Company type | Public |
---|---|
JSE: SBK LSE: SBK | |
Industry | Banking |
Founded | 15 October 1862 [1] |
Headquarters | 5 Simmonds Street, Johannesburg, South Africa |
Area served | |
Key people | Nonkululeko Nyembezi-Heita Chairperson Sim Tshabalala Chief Executive Officer |
Products | Commercial Banking Foreign Currency Exchange Insurance Investment Banking Investment Management Private Banking Consumer Banking Wealth Management |
Revenue | ZAR 177.616 billion (2023) |
ZAR 50.303 billion (2023) | |
Total assets | ZAR 3.066 trillion (2023) |
Number of employees | 50,451 (2023) |
Website | www |
Standard Bank Group Limited [2] is the largest bank in Africa and it is the biggest lender by assets. [3] The company's corporate headquarters, Standard Bank Centre, is situated at 5 Simmonds Street, Johannesburg. [4]
The bank now known as Standard Bank was formed in 1862 as a South African subsidiary 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 [5] [6] 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 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), [7] 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. [8]
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 and in particular Liberty Life (and its affiliates), with the latter being the company's major shareholder until 1999. [8]
In March 2019, Standard became the first bank in Africa to shift its operations onto Amazon Web Services. [9]
In March 2019, the bank announced a reduction of 91 branches and 1200 staff. The decision was taken due to a growing use of self-service channels and a branch network becoming less relevant. [10] [11] [ verification needed ]
In July 2021, Standard Bank announced that it would increase its stake in Liberty Holdings, a South African insurance company, from 54% to 100%, for $594 million. [12]
In 1992 the bank acquired the operations of ANZ Grindlays Bank in eight African countries. Most of the newly acquired banks were renamed Stanbic Bank, to avoid confusion with the former parent (and now competitor), Standard Chartered, which continued to operate in Africa. [8] Several more banks in Africa were acquired during the 1990s, and adopted the Stanbic name. [8] 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 and Zimbabwe.
Standard Bank Eswatini opened its doors in 1988 and is today a leading commercial bank in the country. [13]
In February 2014, Standard Bank Group is expected to open a representative office in Abidjan, Ivory Coast, marking the entry of the banking conglomerate into Francophone West Africa. Ivory Coast becomes the 19th African country where Standard Bank maintains a subsidiary. [14]
In December 2001, Standard Bank acquired 60.18% holding in the Commercial Bank of Malawi. The bank was renamed Standard Bank Malawi.
In Madagascar, the group is represented by Union Commercial Bank. [15]
Standard Bank SARL ("SBM") has a long history and is considered one of the leaders of the local market. Already active in Mozambique for 120 years. The network's Standard Bank is one of the largest in the country. Covers all major towns and cities of Mozambique, with 44 branches. [16]
The Standard Bank Namibia is largely detached from the South African parent company for legal reasons. The bank was established in Namibia by the first commercial branch on 19 August 1915 in Lüderitz. It's one of the largest banks in Namibia and operates from more than 50 branches. [17]
On 21 August 2007 Standard Bank Group acquired controlling interest in IBTC Chartered Bank. founded by the merger of the International Banking & Trust Company Plc and Chartered Bank Plc. This gave subsidiary Stanbic IBTC Holdings significant presence in the Nigerian market.
In 1995, the bank acquired the operations of the Meridien BIAO Bank and renamed it Stanbic Bank Tanzania Limited. [8] In September 2012, Stanbic Bank Tanzania secured financing worth $3 billion for Mchuchuma Iron Ore and Liganga Coal mining project in the Ludewa district of the newly created region of Njombe in southwestern Tanzania. [18]
In 2002, Standard Bank acquired 90 percent 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. They renamed the bank Stanbic Bank (Uganda) Limited. As of December 2012 [update] , Stanbic Bank (Uganda) was still Uganda's largest commercial bank with approximately 20 percent of all bank assets and about 18 percent of all bank branches in the country. [19] The stock of Stanbic Bank (Uganda) Limited is traded on the Uganda Securities Exchange (USE) under the symbol SBU. Standard Bank Group maintains approximately 80 percent shareholding. [20]
In 2015 Stanbic Bank was involved in a fraud scandal involving money transfers from the Swedish embassy to private accounts of a former embassy employee. [21]
Stanbic Bank Zimbabwe Limited operates as a registered commercial bank in Zimbabwe. In November 1992, Standard Bank began operations in Zimbabwe as Stanbic Bank.
