Standard Bank

The Standard Bank of South Africa Limited is one of South Africa's largest financial services groups. It operates in 32 countries around the world, including 20 in Africa.

History

The bank now known as Standard Bank was formed in 1962 as a South African subsidiary of the British overseas bank Standard Bank, under the name The Standard Bank of South Africa.

The bank's origins can be traced to 1862, when a group of businessmen led by John Paterson formed a bank in London, initially under the name Standard Bank of British South Africa. The bank started operations in 1863 in Port Elizabeth, South Africa, and soon after opening it merged with several other banks including the Commercial Bank of Port Elizabeth, the Colesberg Bank, the British Kaffrarian Bank and the Fauresmith Bank.

It was prominent in financing and development of the diamond fields of Kimberley in 1867. The word "British" was dropped from the title in 1883. When gold was discovered on the Witwatersrand, the bank expanded northwards and on 11 October 1886 the bank started doing business in a tent at Ferreira's Camp (later to be called Johannesburg), thus becoming the first bank to open a branch on the Witwatersrand gold fields. On 1 November 1901 a second branch was opened in Eloff Street of Johannesburg.

Standard Bank (historic)

The Standard Bank was a British overseas bank, which operated mainly in Africa from 1863 to 1969. It merged with the Chartered Bank in 1969 to form Standard Chartered.

History

The bank was incorporated in London on 15 October 1862 as Standard Bank of British South Africa. It was formed by a group of South African businessmen led by John Paterson. The bank started operations in 1863 in Port Elizabeth, South Africa, and soon after opening it merged with several other banks including the Commercial Bank of Port Elizabeth, the Colesberg Bank, the British Kaffrarian Bank and the Fauresmith Bank.

It was prominent in financing and development of the diamond fields of Kimberley in 1867.

In reflection to the growth of its branch network and expansion outside British controlled regions, the bank dropped the word "British" from its title and adopted the name Standard Bank of South Africa Limited in 1881.

When gold was discovered on the Witwatersrand, the bank expanded northwards and on 11 October 1886 the bank started doing business in a tent at Ferreira's Camp (later to be called Johannesburg), thus becoming the first bank to open a branch on the Witwatersrand gold fields. It opened a second Johannesburg branch on 1 November 1901 along Eloff Street.