Standard Bank Review

Standard Bank Review

The bank now known as Standard Bank was formed in 1862 as a South African attachment of the British overseas bank Standard Bank, under the name The Standard Bank of South Africa.

The bank’s origins can be traced to 1862, when a group of businessmen led by the prominent South African politician John Paterson formed a bank in London, originally under the name Standard Bank of British South Africa. And again, the bank started operations in the year (1863) in _”Port Elizabeth, South Africa”. Soon after opening it was led by several other banks including the Commercial Bank of _Port Elizabeth, the Colesberg Bank, the (British Kaffrarian Bank & the Fauresmith Bank).

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It was prominent in backing and development of the diamond fields of Kimberley in the year (1867). And the word”British” was dropped from the title in the year (1883). And when gold was discovered on the Witwatersrand, the bank expanded northwards and on 11 October 1886 the bank started doing business in a roof at Ferreira’s Camp ( later to be called Johannesburg), therefore getting the first bank to open a branch on the Witwatersrand gold fields. And on 1st November (1901) an alternate branch was opened in Eloff Street of Johannesburg.

Until 1962 the British bank was formally known as the Standard Bank of South Africa, although also its operations spread across Africa. And when the South African operations were formed into an attachment in 1962, the parent changed its name to Standard Bank Limited, and the South African attachment took its parent’s former name. But in the year (1967), shares in the Standard Bank of South Africa were offered to the South African public, although the British parent company retained over 80 of the shares.

In the year (1992), the bank acquired the operations of ANZ Grindlays Bank in eight African countries. And most of the recently acquired banks were renamed Stanbic Bank, to avoid confusion with the former parent (and now contender), Standard Chartered, which continued to operate in Africa. And several further banks in Africa were acquired during the 1990s, and espoused the Stanbic name. But Standard Bank now trades under the name Stanbic Bank in (Botswana -the Democratic Republic of the Congo- Ghana- Kenya- Malawi- Nigeria- South Sudan – Tanzania – Uganda- Zambia & Zimbabwe).

Standard Bank’s Africa’s Development

Ivory Coast

In February (2014), Standard Bank Group was anticipated to open a representative office in Abidjan, Ivory Coast, marking the entry of the banking empire into Francophone West Africa, Ivory Coast becoming the 19th African country where Standard Bank maintains an attachment.

Malawi

In December (2001), Standard Bank acquired 60.18% holding in the Commercial Bank of Malawi and became a maturity shareholder. And the bank was renamed Standard Bank Malawi.

Madagascar

The group is represented by Union Commercial Bank in Madagascar,

Mozambique

Standard Bank SARL (“SBM”) has a long history and is considered one of the leaders of the original request. And formerly active in Mozambique for 120 times. And the network’s Standard Bank is one of the largest in the country. But covers all major municipalities and metropolises of Mozambique, with 44 branches.

Namibia

South African parent company

is largely detached from legal Standard Bank Namibia. And the bank was established in Namibia by the first marketable branch on 19 August 1915 in Lüderitz. But it’s one of the largest banks in Namibia and operates from more than 50 branches.

Nigeria

On 21 August in, in the year (2007). The Standard Bank Group gained domiciliary interest in the (IBTC Chartered Bank). Nad was innovated by the junction of the International Banking & Trust Company Plc and Chartered Bank Plc. And this gave the Stanbic IBTC Effects significant presence in the Nigerian request.

Tanzania

In the year (1995), the bank acquired the operations of the (Meridien BIAO Bank) and renamed it (Stanbic Bank Tanzania Limited). And in September (2012), the Stanbic Bank Tanzania secured financing worth $ 3 billion for (Mchuchuma Iron Ore & Liganga Coal mining) design in the Ludewa quarter of the recently created region of Njombe in southwestern Tanzania.

Uganda

In 2002, Standard Bank acquired 90% of Uganda Commercial Bank, the largest marketable bank in Uganda at that time, making Standard Bank a major actor in the banking sector of that East African country and renamed the (bank Stanbic Bank) Uganda Limited.

