- Standard Chartered Bank
company_name = Standard Chartered plc
company_type = Public
slogan = Leading the Way in Asia, Africa and the Middle East
location = flagicon|UK
London, England, UK
key_people = E. Mervyn Davies CBE,
Peter Sands, Chief Executive
num_employees = 73,000 (
revenue = $11.067 billion (
operating_income = $4.035 billion (
2007)| net_income = $2.989 billion ( 2007)
homepage = [http://www.standardchartered.com/ www.standardchartered.com]
Standard Chartered Bank (lse|STAN, sehk|2888,OTCBB|SCBFF) is a British
bankheadquartered in Londonwith operations in more than seventy countries. It operates a network of over 1,700 branches and outlets (including subsidiaries, associates and joint ventures) and employs 73,000 people.
Despite its British base, it has few customers in the
United Kingdomand 90% of its profits come from Asia, Africa, and the Middle East. Because the bank's history is entwined with the development of the British Empire its operations lie predominantly in former British colonies, though over the past two decades it has expanded into countries that have historically had little British influence. It aims to provide a safe regulatory bridge between these developing economies.
It now focuses on consumer, corporate, and institutional banking, and on the provision of treasury services—areas in which the Group had particular strength and expertise.
Standard Chartered is listed on the
London Stock Exchangeand the Hong Kong Stock Exchangeand is among the top 25 constituent members of the FTSE 100 Index.
The early years
The name Standard Chartered comes from the two original banks from which it was founded and which merged in 1969 — The
Chartered Bank of India, Australia and China, and The Standard Bank of British South Africa. [http://www.standardchartered.com/about-us/history/en/index.html Standard Chartered Bank History] ]
The Chartered Bank was founded by James Wilson following the grant of a Royal Charter by Queen Victoria in 1853, while The Standard Bank was founded in the Cape Province of South Africa in 1862 by John Paterson. Both companies were keen to capitalise on the huge expansion of trade and to earn the handsome profits to be made from financing the movement of goods from Europe to the East and to Africa.
In those early years, both banks prospered. Chartered opened its first branches in Bombay, Calcutta and Shanghai in 1858, followed by Hong Kong and Singapore in 1859. With the opening of the Suez Canal in 1869 and the extension of the telegraph to China in 1871, Chartered was well placed to expand and develop its business.
In South Africa, Standard, having established a considerable number of branches, was prominent in financing the development of the diamond fields of Kimberley from 1867 and later extended its network further north to the new town of Johannesburg when gold was discovered there in 1885. Half the output of the second largest gold field in the world passed through The Standard Bank on its way to London.Both banks – at that time still quite separate companies – survived the First World War and the Depression, but were directly affected by the wider conflict of the Second World War in terms of loss of business and closure of branches. There were also longer term effects for both banks as countries in Asia and Africa gained their independence in the ‘50s and ‘60s.
Each had acquired other small banks along the way and spread their networks further. In 1969, the banks decided to merge, and to counterbalance their existing network by expanding in Europe and the United States, while continuing their expansion in their traditional markets in Asia and Africa. All appeared to be going well, when in 1986
Lloyds Bankof the United Kingdom made a hostile takeover bid for the Group. [ [http://query.nytimes.com/gst/fullpage.html?res=9A0DE1DF113DF93BA15755C0A960948260 Offer sweetened by Lloyds Bank] ]
After having defeated the bid, Standard Chartered entered a period of change. It made provisions against Third World debt exposure and loans to corporations and entrepreneurs who could not meet their commitments. It also began a series of divestments notably in the United States and South Africa, and entered into a number of asset sales.
From the early 1990s, Standard Chartered has focused on developing its strong franchises in Asia, Africa and the Middle East, using its operations in the United Kingdom and North America to provide customers with a bridge between these markets. Secondly, it would focus on consumer, corporate and institutional banking and on the provision of treasury services - areas in which the Group had particular strength and expertise.
Recent alliances and strategic acquisitions
In 2000, Standard Chartered acquired
Grindlays Bankfrom ANZ Bank, increasing its presence in private banking and further expanding its operations in India and Pakistan. [ [http://findarticles.com/p/articles/mi_qn4158/is_20000428/ai_n14307381 ANZ sells Grindlays for $1.3bn] ] Standard Chartered retained Grindlays' private banking operations in Londonand Luxembourgand the subsidiary in Jersey, all of which it integrated into its own private bank. This now serves high net worth customers in Hong Kong, Dubai, and Johannesburgunder the name Standard Chartered Grindlays Offshore Financial Services. In India, Standard Chartered integrated most of Grindlays' operations, making Standard Chartered the largest foreign bank in the country, despite Standard Chartered having cut some branches and having reduced the staff from 5500 to 3500 people. On 15 April 2005, the bank acquired Korea First Bank, beating HSBCin the bid. [ [http://findarticles.com/p/articles/mi_kmafp/is_200501/ai_n13259275 Standard Chartered buys Korea First Bank] ] Since then the bank has rebranded the branches as SC First Bank.
