british fiscal services ship’s company

Standard Chartered plc is a british multinational bank [ 3 ] and fiscal services company headquartered in London, England. It operates a network of more than 1,200 branches and outlets ( including subsidiaries, associates and joint ventures ) across more than 70 countries and employs about 87,000 people. It is a universal joint bank with operations in consumer, corporate and institutional banking, and treasury services. Despite its UK nucleotide, it does not conduct retail trust in the UK, and about 90 % of its profits come from Asia, Africa and the Middle East. Standard Chartered has a elementary list on the London Stock Exchange and is a component of the FTSE 100 Index. It has secondary listings on the Hong Kong Stock Exchange, the National Stock Exchange of India, and OTC Markets Group Pink. Its largest stockholder is the Government of Singapore -owned Temasek Holdings. [ 4 ] [ 5 ] [ 6 ] It is considered a systemically significant bank by the Financial Stability Board.

José Viñals is the Group Chairman of Standard Chartered. [ 7 ] Bill Winters is the stream Group Chief Executive. [ 8 ]

name [edit ]

The list Standard Chartered comes from the names of the two banks from which it was formed by amalgamation in 1969 : The Chartered Bank of India, Australia and China, and Standard Bank of British South Africa. [ 9 ]

history [edit ]

Penang, Standard Chartered Bank Building in George Town Malaysia. Opened in 1875, it is the oldest standard Chartered branch in the state .

Predecessors [edit ]

Chartered Bank [edit ]

The Chartered Bank began when Queen Victoria granted a Royal Charter to Scotsman James Wilson in 1853. Chartered opened its first branches in Mumbai ( Bombay ), Kolkata ( Calcutta ) and Shanghai in 1858, followed by Hong Kong and Singapore in 1859. The Bank started issuing banknotes of the Hong Kong dollar in 1862. [ 9 ]

Standard Bank [edit ]

The Standard Bank was a british deposit founded in the Cape Province of South Africa in 1862 by Scot, John Paterson. [ 10 ] Having established a considerable number of branches, Standard was outstanding in financing the development of the baseball diamond fields of Kimberley from 1867 and subsequently extended its network far north to the raw township of Johannesburg when gold was discovered there in 1885. Half the output of the second gear largest gold field in the world passed through The Standard Bank on its way to London. Standard expanded widely in Africa over the years, but from 1883 to 1962 was formally known as the Standard Bank of South Africa. In 1962 the depository financial institution changed its list to Standard Bank Limited, and the south african operations were formed into a separate auxiliary which took the rear bank ‘s previous name, Standard Bank of South Africa Ltd. [ 9 ]

1969 to 2000 [edit ]

Standard Chartered Bank Building in Hong Kong Both banks acquired other smaller banks along the means and spread their networks further. In 1969, the banks decided to merge and to counterbalance their network by expanding in Europe and the United States, while continuing expansion in their traditional markets in Asia and Africa. [ 9 ] In 1986, Lloyds made a hostile takeover wish for the Group. [ 11 ] The invite was defeated ; however, it spurred Standard Chartered into a period of change, including a series of divestments notably in the US and South Africa. Union Bank was sold to the Bank of Tokyo and United Bank of Arizona was sold to Citicorp. [ 12 ] In 1986, a business consortium purchased a 35 % interest to fend off Lloyds. A member of this consortium was Singaporean place baron Khoo Teck Puat, who purchased 5 % of the bank ‘s shares, which he belated increased to 13.4 %. [ 13 ] In 1987, Standard Chartered sold its remaining interests in the South African bank ; since then the Standard Bank Group has been a branch entity. [ 14 ] In 1992, scandal broke when bank regulators charged respective employees of Standard Chartered in Mumbai with illegally diverting depositors ‘ funds to speculate in the stock grocery store. Fines by indian regulators and provisions for losses cost the trust about £350 million, at that time amply a third base of its capital. [ 15 ] In 1994, London ‘s Sunday Times reported that an executive in the bank ‘s metals part had bribed officials in Malaysia and the Philippines to win occupation. The bank, in a statement on 18 July 1994, acknowledged that there were “ discrepancies in expense claims [ that ] … included gifts to individuals in certain countries to facilitate business, a practice contrary to bank rules ”. [ 16 ] In 1994, the Hong Kong Securities and Futures Commission found Standard Chartered ‘s asian investment bank to have illegally helped to artificially support the price of new shares they had underwritten for six companies from July 1991 to March 1993. The bank admitted the offense, apologized and reorganized its brokerage units. The commission banned the bank from underwriting IPOs in Hong Kong for nine months. [ 17 ] In 1997, Standard Chartered sold Mocatta Bullion and Base Metals, its metals division, to Toronto -based Scotiabank for US $ 26 million. [ 18 ] Standard Chartered ‘s asian investment bank operations never recovered. In 2000, the trust closed them down. [ 19 ]

