The Standard bank of South Africa Limited review 2021

Posted on Jan 6, 2021 by Staff Writer

Rateweb | South Africa

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Standard bank
Type Public
Traded as SBK
Founded 1862
Products Commercial banking, investment banking, investment management, private banking, wealth management, consumer banking, insurance, advisory services, FX exchange
Address Standard Bank Centre 5 Simmonds Street,
Johannesburg,
2001
South Africa
Phone 27 11 636 9111/2
Revenue R190 BILLION
Total Assets R2, 2 Trillion
Website Standardbank.com

Standard Bank of South Africa Limited is a financial services group founded by John Peterson in 1862. Standard Bank is Africa’s biggest lender by assets with assets over 2 trillion rands.

The bank employs over 50 000 permanent employees worldwide. Standard Bank is headquartered in Johannesburg and offers various financial services to its clients. Services include money management, savings accounts, borrowing, lending, insurance and advisory services.

Standard Bank operates in 20 African countries. Internationally the bank has interest shareholding in Russia, Turkey, Argentina and the United Kingdom. The bank also has operations offshore in Isle of Man and the Bailiwick of Jersey.

A brief history of Standard Bank Limited

Standard Bank was founded in Port Elizabeth, South Africa in 1862, then known as The Standard Bank of British South Africa. John Peterson felt a need to exploit the banking opportunity in the Port Elizabeth Port area at the time.

Companies in the area were paying a year to year dividend of 12% – 20%. Thus Peterson the founder of Standard Bank sailed to England in 1857 to encourage investors to invest in the bank.

Peterson was successful in finding investors in England with a start-up capital of 1 million pounds who invested in the scheme. 10 000 shares were issued with 1 share costing 100 pounds.

Standard Bank started buying companies where there was economic potential within South Africa. New branches were opened where the local banks didn’t want to sell.

In 1883 it dropped the word “British” in its name, after a vote by shareholders and has since been known as The Standard Bank of South Africa Limited.

Standard Bank of South Africa Limited

In the start of the 20th-century, Standard Bank drew attention in the African market and wanted to establish itself as a leader. Branches were opened in Zimbabwe, Zambia, Lesotho, Kenya, DRC and many more to establish itself as a leading bank.

Standard Bank further diversified by acquiring financial services companies during the mid 20th century. In 1966 it became the first bank in South Africa to enter the credit card field. This was through the acquisition of a controlling interest in Diners Club of South Africa (Pty) Ltd.

Standard Bank has since ventured into other financial services and invested in other countries. And it has brought in the self-service banking which saw closure to most of its branches. This was done to try and shape the industry’s path during the current period of digital revolution.

Services and Products offered by the Standard Bank Limited of South Africa

Banking

Standard Bank offers card solutions for personal and business use. Individuals and businesses can open cheque accounts, savings accounts and apply for a credit card. The bank credit cards and debit cards are subject to approval since every card is designed for specific uses.

Other cards include travel cards from Diners Club that reward for travelling, buying air tickets and hotel bookings. Its cards are issued by Mastercard.

Shari’ah banking is also offered by Standard Bank that includes investing, checking, borrowing and saving. This facility is not exclusive for Muslims, anyone can apply for Shari’ah products.

If in South Africa, nonresident banking packages are available to those not residing in South Africa. Non-residents can open bank accounts, apply for credit, save, borrow and have foreign currency accounts. Insurance products are also available to non-residents.

Investments and savings

With Standard Bank, you can grow your money through savings and investment accounts by earning interest. There are many accounts to choose from as access period is different for each account. Interest on savings and investments accounts can go up to 7.1% per annum.

There are local and global investment solutions to choose from. Investing in a goal or a dream is possible as it has packages for different investment needs. You can buy stocks using its platform, with help from professional advisors.

With financial advisory services, you can get advice about money management or on getting a structured way that will help you reach your goals. Its professionals help in financial planning and take you through the journey, not just writing a plan for you but involving you all the way. You can reach your goals with little financial input to achieve results.

The bank’s advisory team helps in multiple areas of finance like choosing the perfect annuities solution for you and your family. Other services include Will drafting, planning and managing of Estates and setting up a Trust.

Insurance

Standard Bank insurance covers for different things. Covers include those for business and personal. You can get cover for a car, house, business, employee income, debt, personal income, life and estate.

Debt insurance cover for loan protection, credit card, car finance and home loans. This insurance is there to help if you cannot pay for your debt due to retrenchment, disability, illness or death.

Business and personal borrowing

IT affords qualifying individuals with personal and business loans. Loans are subject to affordability and credit check, so getting or qualifying for one means you are a low-risk client and can be able to repay the loan.

Personal loans take many forms and loan amount can be a little as hundreds of Rands to millions of Rands. Loans include revolving, overdraft, term and student loan. Other loans for asset purchase include pre-owned finance, car finance, motor vehicle lease, building loan and buying of an existing home.

Businesses can borrow to finance overdraft, get revolving credit, access business loans and financial debt.

Standard Bank Executives

Executve Position
Simphiwe Tshabalala Chief Executive Officer
Arno Daehnke Chief Financial Officer
Isabel Lawrence Chief Compliance and Data officer
David Hodnett Chief Risk Officer
Alpheus Mongale Chief Information Officer
Kenny Fihla CEO: Global CIB
Lungisa Fuzile CEO : SBSA
Zweli Manyathi CEO : Personal & Business Banking
David Munro CEO : Liberty
Margaret Nienaber CEO : Wealth
Gert Vogel CEO: Standard Bank International
Olusola David-Borha CEO : Africa
Funeka Montjane CEO : PBB South Africa
Rene DDu Preez General Counsel

Conclusion

Standard Bank Limited is a bank with many services to offer and that’s why it’s business activities have reached so many countries in Africa and the rest of the world. Its assets are unmatched by any bank in Africa making it the biggest Assets management company in Africa.

The company may have had an early start advantage but it is worthy of its prominence as it has kept changing with times like its competitor FNB. Entering and starting new markets in its 157 years of existence, it is a classical example of a trendsetter.

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