Monday, June 10, 2024

Standard Bank

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Nyongesa Sande
Nyongesa Sandehttps://bizmart.africa
Nyongesa Sande is a Kenyan blogger, Pan Africanist,c olumnist Political Activist , blogger, informer & businesman who has interest in politics, governance, corporate fraud, human rights and television personality.

Standard Bank Group Limited is a major South African bank and financial services group. It is Africa‘s biggest lender by assets. The company’s corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg.

Standard Bank Group Limited History

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 ElizabethSouth 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.

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 and in particular Liberty Life (and its affiliates), with the latter being the company’s major shareholder until 1999.

In March 2019, Standard became the first bank in Africa to shift its operations onto Amazon Web Services.

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.

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.

Wikipedia Contributors, “Standard Bank,” Wikipedia (Wikimedia Foundation, March 17, 2023), https://en.wikipedia.org/wiki/Standard_Bank.

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