2000 to 2010 [edit ]

Standard Chartered logo from 2002 to 2021 In 2000, Standard Chartered acquired Grindlays Bank from ANZ, increasing its presence in private bank and further expanding its operations in India and Pakistan. Standard Chartered retained Grindlays ‘ private trust operations in London and Luxembourg, ampere well as the subordinate in Jersey, all of which were integrated into its own secret deposit. This now serves high-net-worth customers in Hong Kong, Dubai, and Johannesburg under the list Standard Chartered Grindlays Offshore Financial Services. [ 20 ] Leading to the incorporation of Standard Chartered ( Hong Kong ) on 1 July 2004, the Legislative Council of Hong Kong amended Legal Tender Notes Issue Ordinance. The amendment replaced Standard Chartered Bank with its newly incorporated subsidiary company – Standard Chartered Bank ( Hong Kong ) Ltd – as one of the note-issuing banks in Hong Kong. [ 21 ] The lapp year, Standard Chartered Bank and Astra International ( an indonesian accumulate, a auxiliary of Jardine Matheson ) took over PermataBank and in 2006, both shareholders increased their joint ownership to 89.01 %. With 276 branches and 549 ATMs in 55 cities throughout Indonesia, PermataBank has the second largest branch network in Standard Chartered organization. [ 22 ] On 15 April 2005, the bank acquired Korea First Bank, beating HSBC in the bid. [ 23 ] The bank has since rebranded the branches as SC First Bank. Standard Chartered completed the integration of its Bangkok branch and Standard Chartered Nakornthon Bank in October, renaming the raw entity Standard Chartered Bank ( Thailand ). [ 24 ] Standard Chartered besides formed strategic alliances with Fleming Family & Partners to expand private wealth management in Asia and the Middle East, and acquired stakes in ACB Vietnam, Travelex, American Express Bank ( Bangladesh ) and Bohai Bank ( China ). The largest stockholder, Khoo Teck Puat, died in 2004 ; and two years later, on 28 March 2006, the Singapore state-owned private investment firm, Temasek, became the bank ‘s largest stockholder, when it bought the 11.55 % impale held by the estate of billionaire Khoo Teck Puat. [ 4 ] [ 5 ] [ 6 ]
Standard Chartered Bank China in Guangzhou On 9 August 2006, Standard Chartered announced it had acquired an 81 % shareholding in the Union Bank of Pakistan in a distribute ultimately worth $ 511 million. This hand represented the first learning by a alien firm of a Pakistani bank and the unify depository financial institution, Standard Chartered Bank ( Pakistan ), is now Pakistan ‘s sixth largest depository financial institution. [ 25 ] On 22 October 2006, Standard Chartered announced that it had received tenders for more than 51 % of the issue share capital of Hsinchu International Bank ( “ Hsinchu ” ), established in 1948 in Hsinchu, Taiwan. [ 26 ] In 2007, Standard Chartered opened its Private deposit global headquarters in Singapore. [ 27 ] On 23 August 2007, Standard Chartered entered into an agreement to buy a 49 % parcel of an indian brokerage firm ( UTI Securities ) for $ 36 million in cash from Securities Trading Corporation of India Ltd., with the option to raise its impale to 75 % in 2008, and, if both partners were in agreement, to 100 % by 2010. [ 28 ] On 29 February 2008, Standard Chartered PLC announced it had received all the command approvals leading to the completion of its skill of American Express Bank Ltd ( AEB ) from the American Express Company ( AXP ). The total cash retainer for the acquisition is US $ 823 million. [ 29 ] [ 30 ] [ 31 ] [ 32 ] [ 33 ] On 13 November 2008, Standard Chartered Bank ( Hong Kong ) Limited, entered into an agreement to acquire 100 % of Cazenove Asia Limited, an asian equity capital markets, corporate finance and institutional brokerage house occupation, from JPMorgan Cazenove. [ 34 ] On 27 November 2009, Dow Jones Financial News reported that Dubai will restructure its largest corporate entity. Among external banks, Standard Chartered has one of the largest loanword portfolios in the Dubai market and the UAE as a wholly, estimated to be $ 7.77 billion in sum. This amounts to 4.2 % of Standard Chartered ‘s total loans outstanding. early impacted banks included HSBC, Barclays, and RBS. The bank stated that any disability rise from this photograph would not be material. [ 35 ]

