The idea for Standard Bank originated from a group of Port Elizabeth business men in the late 1850s. They wanted to establish a new bank called The Standard Bank of Port Elizabeth.
Port Elizabeth was an important business centre and the main port for the export of South African wool. The capital for the bank could not be raised locally and the driving force behind the idea, John Paterson, sailed to England in search of investors.
He succeeded in raising the capital in London. The Standard Bank of British South Africa, Ltd was duly established and the Memorandum of Association signed on 13 October 1862. It was registered on 15 October 1862. Banking operations commenced in Port Elizabeth soon thereafter and the bank immediately embarked on establishing an extensive branch network.
The word "British" was dropped from its name in 1883 whereafter it operated as The Standard Bank of South Africa, Ltd. Today, the Standard Bank Group is a multi-faceted financial organisation with a worldwide presence.
For a lowdown of Standard Bank Group's history see http://standardbank.com/History.aspx.
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