||This article includes a list of references, but its sources remain unclear because it has insufficient inline citations. (November 2009)|
|Traded as||JSE: SBK|
|Headquarters||Johannesburg, South Africa|
|Area served||Southern Africa, Africa|
|Key people||Derek Cooper (Chairman)
(Group Chief Executive)
|Revenue||US$ 16,6 Billion (2010)|
|Net income||US$ 1,6 Billion (2010)|
|Total assets||US$ 201,9 Billion (2010)|
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.
The bank was formed in 1862 as a South African subsidiary of the British overseas bank Standard Bank, 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 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), 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.
Since the 1920s the UK bank had an established sports ground at Elmers End in Beckenham Kent. 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.
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 it s 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. 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'. Two executives of Standard Bank will join Troika's six-member board.
On the 11th 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.
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. A report by Afriforum confirmed Standard Bank's position as having the highest bank charges in the country along with Absa Bank.
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