. D'Oultrement was traveling and could not be reached.
The firm's niche in the derivatives market is emerging markets and as competition has increased in the Asian and Middle East derivatives markets, Standard Chartered is looking to mine new business areas, said Angus Robertson, a member of the structuring and solutions group in global options in London.
The firm will first make a foray into offering products to onshore clients in Africa in order to develop enough liquidity to provide products to offshore investors. Locally, Standard Chartered will target corporates, fund managers and the retail market, relying on its already-established retail banking network in the region. Standard Chartered has been offering some derivatives products in Kenya and South Africa and is launching more of a presence across all of sub-Saharan Africa.
Robertson said this move coincides with a push in bond origination in the region and that the firm will sell fx swaps to allow corporates to hedge currency risk.
