Standard Chartered plans to buy an Egyptian bank to benefit from the booming lending sector of the Middle East, regional head Christos Papadopoulos said.

Papadopoulos said that Standard Chartered will keep on growing in the Middle East despite the pressure on many European banks to cut costs and improve capital amidst the global financial crisis.

He added that Egypt is attracting investments from a long-term perspective as the country's economic system becomes more stable.

Moreover, Papadopoulos disclosed that the bank will focus on lending opportunities in oil-rich countries Qatar and Saudi Arabia where it sees large infrastructure building projects.

In late 2011, Standard Chartered concluded the deal for acquiring Greek bank Piraeus Bank's unit in Egypt. The unit was valued at over $200 million.