History

In the beginning...

The Cape Colony, at the southern tip of Africa, was flourishing in the 1850s. Many of the small-town banks that had started in 1837 were doing well and paying dividends of 12 % to 20%. The staple export was wool and Port Elizabeth, the major port, was experiencing economic prosperity as never before.

1857

In June 1857 a group of businessmen attempted to establish the Standard Bank of Port Elizabeth. Nothing came of the venture, presumably because investors were wary of two existing banks in Port Elizabeth. But the dream was pursued and John Paterson, the man behind the idea, sailed to England to encourage British investors to support the scheme.

1860

Paterson's efforts were successful and in April 1860, a prospectus for The Standard Bank of British South Africa was published in London.

1862

Two years after the appearance of its prospectus, The Standard Bank of British South Africa was established. On 15 October 1862 the bank was incorporated and registered as a limited liability company. Its capital was fixed at ₤1,000,000 with 10,000 shares of ₤100 each.

1863

Operations commenced immediately in London and by January 1863 the bank’s agents in Port Elizabeth and Alexander Croll & Company were discounting bills. Over the next 50 years a branch network was established throughout southern Africa. The Port Elizabeth office was to remain Standard Bank's South African headquarters for 23 years.

1883

The word "British" was dropped from the name.

1962

In 1962 a subsidiary company was formed to carry business in South and South West Africa (now Namibia) under the bank's old name. The name Standard Bank Limited was adopted for the holding company in England (subsequently to become Standard Chartered Bank plc).

1969

Standard Bank Group was established in 1969 as Standard Bank Investment Corporation - the holding company of SBSA.

1987

Standard Chartered sold its 39% stake in Standard Bank Group in 1987, transferring complete ownership of the holding company to South Africa.

1988

The re-establishment of Standard Bank's African links began in 1988, with the establishment of a branch in Swaziland.

1991

In 1991 Standard Bank established a bank in Botswana and acquired ANZ Grindlays operations in Botswana, Kenya, Uganda, Zaire, Zambia and Zimbabwe, and minority holdings in banks in Ghana and Nigeria.

The group also expanded further afield. 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 also has a full branch in Taipei and full bank status in Russia, Hong Kong, Singapore and Brazil.

2001

Standard Bank Group acquired Jardine Fleming Bank Limited in July 2001.

2005 - 2006

Standard Bank entered into an agreement in 2005 to buy BankBoston Argentina from Bank of America. The acquisition is expected to be concluded by the end of 2006.

The integration of Capital Alliance Holdings Limited into Liberty Life is on track and benefits are beginning to be extracted.

2007

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.

2008

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 the year. 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.