Standard Bank
  
Corporate profile > History

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Where we came from

  • In 1862, The Standard Bank of British South Africa was established.
  • Operations commenced immediately in London and by January 1863 the bank’s agents
    in Port Elizabeth were discounting bills. “British” was dropped from the name in 1883.
  • In 1962 a subsidiary company was formed to carry on business in South Africa and
    South West Africa (now Namibia). The name Standard Bank Limited was adopted for the
    holding company in England (subsequently to become Standard Chartered Bank Plc).
  • A holding company in South Africa was established in 1969 as Standard Bank
    Investment Corporation (now Standard Bank Group Limited) – the holding company of The Standard Bank of South Africa Limited, and listed on the JSE in 1970.

How we grew

  • Standard Chartered sold its 39% stake in Standard Bank Group in 1987, transferring complete ownership of the holding company to South Africa.
  • The re-establishment of Standard Bank’s African links began in 1988, with the
    establishment of a branch in Swaziland and Botswana.
  • In 1992 Standard Bank acquired ANZ Grindlays’ operations in Botswana, Kenya, Uganda, Zaire, Zambia and Zimbabwe, and minority holdings in banks in Ghana and Nigeria.
  • Standard Bank London was established in 1992 and in the same year operations in Jersey and the Isle of Man were acquired. Two years later, the Isle of Man presence was broadened considerably with the acquisition of Standard Chartered’s banking activities on the island.
  • Standard Bank acquired control of Liberty Life and entered into bancassurance arrangements in 1999.
  • Standard Bank acquired Jardine Fleming Bank in Hong Kong and Commercial Bank of Malawi in 2001.
  • In 2002 Standard Bank acquired Uganda Commercial Bank.
  • In 2003 Standard Bank established investment banks in Russia and Brazil and acquired control of Banco Standard Totta de Moçambique.
  • In 2004, Standard Bank concluded its Black Economic Empowerment Ownership initiative.
  • A representative office was established in Angola in 2007.
  • Standard Bank took control of BankBoston Argentina with effect from 1 April 2007.
  • Standard Bank acquired a 61% share of Dundas Ünlü with effect 1 September 2007 and commenced expanding its operations in the Turkish market under the name of Standard Ünlü.
  • Standard Bank’s Nigerian operation, Stanbic Bank (Nigeria), was merged with those of IBTC Chartered Bank Plc (IBTC) and Standard Bank acquired sufficient additional shares at a total value of R2,8 billion in the enlarged IBTC to establish a controlling interest with effect from 24 September 2007.
  • In December 2007, shareholders approved the transaction whereby Industrial and Commercial Bank of China (ICBC) invested R36,7 billion in Standard Bank for a 20% shareholding.
  • A 60% interest in CfC Bank (renamed CfC Stanbic Holdings) in Kenya was acquired effective 1 June 2008.
  • Standard Bank increased its effective holding in Liberty from 32,8% to 53,7% during 2008. Standard Bank wished to increase its effective economic interest in Liberty as part of enhancing its portfolio of financial services subsidiaries and to align its commercial and economic investment and benefits so as to reflect the strategic and commercial contribution which it continues to make to Liberty.
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