Standard Chartered completed the integration of its
Bangkokbranch and Standard Chartered Nakornthon Bank in October, renaming the new entity Standard Chartered Bank (Thailand). Standard Chartered also formed strategic alliances with Fleming Family & Partners to expand private wealth management in Asia and the Middle East, and acquired stakes in ACB Vietnam, Travelex, American Express Bankin Bangladeshand Bohai Bankin China.
On 9 August 2006 Standard Chartered announced that it had acquired an 81% shareholding in the
Union Bankof Pakistanin a deal ultimately worth $511 million. [ [http://findarticles.com/p/articles/mi_kmafp/is_200608/ai_n16612119 Standard Chartered to buy 80.86% of Pakistan's Union Bank] ] This deal represented the first acquisition by a foreign firm of a Pakistani bank and the merged bank, Standard Chartered Bank (Pakistan), is now Pakistan's sixth largest bank.
On 22 October, 2006
Standard Charteredannounced that it has received tenders for more than 51 per cent of the issued share capital of Hsinchu International Bank (“Hsinchu”), established in 1948 in Hsinchuprovince in Taiwan. [ [http://www.ibtimes.com/articles/20060929/standard-chartered-plc-hsinchu-international-bank.htm Standard Chartered to buy Hsinchu Bank] ] Standard Chartered, which had first entered Taiwanin 1985, acquired majority ownership of the bank, Taiwan’s seventh largest private sector bank by loans and deposits as at 30 June, 2006. Standard Chartered merged its existing three branches with Hsinchu's 83, and then delisted Hsinchu International Bank, changing the bank's name to 渣打國際商業銀行股份有限公司 (Standard Chartered Bank (Taiwan) Limited). Prior to the merger, Hsinchu had suffered extensive losses on defaulted credit card debt.
In 2006, Standard Chartered in Bangladesh announced an alliance with
Dutch Bangla Bankto share their respective ATM operations.
On 23 August, 2007 Standard Chartered entered into an agreement to buy a 49 percent of an Indian brokerage firm (UTI Securities) for $36 million in cash from Securities Trading Corporation of India Ltd., with the option to raise its stake to 75 percent in 2008 and, if both partners agree, to 100 percent by 2010. [ [http://www.thehindubusinessline.com/2007/08/24/stories/2007082452431500.htm Standard Chartered to buy 49% of UTI Securities] ] UTI Securities offers broking, wealth management and investment banking services across 60 Indian cities.
On 29th February 2008, Standard Chartered PLC announced it has received all the required approvals leading to the completion of its acquisition of American Express Bank Ltd (AEB) from the American Express Company (AXP). The total cash consideration for the acquisition is US$ 823 million. [ [http://www.guardian.co.uk/business/2007/sep/18/9 Standard Chartered buys American Express Bank] ]
The acquisition of AEB provides Standard Chartered with an opportunity to add capability, scale and momentum in the strategically important Financial Institutions and Private Banking businesses. It will add 19 more markets to the Standard Chartered footprint, while deepening presence in some core markets and providing access to several new growth markets.
The bank is a leading player throughout the
Standard Chartered Bank is one of the three banks issuing banknotes for Hong Kong (
Standard Chartered Bank (Hong Kong) Limitedbecame a note-issuing bank from 2004), the other two being the Bank of China (Hong Kong)and The Hongkong and Shanghai Banking Corporation.
The bank supports
marathons in many cities, including London (The City Run), Jersey, Singapore, Dubai, Lahore, Mumbai, Hong Kong, and Nairobi.
tandard Chartered global presence
*The Falklands (classified as "Europe" for Standard Chartered purposes)
Chartered Bank of India, Australia and China
* [http://www.standardchartered.com/global/index.html SCB Official website]
* [http://www.standardchartered.com.tw SCB Taiwan website]
* [http://www.standardchartered.com.sg SCB Singapore website]
* [http://www.standardchartered.com.my SCB Malaysia website]
* [http://www.standardchartered.com/bd/ SCB Bangladesh website]
* [http://www.standardchartered.com/global/home/scb_ww.html SCB Worldwide Directory]
* [http://www.standardchartered.com/about-us/history/en/index.html Standard Chartered History]
* [http://finance.yahoo.com/q?s=stan.l SCB Quote and recent Headlines]
* [http://www.thegreatestraceonearth.com/ SCB Marathon Site - The Greatest Race on Earth]
* [http://www.standardchartered.com/global/mc/board_of_directors.html/ Standard Chartered Board of Directors Information]
* [http://home.globalcustodian.com/newsshow.do?newsid=26778 Standard Chartered Completes Acquisition Of American Express Bank]
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