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The Standard Chartered Group: background
The Standard Chartered Group was formed in 1969 through a merger of two banks: The Standard Bank of British South Africa founded in 1863, and the Chartered Bank of India, Australia and China, founded in 1853.
This friendly merger allowed both banks to capitalise on the expansion of trade caused by the increased movement of goods from Europe to the East and Africa.
In 1986 a hostile takeover bid was made for the Group by Lloyds Bank of the United Kingdom. When the bid was defeated, Standard Chartered entered a period of change. Provisions had to be made against third world debt exposure and loans to corporations and entrepreneurs who could not meet their commitments. Standard Chartered began a series of divestments notably in the United States and South Africa, and also entered into a number of asset sales.
Since the early 90s, Standard Chartered has focused on developing its strong franchises in Asia, Africa and the Middle East, using its operations in the United Kingdom and North America to provide customers with a bridge between these markets. We have also focused on consumer, corporate and institutional banking, as well as the provision of treasury services – areas in which the Group has particular strength and expertise.
In the new millennium we acquired Grindlays Bank from the ANZ Group and the Chase Consumer Banking operations in Hong Kong in 2000.
Since 2005, we have achieved several milestones with a number of strategic alliances and acquisitions that will extend our client and geographic reach and enhance our capabilities. Some of them include A Brain, American Express Bank, Cazenove Asia, Harrison Lovegrove and Pembroke.