Standard Chartered Pakistan

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Standard Chartered Bank (Pakistan) Limited (SCBPL)
Company type Public
PSX:  SCBPL
KSE 100 component
Industry Banking
FoundedMarch 1863;161 years ago (1863-03)
HeadquartersPrincipal Office
Karachi-74000, Pakistan
Key people
Rehan Muhammad Shaikh CEO
ProductsLoans, credit cards, debit cards, savings, consumer banking, business banking, and Islamic banking
RevenueIncrease2.svgRs. 107.48 billion (US$370 million) [1]  (2023)
Increase2.svgRs. 89.22 billion (US$310 million) [1]  (2023)
Increase2.svgRs. 42.62 billion (US$150 million) [1]  (2023)
Total assets Increase2.svgRs. 1.00 trillion (US$3.5 billion) [1]  (2023)
Total equity Increase2.svgRs. 96.22 billion (US$330 million) [1]  (2023)
Number of employees
2,072 [1]  (2023)
Parent Standard Chartered
Website sc.com/pk

Standard Chartered Pakistan is a Pakistani commercial bank headquartered in Karachi. It is a wholly-owned subsidiary of British multinational bank Standard Chartered and is one of the oldest foreign commercial bank in Pakistan. [2]

Contents

History

Standard Chartered Saadiq headquarters on I.I. Chundrigar Road in Karachi Standard Chartered Saadiq main branch on I.I. Chundrigar Road in Karachi.jpg
Standard Chartered Saadiq headquarters on I.I. Chundrigar Road in Karachi

The history of Standard Chartered in Pakistan dates back to 1863, when the Chartered Bank of India, Australia and China first established its operations in Karachi. [3]

In December 2002, Grindlays ANZ's operations in Pakistan were merged into Standard Chartered Bank Pakistan. [4] The merger followed Standard Chartered Bank's acquisition of Grindlays' Middle Eastern and South Asian operations from ANZ Banking Group on July 31, 2000. [5] [6] At the time of the merger, Standard Chartered was the largest foreign bank in Pakistan and operated in all four provinces, maintaining a network of 21 branches. [4]

In 2006, Standard Chartered Bank acquired Union Bank in Pakistan. On 30 December 2006, Standard Chartered merged Union Bank with its own subsidiary, Standard Chartered Bank (Pakistan), to create Pakistan's sixth largest bank. [7] [8] [9]

FinCEN

Standard Chartered was named in FinCEN leak, published by Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ). It had four suspicious transactions flagged. [10]

See also

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References

  1. 1 2 3 4 5 6 "SCB PK Annual Report 2023" (PDF). www.sc.com.pk. Retrieved 26 March 2024.
  2. ↑ "Standard Chartered Pakistan - Annual Report 2022" (PDF). Standard Chartered Pakistan. 31 December 2022. Retrieved 24 October 2023.
  3. ↑ "Why Standard Chartered is still growing in Pakistan". The Express Tribune. March 21, 2013.
  4. 1 2 "Grindlays merged in Standard Chartered". DAWN.COM. December 1, 2002.
  5. ↑ "MEED | Standard Chartered adds bulk with ANZ Grindlays deal".
  6. ↑ Treanor, Jill (April 28, 2000). "Standard Chartered snaps up Grindlays" – via The Guardian.
  7. ↑ "Standard Chartered Acquisition of 95.37% Interest in Union Bank Ltd" Standard Chartered, 6 September 2006
  8. ↑ "Standard Chartered acquires Union Bank" The Dawn, 5 September 2006
  9. ↑ "Standard Chartered Bank (Pakistan) Limited | EMIS " securities.com
  10. ↑ Report, Monitoring (2020-09-21). "Six Pakistani banks named in FinCEN leak". Profit by Pakistan Today. Retrieved 2020-09-23.
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