Standard Chartered Bank has an illustrious history – 43 years, in its current structure But the roots of the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China – the two banks which merged to create it in 1969 – stretch back more than 150 years. Before the merger, the Chartered Bank – founded by Scottish businessman James Wilson, who also set up the Economist magazine – played a major role in the development of major trade routes with the East, following the opening of the Suez Canal in 1869.
At the same time, the Standard Bank, founded in the Cape Province of South Africa in 1862, was prominent in financing the development of the diamond fields of Kimberley from 1867. It later extended its network further north to the new town of Johannesburg when gold was discovered there in 1885.Standard Chartered sold its 39% stake in Standard Bank Group in 1987, transferring complete ownership of the holding company to South Africa.
Standard Chartered Bank Pakistan
Standard Chartered is the largest and fastest growing International Bank in Pakistan. The Bank has been operating in Pakistan since 1863 when it first established its operations in Karachi.
Standard Chartered has a long and established history in Pakistan, opening o first branch in Karachi in 1863. Despite this, business was relatively limited. As recently as 2000, we had only 7 branches in 3 cities across the country. The year 2006 marked the beginning of a major transformation for Standard Chartered’s operations in Pakistan. It was during this year that the Bank announced its acquisition of Union Bank, one of the best private sector banks in Pakistan.
The US$ 487 million, the largest ever transaction in Pakistan’s banking history, spearheaded the establishment of Standard Chartered Bank (Pakistan) Limited (SCBP), the first international bank in Pakistan to be locally incorporated. The acquisition effectively cemented our position as the largest and fasted growing international bank in Pakistan: we are now the 5th largest bank in terms of revenue and operating profit. In early 2007, the combined bank had 115 branches across 22 cities in Pakistan. A year later, by mid 2008, the bank has 176 branches across 41 cities.
Our geographic footprint growth has led the Bank in becoming a part of the social and economic fabric of the country, positioning us to deliver on our vision of “Being the best locally embedded international bank”. Now they have 176 branches across 41 cities and have ambitious growth plans. As at end 2007, total revenues stood at PKR 22.3 billion versus PKR 1.1 billion in 2000, assets were PKR 255.5 billion versus PKR 32 billion and profit before tax was PKR 4.1 billion versus PKR 251 million. Achievements
The Bank’s efforts have been recognized by independent and credible authorities; they won “Best Foreign Commercial Bank in Pakistan” award by FinanceAsia; “Best International Trade Bank in Pakistan 2009” by Trade Finance Magazine, a publication of Euromoney; “Best Foreign Exchange Provider” Award from the Global Finance Magazine for 2010; Triple A awards for the ‘Best Debt House in Pakistan’ award by The Asset; “Pakistan Deal of the Year – 2009” award by the Islamic Finance News; ‘Awards for Excellence’, London 2009, by the Global Custodian; Consumer’s Choice Award for being the “Best Credit Card Provider in Pakistan” by the Consumer Association of Pakistan. Standard chartered Today
Company PerspectivesTheir consumer and wholesale banking operations are focused on countries in Asia, Africa, the Middle East, South Asia, and Latin America. Our greatest asset is our unique knowledge, insight, and understanding of these markets and of our customers’ needs.We arecommitted to excellence in customer service, to delivering consistently superior performance and to building shareholder value. We recognize our responsibilities to the countries and communities in which we operate. Their values are based on trust, teamwork,and commitment–and on our pride in this organization.
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