The Standard Bank Group Limited Review 2024

Company Type Public Traded on JSE as SBK Founded 1862 Products and Services Commercial Banking, Investment Banking,Investment Management,Private Banking,Wealth Management,Consumer […]

Standard Bank
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

In 1862, John Peterson established the Standard Bank of South Africa Limited, a financial services enterprise that has grown to hold assets exceeding 2 trillion rands, making it Africa’s largest lending institution. With a workforce of over 50,000 permanent employees globally, the bank’s headquarters are in Johannesburg, where it offers a wide range of financial services.

Standard Bank provides money management, savings accounts, borrowing and lending facilities, insurance, and advisory services. Beyond Johannesburg, it operates in 20 African countries and has significant investments in Russia, Turkey, Argentina, and the United Kingdom. Additionally, it has offshore operations on the Isle of Man and the Bailiwick of Jersey.

History of Standard Bank Limited

Standard Bank traces its origins to Port Elizabeth, South Africa, where it was founded in 1862 under the name The Standard Bank of British South Africa. John Peterson, recognizing the burgeoning banking opportunities in the Port Elizabeth Port area, initiated the bank’s establishment. The local business landscape was thriving, with companies consistently delivering dividends ranging from 12 to 20 percent annually.

In 1857, Peterson journeyed to England to seek investors for his banking venture. His efforts proved fruitful as he secured a start-up capital of 1 million pounds from investors, issuing a total of 10,000 shares priced at £100 each. With this financial backing, Standard Bank began acquiring promising businesses across South Africa. In instances where local banks were reluctant to sell, the bank opened new branches.

In 1883, following a shareholder vote, the bank underwent a name change, dropping the word “British” to become The Standard Bank of South Africa Limited. This shift reflected the bank’s growing presence and focus within South Africa’s economic landscape.

Standard Bank of South Africa Limited

In the early twentieth century, Standard Bank turned its focus to the African market, aiming to establish itself as a leading financial institution. To achieve this goal, it strategically opened branches in countries like Zimbabwe, Zambia, Lesotho, Kenya, the Democratic Republic of the Congo, and several others. During the mid-twentieth century, Standard Bank further bolstered its position by acquiring various financial services firms.

A pivotal moment came in 1966 when Standard Bank became the first bank in South Africa to embrace credit cards. This milestone was accomplished through the acquisition of a majority stake in Diners Club of South Africa (Pty) Ltd. Since then, Standard Bank has diversified its financial offerings and expanded its presence internationally. Additionally, it introduced self-service banking, resulting in the closure of many traditional branches, a move aimed at navigating the ongoing digital transformation in the industry.

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

NameTitleTenure
Simpiwe K TshabalalaCEO/Executive Director9/2017-PRESENT
Dr Arno DaehnkeChief Finance & Value Management Officer/Exec Dir10/2020-PRESENT
Margaret NienaberChief Operating Officer7/2022-PRESENT
David Wayne Preston HodnettChief Risk & Corporate Affairs Officer1/2022-PRESENT
Adam IkdalChief Strategy Officer2/2022-PRESENT
Sharon TaylorChief People & Culture Officer1/2021-PRESENT
Bill BlackieCEO: Business & Commercial Banking12/2021-PRESENT
Kenny FihlaCEO: Corporate & Investment BankingPresent
Lungisa FuzileCEO: SbsaPresent
Yuresh MaharajCEO: Insurance & Asset Management1/2023-PRESENT
Funeka MontjaneCEO: Personal & Private Banking1/2021-PRESENT
Yinka SanniCEO: Africa Regions4/2021-PRESENT
Luvuyo MasindaDeputy CEO: CIB9/2023-PRESENT
Kobus FronemanSecretaryPresent
Sarah Rivett-CarnacHead: Investor RelationsPresent

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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