In the early 1990s the bank started operations in London, and Standard Bank London Ltd was awarded a banking licence in 1992. [8]
It was announced at the end of July 2013 that Standard Bank was in talks to sell its markets business in London to the Industrial and Commercial Bank of China for more than $500 million. [22] In November 2013, Standard Bank confirmed it was in talks to sell a controlling stake in its London-based global markets business. [23]
In January 2014 the Financial Conduct Authority (FCA) fined Standard Bank PLC (Standard Bank) £7,640,400 for failings relating to its anti-money laundering (AML) policies and procedures over corporate customers connected to politically exposed persons (PEPs). Between 15 December 2007 and 20 July 2011, Standard Bank failed to comply with Regulation 20(1) of the Money Laundering Regulations because it failed to take reasonable care to ensure that all aspects of its AML policies were applied appropriately and consistently to its corporate customers connected to PEPs. [24]
This section needs expansion. You can help by adding to it. (March 2023) |
Standard Bank has operations in the Isle of Man.
This section needs expansion. You can help by adding to it. (March 2023) |
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. The Bank sold its shares down to 25% in April 2012 and the Turkish sub was renamed ÜNLÜ & Co. afterwards.
On 6 March 2009, Standard Bank announced plans to acquire 33% of Russia's second biggest investment bank, Troika Dialog. Troika, which was Russia's oldest brokerage, acquired Standard Bank's Russian banking operation, and in addition received cash of $200-million in the form of a 'convertible loan'. [25] Two executives of Standard Bank joined Troika's six-member board. In March 2011, Sberbank, number one bank in Russia by the size of capital and assets, bought Troika Dialog and paid Standard Bank $372 million for its 36.4% stake in Troika.
In 2006, Standard Bank bought BankBoston Argentina unit expanding its operations into this country. In 2012, ICBC acquired 80% of its shares. Rebranding occurred in April 2013.
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 $1Billion club loan to Standard Bank. [26]
In October 2007 the Industrial and Commercial Bank of China 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.
In 2005 Standard Bank was rated as having the lowest bank charges in South Africa. 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 highest bank charges in the country. [27] A report by Afriforum confirmed Standard Bank's position as having the highest bank charges in the country along with Absa Bank. [28]
The South African Customer Satisfaction Index (SAcsi) of 2015 and 2016 rated Standard Bank as being lowest among South African banks in terms of customer service. Its overall movement in this index has shown a mild decline from previous ratings. [29]
Consumer satisfaction at Standard Bank rose by 2.4%, from 75.3 in 2019 to 77.7 in 2020. [30]
That is still the lowest among South Africa's biggest banks.
The Industrial and Commercial Bank of China is a Chinese state-owned multinational banking and financial services corporation headquartered in Beijing, China. It is the largest of the "big four" banks in China, and the largest bank in the world by total assets. ICBC was created on 1 January 1984 from what were then the commercial banking operations of the People's Bank of China. ICBC is majority-owned by the Chinese government and has remained so after its landmark initial public offering in 2006. As of end-2021, ICBC shareholders included Central Huijin Investment, the Chinese Ministry of Finance, the National Council for Social Security Fund, adding up to 69.3 percent under the ultimate control of the Ministry of Finance.
KCB Bank Kenya Limited is a financial services provider headquartered in Nairobi, Kenya. It is licensed as a commercial bank, by the Central Bank of Kenya, the national banking regulator. The bank has also been running Agency banking model.
Absa Group Limited, commonly known simply as Absa and formerly the Amalgamated Banks of South Africa (ABSA) until 2005 and Barclays Africa Group Limited until 2018, is a multinational banking and financial services conglomerate based in Johannesburg, South Africa and listed on the Johannesburg Stock Exchange. It offers personal and business banking, credit cards, corporate and investment banking, wealth and investment management and bank assurances.
The historic overseas bank was established in London in 1828 as Leslie & Grindlay, agents and bankers to the British Army and business community in India. Banking operations expanded to include the Indian subcontinent, the Middle East and elements of Africa and Southeast Asia. It was styled Grindlay, Christian & Matthews in 1839, Grindlay & Co from 1843, Grindlay & Co Ltd from 1924 and Grindlays Bank Ltd in 1947 until its merger with the National Bank of India.
Before Uganda's independence in 1962, the main banks in Uganda were Barclays ; Grindlays, Standard Bank and the Bank of Baroda from India. The currency was issued by the East African Currency Board, a London-based body. In 1966, the Bank of Uganda (BoU), which controlled the issue of currency and managed foreign exchange reserves, became the central bank and national banking regulator. The government-owned Uganda Commercial Bank and the Uganda Development Bank were launched in the 1960s. The Uganda Development Bank is a state-owned development finance institution, which channeled loans from international sources into Ugandan enterprises and administered most of the development loans made to Uganda.
