Standard Chartered Bank History and Current Operations

Standard Chartered Bank has a rich history dating back to 1853, when it was founded by Robert Herbert in Shanghai, China. The bank quickly expanded its operations to other parts of Asia.

Its early success was largely due to its focus on serving the needs of international traders and merchants. This focus allowed the bank to establish a strong presence in key markets.

The bank's name, Standard Chartered, was officially adopted in 1969, after a merger with Chartered Bank. This merger marked a significant turning point in the bank's history.

Today, Standard Chartered Bank operates in over 70 markets worldwide, with a presence in some of the world's most dynamic and rapidly growing economies.

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Standard Chartered has a long history of innovation and strategic partnerships. In 2010, the bank announced an agreement to buy the African custody business from Barclays PLC.

The same year, Standard Chartered launched the first-ever Indian Depository Receipt "IDR" offer, marking a significant milestone in the bank's expansion into emerging markets. The bank also entered into a strategic alliance with the Agricultural Bank of China (ABC) to strengthen their partnership and explore joint business opportunities.

Standard Chartered has also made significant changes to its business operations in recent years. In 2015, the bank exited its money-losing equity capital markets business and cut 15,000 jobs, including 1,000 senior positions.

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From 2000 to 2010, our company experienced significant growth and expansion. We opened our first international office in London in 2005.

Our team tripled in size, allowing us to take on more projects and clients. This growth was fueled by our innovative approach to problem-solving.

We launched our first e-commerce platform in 2007, which quickly became a huge success. This platform allowed customers to easily purchase our products online.

The early 2000s saw a major shift in our company's focus towards sustainability. We began to develop environmentally friendly products and practices.

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Standard Chartered made a significant move in 2010 by acquiring the African custody business from Barclays PLC on April 27th of that year.

On May 13th, 2010, Standard Chartered PLC launched the first-ever Indian Depository Receipt "IDR" offer, marking a major milestone in the company's expansion efforts.

Standard Chartered formed a strategic alliance with the Agricultural Bank of China (ABC) on June 17th, 2010, with the goal of strengthening their partnership and identifying joint business opportunities.

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Joint business and cooperation task forces were set up in October 2010 to define the direction of the partnership and explore joint ventures, with Peter Sands, CEO of Standard Chartered, and Zhang Yun, President of ABC, co-chairing the committee.

In 2014, Standard Chartered was recognized as The Banker's inaugural winners of the Global and European Transaction Bank of the Year awards, thanks to its work in emerging markets, particularly Asia.

Standard Chartered made headlines in 2015 by exiting the money-losing equity capital markets business completely, becoming one of the first global banks to do so.

The bank also announced a major restructuring effort in November 2015, cutting 15,000 jobs, including 1,000 senior positions, in response to profit warnings and money laundering fines.

Standard Chartered took steps to reduce its exposure to risky business sectors by announcing in 2016 that it would stop providing loans to the midstream segment of the diamonds and jewellery industries.

The bank's decision to exit the diamond industry proved costly, with a reported loss of $400 million on a portfolio of loans that was once worth $3 billion in 2017.

Standard Chartered still has $1.7 billion of diamond debt outstanding, a result of defaults by jewellery and diamond companies from 2013 onwards.

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The company faced criticism in April 2017 from the Institutional Shareholder Services (ISS), which expressed concerns that the targets set for top bosses in the bank's long-term incentive plan (LTIP) were not demanding enough.

Bill Winters, the chief executive, stands to net share awards with a face value of up to £4.4m from the scheme, while Andy Halford, the chief financial officer, could receive £2.7m.

In 2025, Standard Chartered, Animoca Brands, and Hong Kong Telecom established a joint venture to issue a HKD-backed stablecoin.

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Standard Chartered faced a significant fine in 2019 for money laundering and sanctions breaches. The bank paid $1.1 billion to the UK government and the US Department of the Treasury.

This fine was related to deficiencies in the bank's money laundering control regime and for violating financial sanctions against several countries, including Myanmar, Zimbabwe, Cuba, Sudan, Syria, and Iran. Standard Chartered's money laundering controls were found to be inadequate, allowing the bank to facilitate transactions that were meant to be restricted.

The fine was a result of ongoing investigations in the US and UK, which had been ongoing since 2012. The bank had previously agreed to pay $340 million to the New York State Department of Financial Services over charges that it worked with the government of Iran to hide $250 billion in transactions.

Here are the countries against which Standard Chartered violated financial sanctions:

Standard Chartered offers a range of financial services, including consumer, corporate, and institutional banking.

The bank provides a variety of credit cards, including the Standard Chartered Visa Infinite and the Standard Chartered Mastercard.

The bank's consumer banking services also include savings and deposit accounts, such as the Standard Chartered Savings Plus account.

With a network of over 1,200 branches in more than 70 countries, Standard Chartered is a truly global bank.

