Standard Chartered Bank was established in 1969 by merging two separate banks, the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China.
These banks had capitalized on the expanding trade among Europe, Africa and Asia. The Chartered Bank was founded by James Wilson in 1853, opened in Mumbai, Kolkata and Shanghai in 18588, followed by Singapore and Hong Kong, and the bank played a significant role in the development of trade with eastern nations.
The standard Bank was founded in London by John Paterson, which was predominantly in financing the development of the diamond fields of Kimberley. Standard Chartered offers banking services which includes Retail banking, Corporate and Institutional banking across the world. Corporate and Institutional banking supports the British firms which operates significant level of trade abroad, opening the foreign markets to British firms and providing access to financial networks of Africa, Asia and Middle east nations. Standard Chartered UK, being a global financial centre and a key hub for the organization, provides a wide range of services to clients across the product groups of Transaction banking.
In 2015, the group has announced comprehensive changes to its strategies, leadership and structure with a vision to position the group for sustainable growth across geographies. The performance of the group in 2015 was poor in the aspects of key financial metrics and has seen a considerable material decline in share price along with decline in dividend. Standard chartered has received Excellent Service Award (EXSA) 2015 which recognize its commitment towards delivering quality service. Standard chartered Bank has received Global Finance World’s Best Internet Banks Award in 2013 and 2014. It has also received The Asian Banker Excellence in Retail Financial Services Awards in 2013.