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Standard Bank Group

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Website:http://www.standardbank.com
Summary:Standard Bank Group is the largest African banking group by assets offering a full range of banking and related financial services.
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Standard Bank Group is the largest African banking group by assets offering a full range of banking and related financial services.

“Africa is our home, we drive her growth”

Our vision is to be the leading financial services organisation in, for and across Africa, delivering exceptional client experiences and superior value. This sets the primary goals and standard of excellence we intend to achieve in the medium term. With a heritage of over 150 years, we have an on-the-ground presence in 20 countries in sub‑Saharan Africa; fit-for-purpose representation outside Africa; and a strategic partnership with the Industrial and Commercial Bank of China (ICBC).

In line with the realities of risk, regulation, technology and competition that characterise our operating context, we continue to invest significantly in our diversified operations; our people and culture; our systems and infrastructure; and our brand. In doing so, we understand that our commercial success and social relevance over the long term depends on placing our clients at the centre of everything we do, and ensures that the outcomes of our activities are a catalyst for growth on this continent we call home.

The long-term foreign currency ratings for The Standard Bank of South Africa, the single largest operating entity within the Standard Bank Group, are: Fitch Ratings BB+ (stable) and Moody’s Baa3 (negative).

The group is listed on the JSE Limited, share code SBK, and the Namibian Stock Exchange, share code SNB. The largest bank in the world, ICBC, is a 20.1% shareholder in the group. Other than the 20.1% ICBC shareholding, 31.9% of Standard Bank’s shareholder base is foreign.

We subscribe to the Code of Banking Practice, a set of principles governing banking in South Africa and ensuring the highest standards of professionalism, integrity and fairness.

The Standard Bank of British South Africa, Limited was established and its Memorandum of Association signed in London on 13 October 1862. It was incorporated and registered as a limited liability company on 15 October 1862. Branch banking operations commenced in January 1863 in Port Elizabeth. A feature which distinguished the Imperial banks like Standard Bank fro m the local private banks was the establishment of a branch network. In 1881 the bank's Memorandum of Association was altered to enable it to operate in areas outside British jurisdiction and in 1883 the word “British” was dropped fro m its title. The bank was henceforth known as The Standard Bank of South Africa, Limited.

In 1962 a South African subsidiary was formed for which the name The Standard Bank of South Africa Limited was retained while the parent company in London became known as The Standard Bank Limited (later Standard Chartered). The 1960s also saw the diversification of financial services, transforming the bank into a financial services institution rather than a purely commercial bank. By 1969 the bank had several subsidiary companies and Standard Bank Investment Corporation (Stanbic) was formed to serve as a holding company for the Standard Bank group in South Africa.

In 1987 Standard Chartered sold its remaining 39% interest in Standard Bank leaving it as purely South African owned for the first time. The severing of ties saw Standard Bank going into competition with Standard Chartered Bank in Africa while it also established representative offices overseas. To better reflect the group’s structure as a unified banking and financial services organisation, the name Standard Bank Investment Corporation was changed to Standard Bank Group Limited in June 2002.

By 2007 Standard Bank’s foreign ownership stood at about 25% and in a landmark deal Standard Bank Group entered into a strategic partnership with Industrial and Commercial Bank of China Limited (ICBC), the world’s largest bank by market capitalisation whereby ICBC became a 20% shareholder in Standard Bank Group in 2008. Foreign ownership increased to about 40%, leaving Standard Bank still majority South African-owned.

Throughout the years Standard Bank achieved many “firsts” including being the first bank on the diamond fields and on the Witwatersrand gold fields, the first commercial bank to launch an Automated Teller Machine (AutoBank) and first to establish a full electronic branch.

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Standard Bank Group is the largest African banking group by assets offering a full range of banking and related financial services.

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