MetLife Inc.: One of the largest global providers of insurance

MetLife, formed in 1863, is the United States’ largest life insurer. It was founded by a group of businessmen from the metropolitan district of New York.

They raised $100,000 to found the National Union Life & Limb Insurance Company. The group wanted to ensure Civil War soldiers and sailors that they would be taken care of when they got home.

That assurance would become the foundation of insurance and the ethos of newly named Metropolitan Life Insurance Company, which primary sold life insurance to the middle class in its early years.

Metropolitan became a mutual company in 1915 and began offering group insurance two years later.

The founders chose the name because they had been most successful in New York City, or the Metropolitan district.

In 1991, MetLife became the largest issuer of life insurance in all of North America, with over one trillion dollars of insurance in force. In 2000 MetLife ‘demutualized’ and became a publicly traded company. The following year it was allowed to enter the retail banking business.

It acquired New Jersey-based Grand Bank and renamed it MetLife bank in August 2000.
MetLife Inc.:One of the largest global providers of insurance

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

History of Barclays Bank

Over the course of history, Barclays has been the largest bank in the world, the largest bank in Africa and the largest bank in Britain. It was pioneer in international trade finance and large scale branch banking.

Barclays Bank was founded in 1896, but its precursors date back as far as April 1690, when 21 year old John Freame completed his seven year apprenticeship and became a freeman of the city of London. He setup goldsmith with partner in Lombard Street.

The Barclays name became connected to the business when the bankers John Freame and Thomas Gould joined forces with Freame’s son in law John Barclay in 1736.

This private partnership lasted until 1896. Then David Barclay, sixth generation of descendent of John Freame, made new limited company Barclay Co., forerunner of today’s Barclays Bank Plc.

At the start of the 21st century Barclays, along with Lloyds, is one of the remaining Big Five English banks that previously dominated the City.

Barclays was first represented in the USA though the Colonial Bank which opened an office in Wall Street in 1890.

In the 1890s, Barclays Bank opened its Cairo branch to process the financial transactions relating to the construction of the Suez Canal. The banks are considered to be the first commercial banks established in the Muslim world.

In the post Second World War years there was a proposal for the merger of Barclays Bank and Lloyds bank, but this was not recommended by the Monopolies Commission.

At that time it would have been the biggest bank in the world and certainly would have dominated UK banking.

In 1971 the bank became known as Barclays Bank International to reflect the change in emphasis to worldwide banking, and representation outside the Commonwealth increased.

History of Barclays Bank