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In 2020, Standard Chartered was fined £20.4 million by the UK's Office of Financial Sanctions Implementation.

The fine was related to loans made to DenizBank, a Turkish bank that fell under EU financial sanctions on Russia.

DenizBank's majority ownership by Russian bank Sberbank of Russia triggered the sanctions.

Standard Chartered offers a fast and comprehensive online banking experience through its easy-to-use Online banking platform, allowing you to securely bank anytime anywhere.

You can manage your accounts with ease using the SC Mobile App, which provides a simpler, faster, and more secure mobile banking experience.

With Standard Chartered Bill Pay, you can pay all your utility bills, such as mobile, landline, electricity, water, and insurance, online in a simple, secure, and convenient way.

You can transfer funds between your own accounts, transfer between accounts held with Standard Chartered Bank across India, or transfer to other bank beneficiaries using the robust network of NEFT & RTGS.

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Standard Chartered's corporate governance is overseen by a Board of Directors that includes both executive and non-executive members. The Board is responsible for setting the Group's strategy and overseeing its implementation.

The Board has a clear framework for making decisions, with a focus on transparency and accountability. This framework includes regular meetings and a robust decision-making process.

The Group's Senior Management is led by a Chief Executive Officer who is responsible for the day-to-day operations of the business. The CEO reports to the Board and is accountable for the Group's performance.

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The leadership team at this company is led by two key individuals: Group Chairman José Viñals and Group Chief Executive Bill Winters.

José Viñals has been the Group Chairman since December 2016. He brings a wealth of experience to the role, guiding the company's strategic direction.

Bill Winters has been the Group Chief Executive since June 2015. He is responsible for overseeing the company's day-to-day operations and implementing its business strategy.

Here is a summary of the leadership team:

The list of former group chairmen of our company is a long and impressive one. Sir Cyril Hawker held the position from 1969 to 1974.

Over the years, we've had a number of notable chairmen, including The Lord Barber, who led the company from 1974 to 1987. He was succeeded by Sir Peter Graham, who served from 1987 to 1988.

Rodney Galpin took over as chairman in 1988 and held the position until 1993. Sir Patrick Gillam then led the company from 1993 to 2003. His tenure was followed by Bryan Sanderson, who served as chairman from 2003 to 2006.

The Lord Davies took over as chairman in 2006 and held the position until 2009. He was succeeded by Sir John Peace, who led the company from 2009 to 2016.

Here's a list of our former group chairmen:

The Standard Bank has had its fair share of leaders over the years. Ronald Lane and H. R. Reed were the first to join as co-managing directors in 1973.

Ronald Lane took on the role of sole managing director in 1975 and held it until 1977. This marked a significant shift in the bank's management structure.

Sir Peter Graham led the bank from 1977 to 1983, bringing a wealth of experience to the role. His tenure was followed by Sir Michael McWilliam, who served from 1983 to 1988.

Rodney Galpin took over from 1988 to 1992, marking a new era for the bank. Sir Malcolm Williamson led the bank from 1993 to 1998.

Rana Talwar was the next group CEO, serving from 1998 to 2001. He was followed by The Lord Davies, who led the bank from 2001 to 2006.

Peter Sands took the helm from 2006 to 2015, overseeing significant changes in the bank's operations.

Standard Chartered has a long history of investing in education through its Priority Academy program, which was launched in 2006. This program offers study tours, internships, and seminars to students.

One notable example of the bank's commitment to education is its donation of $250,000 to Chan Yik Hei, a science amateur who won the Intel International Science and Engineering Fair. This donation helped Chan Yik Hei with his studies at the Hong Kong University of Science and Technology.

In 2015, the bank's funding of the Carmichael Coal Mine sparked widespread criticism from environmental groups like Greenpeace. Standard Chartered was called upon to withdraw from the project.

The bank ultimately withdrew from the deal, demonstrating its willingness to listen to public concerns and adapt its business practices.

Standard Chartered has a long-standing partnership with Liverpool Football Club as their main sponsor.

The deal was first announced in September 2009 and was initially set to run until the end of the 2013-14 football season.

Standard Chartered's sponsorship of Liverpool Football Club has been extended multiple times, with the latest deal running until the end of the 2026-27 season.

The deal is estimated to be worth around £50 million per year, making it the joint-third most valuable sponsorship deal in the Premier League.

Standard Chartered is also the lead sponsor of the Singapore Marathon.

The company has maintained this sponsorship deal for many years, demonstrating their commitment to supporting major events and organizations.

Standard Chartered has a significant presence in India, with a long history of operations in the country.

The bank was fined $13.6 million in 2020 by the Enforcement Directorate for foreign exchange rule violations related to its takeover of Tamilnad Mercantile Bank Limited in 2007.

Standard Chartered has been operating in India for many years, with a deep understanding of the local market and economy.

In August 2020, the Enforcement Directorate took action against Standard Chartered for its role in the Tamilnad Mercantile Bank Limited takeover.

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