Standard Bank (historic)
| Company type | Public |
|---|---|
| Industry | Banking, Financial services |
| Founded | October 15, 1862 in London, United Kingdom |
| Founder | John Paterson and South African entrepreneurs |
| Defunct | 1969 |
| Fate | Merged with Chartered Bank to form Standard Chartered |
| Headquarters | London , United Kingdom |
Area served | Africa, New York City (international branch from 1912) |
| Products | Banking, Financial services |
The Standard Bank was a British overseas financial institution primarily active in Africa from 1863 until it merged with the Chartered Bank in 1969, resulting in the creation of Standard Chartered.
History
Established in London on 15 October 1862 under the name Standard Bank of British South Africa, the bank was initiated by a group of South African entrepreneurs led by John Paterson. Its operations commenced in 1863 in Port Elizabeth, South Africa. Early expansion involved the integration of several banks: the Commercial Bank of Port Elizabeth, Colesberg Bank, British Kaffrarian Bank, and Fauresmith Bank.
The institution significantly contributed to financing the development of the diamond mining industry at Kimberley starting in 1867.
To reflect its growth beyond solely British-controlled areas, it adopted the name Standard Bank of South Africa Limited in 1881.
Following the 1886 discovery of gold on the Witwatersrand, the bank inaugurated its first branch at Ferreira's Camp (which later became Johannesburg) on 11 October 1886, marking it as the pioneer bank on these gold fields. A second branch in Johannesburg was established in 1901 on Eloff Street.
From the 1890s through to the early 20th century, Standard Bank broadened its footprint across Africa, although some branches were later discontinued due to operational challenges. In 1912, it expanded internationally by opening a branch in New York City. The bank further grew by acquiring the African Banking Corporation in 1920. By the mid-1950s, it operated roughly 600 branches throughout Africa.
In 1962, it shortened its name to Standard Bank Limited and concurrently formed a South African subsidiary retaining the former title, Standard Bank of South Africa.
The 1965 merger with the Bank of West Africa extended its presence into countries such as Cameroon, Gambia, Ghana, Nigeria, and Sierra Leone.
Merger
The year 1969 saw Standard Bank combine forces with the Chartered Bank of India, Australia and China, culminating in the establishment of Standard Chartered Bank.
Subsequent use of name
Within South Africa, the Standard Bank Investment Corporation—now known as Standard Bank Group—was created as the parent company for The Standard Bank of South Africa Limited. In 1987, Standard Chartered divested its remaining 39% interest in Standard Bank Group, leading to independent ownership structures for both entities. Presently, the Standard Bank brand is utilized by the South African banking group, which has extended its operations internationally, including through its UK-based subsidiary, Standard Bank London.
The original company founded in 1862 changed its name from Standard Bank PLC to Standard Chartered Bank Africa PLC in 1985 and currently operates under the name Standard Chartered Africa Ltd.