The Standard Bank is one of the leading groups in African continent in the banking and financial services industry.
It has its headquarters in Johannesburg, South Africa. There are four business through which the bank operates. These are Personal & Business Banking, Corporate and Investment Banking, Liberty and Central & Other. While the Corporate and investment banking unit provides banking and financial services to large corporate, financial institutions, governments and international counterparties, the personal and business banking unit provide the same services to individuals and small and medium sized enterprises. Life Insurance and investment management activities are provided by the Liberty business unit. Group hedging activities, group surplus capital and group capital instruments are included in the Central and Other business unit of the Standard bank Group.
With a history of over 150 years the origins of the Standard bank can be traced to 1862. It was then that John Paterson along with some other businessmen formed a bank in London in the name of the Standard Bank of British South Africa. It started operating in 1863 in Port Elizabeth and thereafter merged with many other banks like the Commercial Bank of Port Elizabeth, the British Kaffrarian Bank, the Colesberg Bank and the Fauresmith Bank. In 1183, the word ‘British’ was removed from the bank’s name and until 1962 it was known as the Standard bank of South Africa. In 1962 all its South African operations were formed into a subsidiary and the parent in turn was named as the Standard Bank Ltd. This Standard Bank Ltd later in 1969 merged with the Chartered bank of India, Australia and China to form the Standard Chartered Bank. At the same time the Standard bank investment corporation (now the Standard bank Group) became the holding company of the African Bank. But gradually in the 70s and 80s the Standard chartered gradually started reducing its shareholding and finally in 1987 it sold away its stake in the Standard bank Group and consequently transferred the ownership of the Standard Bank Group to the South African Investors.