South African Standard Bank Limited is one of the largest financial services groups in South Africa, operating in 20 countries in Africa and other major markets worldwide. It is Africa's largest lender by assets. The corporate headquarters, Standard Bank Center, is located on Simmonds Street, Johannesburg.
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Histori
The Bank now known as Standard Bank was formed in 1862 as a subsidiary of South Africa from the British foreign bank Standard Bank, under the name South African Standard Bank .
The origins of the bank can be traced back to 1862, when a group of entrepreneurs led by leading South African right wing politician John Paterson formed a bank in London, originally under the name Standard Bank of British South Africa. The Bank began operations in 1863 in Port Elizabeth, South Africa, and soon after it opened it was joined by several other banks including Port Elizabeth Commercial Bank, Colesberg Bank, British Kaffrarian Bank and Fauresmith Bank .
It was prominent in financing and development of the Kimberley diamond field in 1867. The word "English" was dropped from the title in 1883. When gold was found in Witwatersrand, the bank expanded to the north and on October 11, 1886 the bank began doing business in a tent at Ferreira's Camp (later called Johannesburg), making it the first bank to open a branch in the Witwatersrand gold field. On 1 November 1901, the second branch opened at Eloff Street in Johannesburg.
Until 1962, the British bank was officially known as the South African Standard Bank, although at the time it was operating throughout Africa. When the South African operation was formed into a subsidiary in 1962, the parents changed its name to Standard Bank Limited, and the South African subsidiary took its previous name to the parent.
In 1967 shares in the Standard Bank of South Africa were offered to the South African public, although the British holding company retained over 80% of the shares.
The parent bank joined in 1969 with Chartered Bank of India, Australia and China and this joint bank was known as Standard Chartered Bank. In 1969, Standard Bank Investment Corporation (now the Standard Bank Group) was established as a holding company of a South African bank. During the 1970s and 1980s, Standard Chartered gradually reduced its shareholding, and sold the remaining 39% of its shares in Standard Bank Group in 1987, transferring the parent company's complete holdings to South African investors and especially Liberty Life (and its affiliates) with the latter being the major shareholder of the company until 1999.
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Expansion and acquisition
Africa
In 1992, the bank acquired ANZ Grindlays Bank operations in eight African countries. Most of the newly acquired banks are renamed Stanbic Bank, to avoid confusion with former parents (and now competitors), Standard Chartered. Several other banks in Africa were acquired during the 1990s, and adopted the Stanbic name.
Côte d'Ivoire
In February 2014, the Standard Bank Group is expected to open a representative office in Abidjan, Ivory Coast, marking the entry of a banking conglomerate into Francophone West Africa. Ivory Coast became the 19th African country in which Standard Bank maintained its subsidiaries.
Malawi
In December 2001, Standard Bank acquired 60.18% interest in Malawi Commercial Bank and became the majority shareholder. The bank changed its name to Standard Bank Malawi.
Mozambique
Standard Bank SARL ("SBM") has a long history and is considered one of the leaders of the local market. Has been active in Mozambique for 120 years. Standard Bank network is one of the largest in the country. Includes all major cities and cities in Mozambique, with 44 branches.
Namibia
Namibia Bank Standard is largely detached from the South African holding company for legal reasons. The bank was founded in Namibia by the first commercial branch on 19 August 1915 in LÃÆ'¼deritz. It is one of the largest banks in Namibia and operates from more than 50 branches.
Nigeria
On August 21, 2007, Standard Bank Group acquired IBTC Chartered Bank's control. established by the merger of International Banking & amp; Trust Co. plc and Chartered Bank plc. This gave Stanbic IBTC Holdings subsidiary a significant presence in the Nigerian market.
Tanzania
In 1995, the bank acquired Meridien BIAO Bank operations and renamed it Stanbic Bank Tanzania Limited.
Uganda
In 2002, Standard Bank acquired 90% of Uganda Commercial Bank, Uganda's largest commercial bank at the time, making the Standard Bank a major actor in the banking sector in the East African country. They renamed the bank Stanbic Bank (Uganda) Limited. As of December 2012, Stanbic Bank (Uganda) is still the largest commercial bank in Uganda with about 20% of all bank assets and about 18% of all bank branches in the country. Stock of Stanbic Bank (Uganda) Limited is traded on Uganda Securities Exchange (USE) with symbol of SBU . Standard Bank Group owns approximately 80% of its shares.
