Standard Chartered Bank

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Standard Chartered plc

logo
legal form Public limited company
ISIN GB0004082847
founding 1853
Seat London United Kingdom
United KingdomUnited Kingdom 
management José Viñals (Chairman)
Bill Winters ( CEO )
Number of employees 85.402
sales $ 14.789 billion (2018)
Branch Finance industry
Website www.standardchartered.com
As of December 31, 2018

Standard Chartered Bank , listed on the London Stock Exchange on the FTSE 100 , is a UK financial company with headquarters in London and operations in many countries, particularly Asia and Africa. The company does not generate its main sales in Great Britain, but in Hong Kong , South Korea , India and other parts of Asia.

The bank is one of the major banks that has been classified by the Financial Stability Board (FSB) as a global systemically important financial institution . It is therefore subject to special monitoring and stricter requirements for the endowment with equity .

Company history

The Standard Chartered Bank was created from a merger in 1969 between the British overseas banks Standard Bank Ltd. and the Chartered Bank of India, Australia and China .

The Standard Bank

The Standard Bank opened their business in Port Elizabeth , South Africa , in 1863. Between 1890 and 1910 the Bank opened company branches across Africa, although some newly opened locations had difficulties and were then closed again.

In the 1950s, Standard Bank had 600 locations in Africa. In 1962 there was a separation of activities in Africa and Europe. The African unit continued to operate under the name Standard Bank of South Africa , while the European unit became Standard Bank Ltd. has been. The banking network continued to grow when in 1965 it merged with the former Bank of British West Africa , which operated in Nigeria , Ghana , Sierra Leone , Cameroon and Gambia .

The Chartered Bank

The Chartered Bank is the older bank, which was founded in 1853 when the Royal Charter of Queen Victoria to James Wilson fared. The first stores opened in Calcutta and Bombay in 1858 and then in Shanghai . In 1854 a branch opened in Hong Kong and an agency opened in Singapore. Chartered Bank opened business across Asia between 1860 and 1900, and in the first decade of the 20th century it became the first foreign bank to be licensed to do business in New York .

In 1957 Chartered Bank acquired Eastern Bank , thereby acquiring a network of stores in Aden , Bahrain , Beirut , Cyprus , Qatar and the United Arab Emirates .

Company history after the merger

In 1969 the mutual merger between Standard Bank and Chartered Bank took place , resulting in Standard Chartered Bank PLC . After the merger, Standard Chartered acquired the British group of companies Hodge and the Wallace Brothers Group . Stores opened in Europe, Argentina , Canada , Panama , Nepal and the United States . Standard Chartered acquired three banks in the US , including the Union Bank of California , thereby gaining access to Brazil and Venezuela .

In the late 1980s, an attempt at a hostile takeover by Lloyds Bank was prevented. In the 1990s, Standard Chartered expanded into other countries: Vietnam 1990, Cambodia and Iran 1992, Tanzania 1993 and Myanmar 1995. On August 15, 2005, Standard Chartered acquired the Korea First Bank , thereby proposing the takeover offer from HSBC . On August 9, 2006, Standard Chartered announced that it had acquired 81 percent of Union Bank in Pakistan .

Standard Chartered Bank in Singapore
10 Hong Kong dollars issued by Standard Chartered Bank

present

Standard Chartered is a leading banking group in third world countries: globally in fifth place. The company employs more than 75,000 people in over 1,700 branches in more than 70 countries. Standard Chartered Bank is one of three banks that issue Hong Kong banknotes; the other two are the Bank of China (Hong Kong) and the Hongkong and Shanghai Banking Corporation (HSBC). Standard Chartered sponsors marathons in cities like London , Singapore , Dubai , Lahore , Bombay , Hong Kong and Mombasa . As of July 2010, Standard Chartered Bank was the new shirt sponsor of the English football club Liverpool FC , with the contract running for four years and payments of 91.4 million euros per year. At the end of 2007, Standard Chartered took over American Express Bank from American Express Co for USD 1.1 billion. The reason given was the desire to expand into private customer business and the takeover of EUR / YEN clearing. Standard Chartered hoped that this would save USD 100 million annually from 2009 onwards.

Violations of the law of sanctions

On April 10, 2019, the Süddeutsche Zeitung reported that Standard Chartered agreed to a payment of around $ 1.1 billion in total to settle investigations into alleged violations of sanctions law. The US Treasury Department announced a corresponding comparison with authorities in the United States and Great Britain. The money house was accused of having carried out numerous transactions for people in countries such as Burma, Cuba, Iran, Sudan and Syria from June 2009 to May 2014, thereby violating US sanctions. According to the ministry, the majority concerns prohibited Iran business. In 2012, the bank concluded a hundreds of million dollar settlement with US overseers for violating Iran sanctions between 2001 and 2007.

See also

Web links

Commons : Standard Chartered Bank  - collection of pictures, videos and audio files

Individual evidence

  1. ↑ a b Annual Report 2018 (English)
  2. ^ Policy Measures to Address Systemically Important Financial Institutions. In: Financial Stability Board (FSB) of November 4, 2011 (PDF file; 105 kB)
  3. ↑ Update of the group of global systemically important banks (G-SIBs) (PDF; 43 kB) from November 1, 2012.
  4. ↑ BANKS: At the last minute . In: Der Spiegel . tape July 30 , 1986 ( spiegel.de [accessed March 24, 2019]).
  5. ↑ Standard Chartered buys American Express Bank. Retrieved March 24, 2019 .
  6. ↑ Standard Chartered pays , in: Süddeutsche Zeitung (Economy Department), April 9, 2019.