What is Standard Chartered?
Standard Chartered Bank is the amalgamation of two banks – Standard Bank of British South Africa and the Chartered Bank of India, Australia and China. The merger occurred and resulted in the bank’s foundation in 1969. Allowing the two companies to expand their business across emerging markets in Africa, Asia and Europe.
What’s the history of the two banks?
Before the merger the two banks operated as separate entities.
The Chartered Bank was founded by James Wilson, the name was derived from the grant of a Royal Charter by Queen Victoria that allowed its formation. The first branches opened in Mumbai, then known as Bombay, Kolkata and Shanghai in 1858.
Its presence soon grew with branches opened in Hong Kong and Singapore in 1859. Its acquisition of the Eastern Bank in 1957 allowed it to expand into the Gulf.
The Standard Bank was founded by John Paterson in 1862, with its original headquarters in Cape Colony, South Africa. Soon the bank expanded and by 1953, it had over 600 sites across Southern, Central and Eastern Africa. Its 1965 merger with the Bank of West Africa allowed it to gain access to a wider market, including Ghana, Nigeria and Sierra Leone.
Following the 1969 merger of the Standard and Chartered banks, the merged company sold their shares in Standard Bank in 1987 leaving it as a standalone company.
What are the key business areas Standard Chartered?
Standard Chartered is one of the world’s most expansively international banks. The company boasts more than 1,100 sites, including branches, offices and outlets worldwide. It is present in 68 of the world’s countries, separating its global operations into Asia, Africa, Middle East, Europe and the Americas.
Standard Chartered employs over 90,000 staff members worldwide, located across their various operational sites. Their banking services are separated into the following categories:
Personal banking, offering personal banking services and products to individual clients.
Business banking, providing corporate clients with the expertise they need to grow their business.
Online banking, serving the digital needs of customers across all product ranges, providing instant online access to accounts.
Private banking, seeking to manage the wealth management needs of high net worth clients, ensuring customised banking services.
Islamic banking, with a key focus on Shariah-compliant finance. The Islamic banking sector operates under the name Saadiq, meaning ‘truthful’ in Arabic.
What has the bank been recognised in?
The company has been recognised with many accolades including Best Bank in Africa awards and Euromoney awards.
Where is Standard Chartered traded?
The company is listed on the London Stock Exchange (LSE), Mumbai Stock Exchange and constitutes the FTSE 100 index.