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Standard Bank Group Limited[2] is a major South African bank and financial services group. It is Africa's biggest lender by assets.[3] The company's corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg.[4]

The bank's origins can be traced to 1862, when a group of businessmen led by the prominent South African politician John Paterson[5][6] 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.

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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.

Until 1962 the British bank was formally known as the Standard Bank of South Africa, although by then its operations spread across Africa. When the South African operations were formed into a subsidiary in 1962, the parent changed its name to Standard Bank Limited, and the South African subsidiary took its parent's previous name.

The parent bank merged in 1969 with Chartered Bank of India, Australia and China and the combined bank became known as Standard Chartered Bank. In 1969 the Standard Bank Investment Corporation (now Standard Bank Group) was established as the holding company of the South African bank. During the 1970s and 1980s Standard Chartered gradually reduced its shareholding, and sold its remaining 39% stake in Standard Bank Group in 1987, transferring complete ownership of the holding company to South African investors and in particular Liberty Life (and its affiliates), with the latter being the company's major shareholder until 1999.[7]

In March 2019, the bank announced a reduction of 91 branches and 1200 staff. The decision was taken due to a growing use of self-service channels and a branch network becoming less relevant.[citation needed]

In 1992 the bank acquired the operations of ANZ Grindlays Bank in eight African countries. Most of the newly acquired banks were renamed Stanbic Bank, to avoid confusion with the former parent (and now competitor), Standard Chartered, which continued to operate in Africa.[7] Several more banks in Africa were acquired during the 1990s, and adopted the Stanbic name.[7] Standard Bank now trades under the name Stanbic Bank in Botswana, the Democratic Republic of the Congo, Ghana, Kenya, Malawi, Nigeria, South Sudan, Tanzania, Uganda, Zambia and Zimbabwe.

In February 2014, Standard Bank Group is expected to open a representative office in Abidjan, Ivory Coast, marking the entry of the banking conglomerate into Francophone West Africa. Ivory Coast becomes the 19th African country where Standard Bank maintains a subsidiary.[11]

The Standard Bank Namibia is largely detached from the South African parent company for legal reasons. The bank was established in Namibia by the first commercial branch on 19 August 1915 in Lderitz. It's one of the largest banks in Namibia and operates from more than 50 branches.[14]

In 1995, the bank acquired the operations of the Meridien BIAO Bank and renamed it Stanbic Bank Tanzania Limited.[7] In September 2012, Stanbic Bank Tanzania secured financing worth $3 billion for Mchuchuma Iron Ore and Liganga Coal mining project in the Ludewa district of the newly created region of Njombe in southwestern Tanzania.[15]

In 2002, Standard Bank acquired 90 percent of Uganda Commercial Bank, the largest commercial bank in Uganda at that time, making Standard Bank a major actor in the banking sector of that East African country. They renamed the bank Stanbic Bank (Uganda) Limited. As of December 2012[update], Stanbic Bank (Uganda) was still Uganda's largest commercial bank with approximately 20 percent of all bank assets and about 18 percent of all bank branches in the country.[16] The stock of Stanbic Bank (Uganda) Limited is traded on the Uganda Securities Exchange (USE) under the symbol SBU. Standard Bank Group maintains approximately 80 percent shareholding.[17]

On 6 March 2009, Standard Bank announced plans to acquire 33% of Russia's second biggest investment bank, Troika Dialog. Troika, which was Russia's oldest brokerage, acquired Standard Bank's Russian banking operation, and in addition received cash of $200-million in the form of a 'convertible loan'.[22] Two executives of Standard Bank joined Troika's six-member board.In March 2011, Sberbank, number one bank in Russia by the size of capital and assets, bought Troika Dialog [2] and paid Standard Bank $372 million for its 36.4% stake in Troika.

