Categories: Banking NewsReviews
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2022-07-13 6:10 PM

The Standard bank of South Africa Limited Review 2022

By William Dube
Company TypePublic
Traded on JSE asSBK
Founded1862
Products and ServicesCommercial Banking,
Investment Banking,
Investment Management,
Private Banking,
Wealth Management,
Consumer Banking,
Insurance,
Advisory Services,
Foreign Currency Exchange
AddressStandard Bank Centre 5 Simmonds Street,
Johannesburg,
2001
South Africa
Phone+27116369111
RevenueR190 BILLION
Total AssetsR2,2 TRILLION
Universal Standard Bank Branch Code051001
Standard Bank Swift CodeSBZAZAJJ
Standard Bank of South Africa Limited Summary

John Peterson formed the Standard Bank of South Africa Limited financial services business in 1862. With over 2 trillion rands in assets, Standard Bank is Africa’s largest lender. Over 50 000 permanent staff work for the bank around the world. Standard Bank is based in Johannesburg and provides a variety of financial services to its customers.

Money management, savings accounts, borrowing, lending, insurance, and advice services are all available. Standard Bank is headquartered in Johannesburg, South Africa, and has operations in 20 African nations. The bank has interest shareholdings in Russia, Turkey, Argentina, and the United Kingdom on a global scale. Offshore, the bank operates on the Isle of Man and the Bailiwick of Jersey.

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. At the time, John Peterson felt compelled to take advantage of the banking potential in the Port Elizabeth Port area. Companies in the neighborhood were paying a 12 percent to 20% dividend year after year. In 1857, Standard Bank’s founder, Peterson, sailed to England to solicit investors to invest in the bank.

Peterson was successful in attracting investors in England with a 1 million pound start-up capital to invest in the plan. A total of 10,000 shares were issued, each costing £100. Standard Bank began purchasing businesses in South Africa that had economic promise. Where local banks refused to sell, new branches were opened. Following a shareholder vote in 1883, it eliminated the word “British” from its name and became known as The Standard Bank of South Africa Limited.

Standard Bank of South Africa Limited

Standard Bank drew attention to the African market at the turn of the twentieth century and sought to position itself as a leader. To establish itself as a major bank, branches were opened in Zimbabwe, Zambia, Lesotho, Kenya, the Democratic Republic of the Congo, and many other countries. During the mid-twentieth century, Standard Bank expanded its portfolio by purchasing financial services firms.

It was the first bank in South Africa to accept credit cards in 1966. This was accomplished by purchasing a majority stake in Diners Club of South Africa (Pty) Ltd. Since then, Standard Bank has expanded into new financial services and made investments in other nations. It has also introduced self-service banking, which has resulted in the closure of the majority of its branches. This was done in an attempt to steer the industry’s course through the present digital transformation.

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 alike can open checking and savings accounts, as well as apply for a credit card. Because each card is created for a certain use, bank credit cards and debit cards are subject to approval. Other cards include Diners Club travel cards, which reward you for traveling, purchasing airline tickets, and making hotel reservations.

Mastercard is the company that issues its cards. Standard Bank also offers Shari’ah banking, which includes investing, checking, borrowing, and saving. This service is not limited to Muslims; anybody can apply for Shari’ah-compliant products. Nonresident banking packages are accessible to those who are not residents of South Africa. Non-residents are permitted to open bank accounts, apply for credit, save, borrow, and maintain foreign currency accounts. Non-residents can also purchase insurance goods.

Investments and savings

Standard Bank offers interest-bearing savings and investment accounts to help you increase your money. There are numerous accounts to pick from, each with a distinct access time. Savings and investment accounts can earn up to 7.1 percent per year in interest. There are both local and worldwide investing options available. It is feasible to invest in a goal or a dream because it offers packages for various investing demands. You can use its platform to acquire stocks with the help of experienced advisors.

Financial advising services can help you with money management or creating a structured plan to help you achieve your objectives. Its professionals assist you with financial planning and accompany you on your path, not just developing a plan for you but also involve you throughout. You can achieve your objectives with little financial investment. The bank’s advice team can assist you with a variety of financial matters, such as selecting the best annuities for you and your family. Other services include will drafting, estate planning and management, and trust formation.

Insurance

Standard Bank insurance covers a variety of issues. There are covers for both corporate and personal use. You can insure your car, home, business, employee income, debt, personal income, life, and estate, among other things. Loan protection, credit card, car financing, and home loan debt insurance. This insurance will assist you if you are unable to pay your debt due to a layoff, disability, illness, or death.

Business and personal borrowing

IT provides personal and commercial loans to those who qualify. Affordability and credit checks are required for loans, thus acquiring or qualifying for one signifies you are a low-risk client who can return the loan. Personal loans come in a variety of shapes and sizes, ranging from hundreds of Rands to millions of Rands. Revolving, overdraft, term, and student loans are all types of loans. Pre-owned finance, car finance, motor vehicle lease, building loan, and buying an existing property are some of the other types of asset purchase loans. Borrowing can be used to fund overdrafts, revolving credit, business loans, and financial debt for businesses.

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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William Dube

William Dube is a finance and economic news expert with over 10 years of experience in economic anaylsis, financial product assessment and market analysis. With a numerous certificates from prestigious universities including but not limited to Yale University and the University of Pennyslivenia. William specializes in providing insightful news developments in South Africa and commentary on investment strategies, risk management, and global economic trends. You can contact him on william@rateweb.co.za