Standard Bank Group Ltd. history, profile and history video
Standard Bank Group Ltd. engages in the business of providing banking and financial services. It offers transactional banking, saving, borrowing, lending, investment, insurance, risk management, wealth management and advisory services. It operates through four business units: Personal & Business Banking; Corporate & Investment Banking, Liberty; and Central & Other. The Personal & Business Banking business unit provides banking and other financial services to individual customers and small- to medium-sized enterprises. The Corporate & Investment Banking business unit provides corporate and investment banking services to governments, parastatals, larger corporate, financial institutions and international counterparties. The Liberty business unit provides life insurance and investment management activities. The Central & Other business unit includes the impact of the black economic empowerment ownership initiative, group hedging activities, group capital instruments and group surplus capital and strategic acquisition costs. The company was founded in 1969 and is headquartered in Johannesburg, South Africa.“
“Standard Bank Group History
The bank now known as Standard Bank was formed in 1962 as a South African subsidiary of the British overseas bank Standard Bank, under the name Standard Bank of South Africa.
The bank’s origins can be traced to 1862, when a group of businessmen led by John Paterson formed a 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 Kaffrarian 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 theWitwatersrand, 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.
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.
In 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.
The parent bank merged in 1969 with Chartered Bank of India, Australia and China and the combined bank became known as Standard Chartered Bank. In 1969 the Standard Bank Investment Corporation (now Standard Bank Group) was established as the holding company of the South African bank. During the 1970s and 1980s Standard Chartered gradually reduced its shareholding, and sold its remaining 39% stake in Standard Bank Group in 1987, transferring complete ownership of the holding company to South African investors.”
*Information from Forbes.com and Wikipedia.org
**Video published on YouTube by “ Standard Bank SA“