Standard Bank of British South Africa

The Standard Bank of British South Africa Limited was founded in 1862 by a group of South African businessmen led by John Paterson.

Standard Bank of British South Africa evolution has resulted in development that have led to its recent operation expansion beyond the southern African region into broader Africa and globally.

In 1863, Standard Bank opened an Orange Free State branch. Diamonds were found in 1867 at Kimberley, and Standard Bank acting commendably quickly, soon established a branch there. With Standard Bank as bankers to the diamond trade, the bank’s fortunes were revived and equipped it to play a significant part in the gold rush.

In 1877, the Standard Bank of British South Africa amalgamated with the London and South African Bank and changed its name to the Standard Bank of South Africa Ltd.

In 1962, the Standard Bank of South Africa was formed and registered as a South African company, operating as a subsidiary of Standard bank in London (subsequently to become Standard Chartered Bank plc. in 1969 after merged with Chartered Bank of India, Australia and China).

The SBG was established in 1969 as the holding company of Standard Bank of South Africa.

In 1987, Standard Chartered sold its stake in SBG, transferring complete ownership of the holding company to South Africa.
Standard Bank of British South Africa

History of Standard Chartered Bank

The name Standard Chartered Bank had been formed in 1969 from the merger of the two original banks from which it was founded – The Standard Bank of British South Africa and The Chartered Bank of India, Australia and China.

The Chartered Bank was founded first, on 29 December 1853 by a Scot, James Wilson from Hawick. He also founded the eminent financial magazine, the Economist.

The bank’s traditional business was in cotton from Bombay, Indigo and tea for Calcutta, rice form Burma, sugar from Java, tobacco for Sumatra, and silk from Yokohama.

Another Scotsman, John Paterson, founded a local newspaper, The Eastern Province Herald in Cape Province in South Africa, became a merchant and helped found The Standard Bank of British South Africa in 1862.

The Chartered Bank was origin in the Far East, the Middle East and India, and the Standard Chartered had a strong links in Africa. The bank was prominent in financing the development for the diamond fields and later gold mines.

Its overdependence on these markets persuaded the Standard Chartered board to diversify and buy the Hodge Group, a financial holding company, in 1974, and to expand in the UK.
History of Standard Chartered Bank