Standard Bank of South Africa
Encyclopedia
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.
, under the name Standard Bank of South Africa.
The British bank's history in South Africa dated back to 1862, when a group of businessmen led by John Paterson formed the bank in London, initially under the name Standard Bank of British South Africa. The bank started operations in 1863 in Port Elizabeth, South Africa
, 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.
In 1920 the Standard Bank bought out the African Banking Corporation
.
Until 1962 the British bank was formally known as the Standard Bank of South Africa, although by then its operations spread across Africa. When the South African operations were formed into a subsidiary in 1962, the parent changed its name to Standard Bank Limited, and the South African subsidiary took its parent's previous name.
The parent bank merged in 1969 with Chartered Bank of India, Australia and China
and the combined bank became known as Standard Chartered Bank
. The Standard Bank Investment Corporation (now Standard Bank Group) was established as the holding company of the South African bank. Standard Chartered sold its remaining 39% stake in Standard Bank Group in 1987, transferring complete ownership of the holding company to South African investors.
In 2002, Standard Bank acquired 90% of Uganda Commercial Bank
, the largest commercial bank in Uganda
at that time, making Standard Bank a major actor in the banking sector of that East African
country. As of March 2009, the new bank, called Stanbic Bank (Uganda) Limited
is still Uganda
's largest commercial bank with approximately 27% of all bank assets and about 20% of all bank branches in the country. The stock of Stanbic Bank (Uganda) Limited
is traded on the Uganda Securities Exchange
(USE
) under the symbol SBU
.
On 21 August 2007 Standard Bank Group acquired controlling interest in IBTC Chartered Bank. This gave subsidiary StanbicIBTC Bank Nigeria Limited significant presence in the Nigerian market.
In 2006, Standard Bank bought BankBoston Argentina
expanding its operations into this country.
Standard Bank has operations in Jersey.
Also in August 2007, Standard Bank Group acquired a 67% share of the Turkish bank Dundas Ünlü Securities and now operates in Turkey
under the name of Standard Ünlü.
On 6 March 2009, Standard Bank announced plans to acquire 33% of Russia's second biggest investment bank, Troika.
Troika, which is Russia's oldest brokerage, will acquire Standard Bank's current Russian banking operation, and will in addition receive cash of $200-million in the form of a 'convertible loan'http://www.mg.co.za/article/2009-03-06-standard-bank-buys-33-of-russias-troika.
Two executives of Standard Bank will join Troika's six-member board.
, Industrial and Commercial Bank of China (Macau), Bank of China
, China Development Bank
, China CITIC Bank
initiated $1Billion club loan to Standard Bank.
acquired a stake of about 20% in Standard Bank for US$5.5bn. Half the stake came from ICBC acquiring existing shares and half from new shares. ICBC will also get two seats on the board of directors.
South 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...
's largest financial services groups. It operates in 30 countries around the world, including 17 in Africa.
History
The bank was formed in 1962 as a South African subsidiary of the British overseas bank Standard BankStandard Bank (historic)
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.-History:...
, under the name Standard Bank of South Africa.
The British bank's history in South Africa dated back to 1862, when a group of businessmen led by John Paterson formed the bank in London, initially under the name Standard Bank of British South Africa. The bank started operations in 1863 in Port Elizabeth, South Africa
South 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.
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...
.
Until 1962 the British bank was formally known as the Standard Bank of South Africa, although by then its operations spread across Africa. When the South African operations were formed into a subsidiary in 1962, the parent changed its name to Standard Bank Limited, and the South African subsidiary took its parent's previous name.
The parent bank merged in 1969 with Chartered Bank of India, Australia and China
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...
and the combined bank became known as Standard Chartered Bank
Standard Chartered Bank
Standard Chartered PLC is a multinational financial services company headquartered in London, United Kingdom with operations in more than seventy countries...
. The Standard Bank Investment Corporation (now Standard Bank Group) was established as the holding company of the South African bank. Standard Chartered sold its remaining 39% stake in Standard Bank Group in 1987, transferring complete ownership of the holding company to South African investors.
Africa
- Uganda
In 2002, Standard Bank acquired 90% of Uganda Commercial Bank
Uganda Commercial Bank
Uganda Commercial Bank Ltd was a Ugandan government-owned bank, and the largest financial institution in the country. In 2001 the bank was privatised and merged into Stanbic Bank Limited.-History:...