Stanbic Bank Uganda Limited (SBU) is a commercial bank in Uganda and is licensed by the Bank of Uganda, the central bank and national banking regulator.
Standard Chartered Uganda, whose official name is Standard Chartered Bank Uganda Limited but is often referred to as Stanchart Uganda, is a commercial bank in Uganda. It is one of the banks licensed by the Bank of Uganda, the central bank and national banking regulator.
Access Bank Group is a financial services conglomerate, headquartered in Nigeria, with subsidiaries in Angola, the Democratic Republic of the Congo, Ghana, Ivory Coast, Kenya, Nigeria, Rwanda, The Gambia, Guinea, Cameroon, Sierra Leone, Mozambique, Botswana, South Africa, Tanzania, Uganda, Zambia, France and the United Kingdom. The group also maintains representative offices in China, India, Lebanon and United Arab Emirates.
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.
NCBA Group Plc, is a financial services conglomerate in East and West Africa. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Tanzania, Rwanda, Uganda and Ivory Coast.
Standard Chartered Tanzania, whose official name is Standard Chartered Bank Tanzania Limited, but is often referred to as Stanchart Tanzania, is a commercial bank in Tanzania, and is a wholly owned subsidiary of Standard Chartered. It is one of the banks licensed by the Bank of Tanzania, the national banking regulator.
Stanbic Holdings Plc, formerly known as CfC Stanbic Holdings Limited, is a Kenyan financial services organization with headquarters in Nairobi, Kenya, with subsidiaries in Kenya and South Sudan. Stanbic Holdings is a member of the Standard Bank Group, a financial services giant based in South Africa. The institution is licensed and governed by the Central Bank of Kenya, the national banking regulator.
Stanbic IBTC Holdings, commonly referred to as Stanbic IBTC, is a financial service holding company in Nigeria with subsidiaries in Banking, Stock Brokerage, Investment Advisory, Asset Management, Investor Services, Pension Management, Trustees, Insurance Brokerage and life Insurance businesses. The company's newly opened corporate headquarters, Stanbic IBTC Towers, is situated at Walter Carrington Crescent, Victoria Island, Lagos. Stanbic IBTC Holdings is a member of the Standard Bank Group, a financial services giant based in South Africa. Standard Bank is Africa's largest banking group ranked by assets and earnings, operations in 20 African countries and 13 countries outside Africa.
Equity Group Holdings Limited (EGHL), formerly Equity Bank Group, is a financial services holding company based in the African Great Lakes region. EGHL's headquarters are in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, Tanzania, South Sudan, Rwanda, Democratic Republic of the Congo and a representative office in Ethiopia.
Philip Odera is an economist, businessman and bank executive in Kenya, the largest economy in the East African Community. He is the current designate managing director and chief executive officer of CfC Stanbic Bank Limited, a Kenyan financial institution, with total assets valued at approximately US$2 billion, as of December 2013. Prior to that, from 2007 until 2014, he served as the CEO and managing director of Stanbic Bank Uganda, the largest commercial bank in Uganda.
Olusola "Sola" Adejoke David-Borha, is the former chief executive (CEO) of Africa Regions at the Standard Bank Group, a position she retired from in 2021. Currently, she is the Chairman of the Board of Stanbic IBTC Holdings. She was the CEO of Stanbic IBTC Holdings until January 2017 and was deputy CEO and executive director of corporate & investment banking. She was the CEO of Stanbic IBTC Bank Plc from May 2011 to November 2012, and was head of investment banking for Africa. She is the vice chairman of the Nigerian Economic Summit Group since 2015. She joined the board of IBTC in July 1994. She has been a non-executive director of Coca-Cola HBC AG since June 2015. She was a director at Stanbic IBTC Holdings PLC from 1994 to March 2017. She is a member of the governing council of the Redeemer's University.
Olayinka "Yinka" Omotosho Sanni is a Group Executive at Standard Bank Group, headquartered in South Africa. He is formerly chief executive officer (CEO) of Africa Regions at the Standard Bank Group after occupying the same position (CEO) at Stanbic IBTC Holdings PLC.
John (Jacko) Helenius Maree is a South African banker. He spent his career working for Standard Bank in South Africa both as its chief executive officer for fourteen years and as its deputy chairman since late 2016.
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