International
United Kingdom
In the early 1990s the bank began operations in London, and Standard Bank London Ltd was awarded a banking license in 1992.
It was announced in late July 2013 that Standard Bank is in talks to sell its London market business to Industrial and Commercial Bank of China for more than $ 500 million. In November 2013, Standard Bank confirmed that it was in talks to sell controlling shares in its London-based global market business.
In January 2014 the Financial Conduct Authority (FCA) fined Standard Bank PLC (Standard Bank) Ã, Â £ 7,640,400 for failure relating to its anti-money laundering (AML) policies and procedures (AML) to corporate customers connected with politically exposed persons (PEPs). Between December 15, 2007 and July 20, 2011, Standard Bank failed to comply with Regulation 20 (1) of Money Laundering Regulations for failing to take reasonable measures to ensure that all aspects of its AML policies are appropriately and consistently applied to its corporate customers. connected to PEP. Argentina
In 2006, Standard Bank purchased the Argentine BankBoston unit to expand its operations into the country. In 2012, ICBC acquired 80% of its shares. Rebranding occurred in April 2013.
Isle of Man
Standard Bank operates in the Isle of Man. [1]
Jersey
Standard Bank operates in Jersey.
Turkish
Also in August 2007, Standard Bank Group acquired 67% of Turkish bank Dundas ÃÆ'Ã… "nlÃÆ'¼ Securities and now operates in Turkey under the name Standard ÃÆ'Ã…" nlÃÆ'¼. The Bank sold its shares up to 25% in April 2012 and sub-Turks renamed ÃÆ'Ã… "NLÃÆ'Ã…" & amp; Co afterwards.
Russian
On March 6, 2009, Standard Bank announced plans to acquire 33% of Russia's second-largest investment bank Troika. Troika, which is the oldest broker in Russia, will obtain Russian banking operations of the current Standard Bank, and will also receive $ 200 million in cash in the form of a 'conversion loan' [2]. Two Standard Bank executives will join the six members of the Troika council.
Invest in Standard Bank
Loan Agreement with Chinese banks
On September 11, 2009 Industrial and Commercial Bank of China, China Industrial and Commercial Bank (Macao), China Bank, China Development Bank, China CITIC Bank started a $ 1 billion club loan to Standard Bank.
ICBC Transaction
In October 2007, the Industrial and Commercial Bank of China acquired a 20% stake in Standard Bank for US $ 5.5 billion. Half of the shares derived from ICBC acquire existing shares and half of new shares. ICBC will also get two seats on the board of directors.
Bank charges
In 2005 Standard Bank was rated as having the lowest bank fees in South Africa. In 2010 that has changed, as far as Standard Bank is assessed by Finweek's review of SA bank fees as having amongst the highest bank fees in the country. A report by Afriforum confirmed the position of Standard Bank as the highest cost bank in the country along with Absa Bank.
Customer Service
South Africa Customer Satisfaction Index (SAcsi) in 2015 and 2016 assessed Standard Bank as the lowest among South African banks in terms of customer service. The overall movement in this index showed a slight decrease in the previous ranking.
Consumer satisfaction at Standard Bank increased by 4.4%, from 71.9 in 2016 to 75.2 in 2017.
That is the biggest increase for any South African bank.
The increase marked by Standard Bank is due to 'What will you do next?' a marketing campaign that seeks to reconnect the brand with its customers.
See also
- Bank Stanbic
- CfC Stanbic Holdings
- Stanbic IBTC Holdings
- Stanbic Bank Uganda
- Alewyn Burger former COO
Bibliography
Amphlett, George Thomas (1914). History of Standard South African Bank Ltd., 1862-1913 . Glasgow, Printed by R. Maclehose. Ã,
External links
- Standard Bank Group website
- Standard Bank in Argentina
- 1893 Standard Bank Ads in illustrated Cape and South African handbooks; a rÃÆ' Â © sumÃÆ' Â © from the history, condition, population, production and resources of some colonies, states, and territories in the Internet Archive
References
Source of the article : Wikipedia
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