Standard Chartered Bank

Standard Chartered Bank

Standard Chartered Bank is a subsidiary of a multinational corporation providing financial services. For the first time the company entered the market in 1969 and since then has been actively developing its activities in Asian and African countries.

History

The history of the bank begins with the development of two different industrial and financial groups, which after the merger formed the Standard Chartered Bank.

Standard Chartered Bank

Chartered Bank

The history of the bank originates in 1853, the founder of The Economist magazine James Wilso received from the Queen of Great Britain a concession to open a bank. 

Since 1962, the bank participates in the issue of paper money in Malaysia and actively finances trade between Asia and Europe. With the opening of the Suez Canal, the list of trading operations in which the bank participates increases. It was mainly the transportation of tea from China, coffee and rum from India, spices from the Philippines. 

In 1927, the financial group acquired P & O Bank with a network of branches in Asia. In the post-war years, new divisions joined the structure of the bank.

Standard Bank

Standard Bank began its history since its foundation in 1862 by John Paterson in South Africa. Since the 1880s, half of all the mined gold has passed through the bank. Over time, financial institution expanded deep into Africa. In 1965, the company absorbed Bank of West Africa, which allowed it to expand its geography. 

Merger

On November 18, 1969, two banks merged to prevent competition in a prospective market. In the 70s, the diversification of the company’s activities intensified and the bank began trading in precious metals. At the same time, it acquired a large American bank.

In the 80s, the bank suffered from the economic downturn in the main markets, and therefore tried to gain a foothold by merging with the Royal Bank of Scotland Group. Taking advantage of the vulnerability, Lloyds Bank wanted to absorb the company, but the bank was able to repulse the attack.  

In 2000, the company bought Grindlays and increased the number of branches in India and Pakistan, and in 2005 the First Korean Bank was bought. 2009 was also marked by the acquisition of two large companies, Cazenove Asia and First Africa Holdings.

Since 2015, since the opening of the international payment system by China, Standard Charter has received the status of the main bank according to calculations in it.

Ownership of the SC

The owner of the Standard Chartered Bank is a transnational corporation formed in 1969 after the merger of banks of India, Australia, Britain and South Africa. Currently, SC shares are listed on three international exchanges. 

A controlling stake in Temasek Holdings is an investment company from Singapore. The management of banks is carried out through the board of directors and managing directors. The first are engaged in the formation of the main directions of development, and the latter manage the current affairs. 

Chairman of the Board of Directors since 2016 – Jose Vignalis, and Chief Executive Officer – Bill Winters.

Standard Chartered Bank

Main branches and ATMs of the SC

The main regions in which the bank operates are:

  • China and North Asia. 
  • ASEAN countries and South Asia.
  • Europe, South and North America.

The headquarters of SC is located in Hong Kong, because it is one of the main regions of activity. In Hong Kong, the bank provides all types of services for both private clients and companies. A representative office in the city was opened in 1859. Standard Chartered is one of three financial institutions issuing Hong Kong dollars. 

Singapore belongs to the second most important region. There are more than 17 branches and 5 centers in the country, which serve more than 700 employees. In India, Standard Charted is 25th for assets. On the territory of the country there are more than 99 branches in 42 cities. 

In South Korea, the bank operates on the basis of the repurchased Korea First Bank. In 2016, the map of branches amounted to 330, and they are served by more than 6 000 employees. In China, the first branch opened in 1859, and in 2017 the network around the country consisted of more than 100 branches. 

To a large extent, the bank is also represented in such countries of the Asia-Pacific region:

  • Bangladesh – 26 offices.
  • UAE – 11 offices, 2300 employees.
  • Indonesia – 27 offices and 2200 employees.
  • Vietnam – 3 offices, 850 staff members.
  • Thailand – 20 branches with 2200 employees.
  • Other countries.

In Malaysia, SC operates along with 3 of its subsidiaries, namely:

  • Financial Services Center.
  • Labuan Offshore Branch.
  • Islamic Banking Center. 

The latter provides services that do not contradict the norms established by Sharia.

African countries

The bank provides financial services in a number of African countries, including: Kenya, Uganda, Zambia, Cameroon, Botswana, and others. The widest branch network and the number of ATMs are involved in the first three countries. 

Europe and America

The company’s first office opened in London in 1953, and since 1907 its headquarters has been located there. This is the center of activity in Europe. There are also representative offices in France, Italy and Sweden.

In America, the company operates in 13 different cities, 6 of which are located in the USA. The bank also has offices in Canada and Australia.

Standard Chartered Bank is a large financial institution that is actively capitalizing new markets and providing its services to hundreds of customers around the world.

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