In 2005 Standard Bank was rated as having the lowest bank charges in South Africa. By 2010 that had changed, to the extent that Standard Bank was rated by Finweek's review of SA bank charges as having amongst the highest bank charges in the country.[24] A report by Afriforum confirmed Standard Bank's position as having the highest bank charges in the country along with Absa Bank.[25]

The South African Customer Satisfaction Index (SAcsi) of 2015 and 2016 rated Standard Bank as being lowest among South African banks in terms of customer service. Its overall movement in this index has shown a mild decline from previous ratings.[26]

This is the first AML case the FCA, or its predecessor the Financial Services Authority (FSA), has brought focused on commercial banking activity. This is also the first AML case to use the new penalty regime, which applies to breaches committed from 6 March 2010. Under the new regime larger fines are expected.

As with any financial services activity, commercial banking business can be used to launder money, particularly in the layering or integration stages of the money laundering process. In order to prevent financial crime, banks operating in this sector must have effective AML systems and controls in place ensuring that all the participants in commercial banking transactions are subjected to effective and appropriate due diligence. This is particularly important where the transaction involves PEPs or other high risk customers.

Plaid provides developers with the tools they need to help users make the most of their finances. We power over 8,000 apps and services worldwide, as well as connect to over 12,000 banks and financial institutions across the US, Canada, the UK, and Europe.

As a team, we spend hours collecting data from various systems, standardizing downloads, blending, and performing calculations. By the time we are done there is not enough time for analysis and value add.

The mandate to raise funds was placed with Standard Bank and SBT and US$600 million was raised. The Statement of Facts indicates that there is no evidence that EGMA provided any services in relation to the transaction. However, EGMA had opened a bank account with SBT and its fee of US$6 million was paid via SBT into this account. The majority of this amount was subsequently withdrawn in cash at a speed that raised alarm within the staff at SBT. The matter was referred to the head of the Standard Bank Group Ltd and Standard Bank was notified and legal advisers quickly instructed. Within three weeks of the first report, Standard Bank had informed both the Serious and Organised Crime Agency (it might be presumed by means of a suspicious activity report) and the SFO.

Amahle is interested in taking out a personal loan with Standard Bank and visits the website to find out more. The next day while browsing the web, she sees an advert promoting preferential rates for a loan with the bank. Amahle clicks through to a personalised loan offer from Standard Bank and starts the online application but is interrupted by a phone call. Later that day Amahle gets an email reminding her about the pending application and she goes back to the website to complete the process.

Digital media has become a major engagement channel for the bank attracting a significant annual spend. Business units worked with different agencies to buy digital media across sites such as Facebook and Google. This fragmented approach often resulted in customers and prospects being targeted by different campaigns at the same time.

Via an authorised representative a request can be submitted to provide an external auditor with a Standard Bank Confirmation (SBC). A separate request needs to be submitted for each legal entity that has a relationship with the bank.

Rabobank Wholesale clients can use the application form to apply for the Standard Bank Confirmation via email. The information must be provided in full and truthfully by the persons authorised in your organisation. Once the requested documents have been processed, the requested Standard Bank Confirmation will be send to you and your external auditor. We will do our utmost to process your application within 15 working days after the reference date. When a request is raised with a reporting date in the future, the request will be processed within 15 working days after passing this date.

The fees related to the requested Standard Bank Confirmation(s) will be debited from your EURO account. In case you do not hold an account with Rabobank you can find the SEPA Direct Debit Mandate (EURO) on the back of the Standard Bank Confirmation application form. A non-Euro payment can be effected after receipt of the invoice according the payment instructions as stated on the invoice.

As well as paying an additional commission fee or a SWIFT fee, there are also beneficiary bank fees you might need to pay when you make an international payment with Standard Bank. Since the cost of these fees varies depending on the bank, Standard Bank cannot disclose the amount to its customers looking to make international payments. Making an international transfer with Standard Bank comes with the inclusion of transfer fees, different exchange rates and hidden charges. 9af72c28ce