Standard Chartered Bank Research Paper Example | Topics and Well Written Essays - 5000 words

Standard Chartered Bank - Research Paper Example In the year 1969 merger of 2 banks took place and institution of the Standard Chartered Group took place. The two banks which were merged were the Standard Bank of British which was founded in South Africa in the year 1863 and the Chartered bank which was in India, Australia and china established in 1853. Both the above mentioned companies were enthusiastic to take advantage of the vast development of trade. This gave an opportunity to earn good profits which could be derived from funding the motion of the European commodities to East and to Africa. James Wilson established this bank subsequent to the accord of a Royal Charter which was proclaimed in the year 1853 by Queen Victoria. The bank's first branches were opened at Bombay which is presently known as Mumbai. Branches at Calcutta and Shanghai were also instituted in the year 1858. This was later on followed by opening of branches in Hong Kong and Singapore in the year 1859. The different conventional business consisted of cotton from Mumbai, rice from Burma, Calcutta contributed tea and indigo, Java's contribution was sugar, Sumatra gave tobacco, Manila bestowed hemp and silk was taken from Yokohama. The bank had to play a key part in the growth of business deal with the East leading to the unfolding of the Suez Canal in the year 1869 and the prolongation of the telegraphy services to China in the year 1871. In the year 1957, Chartered Bank acquired the Eastern Bank and the Cyprus branches of the Ionian Bank's which led to a foundation of existence in the Gulf. 1.3 The Standard Bank: John Paterson instituted the Standard Bank in South Africa in the Province of the Cape during1862. The bank had a prominent business of funding the growth of the diamond fields at Kimberley since 1867. Later on the business was extended to the gold fields of Johannesburg. In the year1969, the Chartered and the Standard banks decided to go in for a gracious merger. But in the year 1986, an aggressive bid to acquire was attempted by 3 Lloyds Bank of UK. The proposal was thwarted and Standard Chartered moved into a period of transformation. The early period of the 1990s saw the Standard Chartered