As of December 2012, Stanbic Bank (Uganda) was still Uganda’s largest marketable bank with roughly 20 of all bank means and about 18 of all bank branches in the country. And the stock of Stanbic Bank (Uganda) Limited is traded on the Uganda Securities Exchange ( USE) under the symbol SBU.

Standard Bank Group maintains roughly 80 shareholding. And in the year (2015) Stanbic Bank was involved in a fraud reproach involving plutocrat transfers from the Swedish delegation to private accounts of a former delegacy hand.

The Standard Bank’s International Development

United Kingdom

In the early of (1990)s the bank started operations in London, and Standard Bank London Ltd was awarded a banking licence in 1992. And it was blazoned at the end of July 2013 that Standard Bank was in addresses to sell its requests business in London to the Industrial and Commercial Bank of China for further than$ 500 million. In November 2013, Standard Bank verified it was in addresses to sell a controlling stake in its London- grounded global requests business.

In January (2014) the Financial Conduct Authority (FCA) fined Standard Bank PLC (Standard Bank)£ for shortcomings relating to its anti-money laundering (AML) programs and procedures over commercial guests connected to politically exposed persons ( Verve). And between 15 December 2007 and 20 July 2011, Standard Bank failed to misbehave with Regulation 20 (1) of the Plutocrat Laundering Regulations because it failed to take reasonable care to insure that all aspects of its AML programs were applied meetly and constantly to its commercial guests connected to Verve.

Argentina

In 2006, Standard Bank bought the BankBoston Argentina unit, expanding its operations into this country. And in 2012, ICBC acquired 80% of its shares. Rebranding passed in April 2013.

Isle of Man

The Bank also has operations in the Isle of Man.

Jersey

The Bank also 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 under the name of Standard Ünlü. And the Bank vended its shares down to 25 in April 2012 and the Turkish sub was renamed ÜNLÜ &Co. latterly.

Russia

On 6 March 2009, Standard Bank blazoned plans to acquire 33 of Russia’s second biggest investment bank, Troika Dialog. But Troika, which was Russia’s oldest brokerage, acquired Standard Bank’s Russian banking operation, and in addition entered cash of$ 200-million in the form of a convertible loan.

Two directors of Standard Bank joined Troika’s six- member board. And in March 2011, Sberbank, number one bank in Russia by the size of capital and means, bought Troika Dialog and paid Standard Bank $ 372 million for its36.4 stake in Troika.

Investments in Standard Bank

Loan deal with Chinese banks

On 11 September 2009 Industrial and Commercial Bank of China, Industrial and Commercial Bank of China (Macau), Bank of China, China Development Bank, China CITIC Bank initiated a$ 1Billion club loan to Standard Bank.

ICBC deal

In October 2007 the Industrial and Commercial Bank of China acquired a stake of about 20 in Standard Bank forUS$5.5 bn. And half the stake came from ICBC acquiring shares and half from new shares. And the ICBC will also get two seats on the board of directors.

Standard Bank Charges

In 2005 Standard Bank was rated as having the smallest bank charges in South Africa. And by 2010 that had changed, to the extent that Standard Bank was rated by Finweek’s review of SA bank charges as having amongst the loftiest bank charges in the country. But a report by Afriforum verified Standard Bank’s position as having the loftiest bank charges in the country along with Absa Bank.

Client service

The South African Client Satisfaction Indicator (SAcsi) of 2015 and 2016 rated Standard Bank as being the smallest among South African banks in terms of client service. And its overall movement in this indicator has shown a mild decline from former conditions.

Consumer satisfaction at Standard Bank rose by4.4, from71.9 in 2016 to75.2 in the year  (2017). And that’s the largest increase for any South African bank. And the Standard Bank’s pronounced enhancement was due to its’ What is your coming?’ marketing crusade which sought to reconnect the brand with its guests.

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