, the largest commercial bank in Uganda
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
at that time, making Standard Bank a major actor in the banking sector of that East African
East African
East African may refer to:*Any person or object of, or pertaining to, East Africa*East African Airlines, an airline based in Kampala, Uganda*East African Safari Air, a now defunct airline based in Kenya*The EastAfrican, a weekly newspaper in East Africa...
country. As of March 2009, the new bank, called Stanbic Bank (Uganda) Limited
Stanbic Bank (Uganda) Limited
Stanbic Bank Limited is a commercial bank in Uganda. It is one of the commercial banks licensed by Bank of Uganda, the national banking regulator.-Overview:...
is still Uganda
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
's largest commercial bank with approximately 27% of all bank assets and about 20% of all bank branches in the country. The stock of Stanbic Bank (Uganda) Limited
Stanbic Bank (Uganda) Limited
Stanbic Bank Limited is a commercial bank in Uganda. It is one of the commercial banks licensed by Bank of Uganda, the national banking regulator.-Overview:...
is traded on the Uganda Securities Exchange
Uganda Securities Exchange
The Uganda Securities Exchange is the principal stock exchange of Uganda. It was founded in June 1997. The USE is operated under the jurisdiction of Uganda's Capital Markets Authority, which in turn reports to the Bank of Uganda, Uganda's central bank.The exchange's doors opened to trading in...
(USE
USE
USE or U.S.E. can refer to:* United States of Europe, a term sometimes used to refer to a hypothetical Federal Europe.* The fictional United States of Europe in the alternate history novel 1632 and the following 1632 book series'...
) under the symbol SBU
SBU
The three-letter acronym SBU may refer to:Military and defense* Security Service of Ukraine or Sluzhba Bezpeky Ukrayiny .* Sensitive but unclassified, a U.S. designation of information* SBU Corsair, an aircraft* Special Boarding UnitUniversities...
.
- Nigeria
On 21 August 2007 Standard Bank Group acquired controlling interest in IBTC Chartered Bank. This gave subsidiary StanbicIBTC Bank Nigeria Limited significant presence in the Nigerian market.
International
- Argentina
In 2006, Standard Bank bought BankBoston Argentina
Argentina
Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...
expanding its operations into this country.
- Jersey
Standard Bank has operations in Jersey.
- Turkey
Also in August 2007, Standard Bank Group acquired a 67% share of the Turkish bank Dundas Ünlü Securities and now operates in Turkey
Turkey
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
under the name of Standard Ünlü.
- Russia
On 6 March 2009, Standard Bank announced plans to acquire 33% of Russia's second biggest investment bank, Troika.
Troika, which is Russia's oldest brokerage, will acquire Standard Bank's current Russian banking operation, and will in addition receive cash of $200-million in the form of a 'convertible loan'http://www.mg.co.za/article/2009-03-06-standard-bank-buys-33-of-russias-troika.
Two executives of Standard Bank will join Troika's six-member board.
Loan Deal with Chinese banks
On the 11th September, 2009 Industrial and Commercial Bank of ChinaIndustrial and Commercial Bank of China
Industrial and Commercial Bank of China Ltd. is the largest bank in the world by profit and market capitalization. It is one China's 'Big Four' state-owned commercial banks .It was founded as a limited company on January 1, 1984...
, Industrial and Commercial Bank of China (Macau), Bank of China
Bank of China
Bank of China Limited is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China...
, China Development Bank
China Development Bank
The China Development Bank is a financial institution in the People's Republic of China under the direct jurisdiction of the State Council. It is the only bank in China whose governor is a full minister...
, China CITIC Bank
China CITIC Bank
China CITIC Bank is China’s seventh-largest lender in terms of total assets. It is formerly known as CITIC Industrial Bank. China CITIC Bank, established in February 1987, is a nationally comprehensive and internationally oriented commercial bank...
initiated $1Billion club loan to Standard Bank.
ICBC Deal
In October 2007 the Industrial and Commercial Bank of ChinaIndustrial and Commercial Bank of China
Industrial and Commercial Bank of China Ltd. is the largest bank in the world by profit and market capitalization. It is one China's 'Big Four' state-owned commercial banks .It was founded as a limited company on January 1, 1984...
acquired a stake of about 20% in Standard Bank for US$5.5bn. Half the stake came from ICBC acquiring existing shares and half from new shares. ICBC will also get two seats on the board of directors.