Standard Bank (historic)
Encyclopedia
The Standard Bank was a British overseas bank, which operated mainly in Africa from 1863 to 1969. It merged with the Chartered Bank
in 1969 to form Standard Chartered.
, and soon after opening it merged with several other banks including the Commercial Bank of Port Elizabeth, the Colesberg Bank
, the British Kaffraria
n Bank and the Fauresmith Bank.
It was prominent in financing and development of the diamond fields of Kimberley
in 1867. The word "British" was dropped from the title in 1883. When gold
was discovered on the Witwatersrand
, the bank expanded northwards and on 11 October 1886 the bank started doing business in a tent at Ferreira's Camp (later to be called Johannesburg
), thus becoming the first bank to open a branch on the Witwatersrand gold fields. On 1 November 1901 a second branch was opened in Eloff Street of Johannesburg.
From the 1890s through the 1910s the bank opened offices across Africa although some of them were unsustainable and subsequently had to be closed. In 1912 it opened a branch in New York
. In 1920 it bought out the African Banking Corporation
. By the mid-1950s, Standard Bank had around 600 offices in Africa.
In 1962, the bank was renamed Standard Bank Limited, and a subsidiary was registered in South Africa under the parent bank's previous name, Standard Bank of South Africa
.
In 1965, Standard Bank merged with the Bank of West Africa expanding its operations into Cameroon
, Gambia, Ghana
, Nigeria
, and Sierra Leone
.
and the combined bank became known as Standard Chartered Bank.
) was established as the holding company of The Standard Bank of South Africa Limited. Standard Chartered sold its remaining 39% stake in Standard Bank Group in 1987, and the two banking groups are now under quite separate ownership. Today, the Standard Bank name is used by the South African group, which has expanded outside South Africa, including forming a subsidiary in the United Kingdom known as Standard Bank London.
The original 1862 company changed its name in 1985 from Standard Bank PLC to Standard Chartered Bank Africa PLC, and is now named Standard Chartered Africa Ltd.
Chartered Bank of India, Australia and China
The Chartered Bank of India, Australia and China was a bank founded in London in 1851/1853 by Scotsman James Wilson following the grant of a Royal Charter from Queen Victoria. It opened its first branches in 1858 in Calcutta and Bombay and then in 1863 in Karachi and Shanghai...
in 1969 to form Standard Chartered.
History
The bank was incorporated in London in October 1862 as Standard Bank of British South Africa. It was formed by a group of South African businessmen led by John Paterson. The bank started operations in 1863 in Port Elizabeth, South AfricaSouth Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
, and soon after opening it merged with several other banks including the Commercial Bank of Port Elizabeth, the Colesberg Bank
Colesberg Bank
Colesberg Bank was a South African bank established in 1861 and acquired by Standard Bank in 1863.- Formation :The decision to establish the Colesberg Bank was taken at a public meeting held on 28 December 1860 at Colesberg, Cape of Good Hope....
, the British Kaffraria
British Kaffraria
British Kaffraria was a British colony/subordinate administrative entity in present-day South Africa, consisting of the districts now known as King Williams Town and East London.The term Kaffraria stems from the word "Kaffir"...
n Bank and the Fauresmith Bank.
It was prominent in financing and development of the diamond fields of Kimberley
Kimberley, Northern Cape
Kimberley is a city in South Africa, and the capital of the Northern Cape. It is located near the confluence of the Vaal and Orange Rivers. The town has considerable historical significance due its diamond mining past and siege during the Second Boer War...
in 1867. The word "British" was dropped from the title in 1883. When gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
was discovered on the Witwatersrand
Witwatersrand
The Witwatersrand is a low, sedimentary range of hills, at an elevation of 1700–1800 metres above sea-level, which runs in an east-west direction through Gauteng in South Africa. The word in Afrikaans means "the ridge of white waters". Geologically it is complex, but the principal formations...
, the bank expanded northwards and on 11 October 1886 the bank started doing business in a tent at Ferreira's Camp (later to be called Johannesburg
Johannesburg
Johannesburg also known as Jozi, Jo'burg or Egoli, is the largest city in South Africa, by population. Johannesburg is the provincial capital of Gauteng, the wealthiest province in South Africa, having the largest economy of any metropolitan region in Sub-Saharan Africa...
), thus becoming the first bank to open a branch on the Witwatersrand gold fields. On 1 November 1901 a second branch was opened in Eloff Street of Johannesburg.
From the 1890s through the 1910s the bank opened offices across Africa although some of them were unsustainable and subsequently had to be closed. In 1912 it opened a branch in New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
. In 1920 it bought out the African Banking Corporation
African Banking Corporation
African Banking Corporation was a British Overseas Bank, that is, it had a headquarters in London but all its branches were overseas. Unusually, it was a consortium bank , rather than being owned by individuals...
. By the mid-1950s, Standard Bank had around 600 offices in Africa.
In 1962, the bank was renamed Standard Bank Limited, and a subsidiary was registered in South Africa under the parent bank's previous name, Standard Bank of South Africa
Standard Bank
The Standard Bank of South Africa Limited is one of South Africa's largest financial services groups. It operates in 30 countries around the world, including 17 in Africa.-History:...
.
In 1965, Standard Bank merged with the Bank of West Africa expanding its operations into Cameroon
Cameroon
Cameroon, officially the Republic of Cameroon , is a country in west Central Africa. It is bordered by Nigeria to the west; Chad to the northeast; the Central African Republic to the east; and Equatorial Guinea, Gabon, and the Republic of the Congo to the south. Cameroon's coastline lies on the...
, Gambia, Ghana
Ghana
Ghana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south...
, Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
, and Sierra Leone
Sierra Leone
Sierra Leone , officially the Republic of Sierra Leone, is a country in West Africa. It is bordered by Guinea to the north and east, Liberia to the southeast, and the Atlantic Ocean to the west and southwest. Sierra Leone covers a total area of and has an estimated population between 5.4 and 6.4...
.
Merger
In 1969 the Standard Bank merged with Chartered Bank of India, Australia and ChinaChartered Bank of India, Australia and China
The Chartered Bank of India, Australia and China was a bank founded in London in 1851/1853 by Scotsman James Wilson following the grant of a Royal Charter from Queen Victoria. It opened its first branches in 1858 in Calcutta and Bombay and then in 1863 in Karachi and Shanghai...
and the combined bank became known as Standard Chartered Bank.
Subsequent use of name
In South Africa the Standard Bank Investment Corporation (now Standard Bank GroupStandard Bank
The Standard Bank of South Africa Limited is one of South Africa's largest financial services groups. It operates in 30 countries around the world, including 17 in Africa.-History:...
) was established as the holding company of The Standard Bank of South Africa Limited. Standard Chartered sold its remaining 39% stake in Standard Bank Group in 1987, and the two banking groups are now under quite separate ownership. Today, the Standard Bank name is used by the South African group, which has expanded outside South Africa, including forming a subsidiary in the United Kingdom known as Standard Bank London.
The original 1862 company changed its name in 1985 from Standard Bank PLC to Standard Chartered Bank Africa PLC, and is now named Standard Chartered Africa Ltd.