2010 to present [edit ]

Standard Chartered Bank Tower in Pudong, Shanghai, People ‘s Republic of China Standard Chartered announced an agreement on 27 April 2010 to buy the African detention business from Barclays PLC. [ 36 ] On 13 May 2010, Standard Chartered PLC launched the first-ever indian Depository Receipt “ IDR ” offer. [ 37 ]

On 17 June 2010, Standard Chartered Bank and the Agricultural Bank of China ( ABC ) entered into a strategic alliance meant to strengthened their strategic partnership and identify joint business opportunities. [ 38 ] Joint business and cooperation task forces were set up in October that year to define the direction of the partnership and explore joint ventures. [ 39 ] The committee was to be co-chaired by Peter Sands, CEO of Standard Chartered, and Zhang Yun, President of ABC. [ 40 ] In December 2010, Standard Chartered was recognised as the Global Bank of the year in The Banker ‘s Bank of the class 2010 awards. [ 41 ] Standard Chartered besides was named The Banker ‘s inaugural winners of the Global and European Transaction Bank of the year awards in September 2014, largely “ on the basis of its work in emerging markets, particularly Asia ”. [ 42 ] In January 2015, the company announced that it was exiting the money-losing “ fairness das kapital markets business wholly ”, “ becoming one of the first ball-shaped banks ” to do so. [ 43 ] In November that year, the bank announced that it would cut 15,000 jobs, including one thousand aged jobs, “ from managing film director up to board executives ”. [ 44 ] The cuts followed a change of CEO after profit warnings and money laundering fines in the first gear half of the class. [ 45 ] In 2016, Standard Chartered announced that it would stop providing loans to the midstream segment of the diamonds and jewelry industries. [ 46 ] The announcement was the result of a revue of the bank ‘s interest in hazardous business sectors. [ 46 ] In 2017, the bank was reported to have lost $ 400 million on bad baseball diamond debt on a portfolio of loans that was once deserving $ 3 billion. [ 47 ] Owing to defaults of jewelry and diamond companies from 2013 onwards, Standard Chartered is presently estimated to have $ 1.7 billion of diamond debt still to be repaid. [ 47 ] The company received criticism in April 2017 from the Institutional Shareholder Services ( ISS ). The investor advisory firm told shareholders it was concerned that targets set for the top bosses in the depository financial institution ‘s long-run bonus plan ( LTIP ) were not demanding enough. Bill Winters, the headman executive, stands to net share awards with a face value of equally much as £4.4m from the scheme, while Andy Halford, the chief fiscal officer, could receive £2.7m. [ 48 ]

Money-laundering charges [edit ]

On 6 August 2012, the New York Department of Financial Services ( DFS ), led by Benjamin Lawsky, accused Standard Chartered of hiding $ 250 billion in transactions involving Iran, labelling it a “ rogue institution ”. The bank was ordered to appear and defend its actions, or gamble losing its license to operate in the state of New York. The DFS said it had documents showing a cover up of transactions allegedly used to fund terrorist groups in the Middle East. [ 49 ] On 14 August 2012, Lawsky announced that the DFS and Standard Chartered reached a colonization that allows the bank to keep its license to operate in New York. According to the terms of the settlement, the bank agreed to pay a $ 340 million fine. [ 50 ] The savings bank agreed to install a monitor to oversee the bank ‘s money launder controls for at least two years, and appoint “ permanent wave officials who will audit the bank ‘s inner procedures to prevent offshore money wash ”. [ 50 ] The monitor will report immediately to the DFS. [ 51 ] Lawsky ‘s instruction said “ the parties have agreed that the behavior at issue involved transactions of at least $ 250bn. ” [ 52 ] The trust issued a statement confirming that a colony with the DFS had been reached and that “ a courtly agreement containing the detail terms of the colony is expected to be concluded concisely ”. [ 52 ] other US agencies—including the Federal Reserve, the Federal Bureau of Investigation, the Treasury Department, and the Justice Department —had besides begun investigations into the wash allegations and were reportedly taken off guard by the travel rapidly of the settlement. [ 50 ] The Treasury stated that its own probe of Standard Chartered will continue. [ 53 ] several fiscal analysts predicted that, due to its potent fiscal position, the bank would be able to well cover the $ 900 million fine without having to raise extra capital. [ 53 ] On 6 August 2014, Lawsky was reported to be preparing a newly action against Standard Chartered over calculator arrangement breakdowns and was “ discussing a potential settlement ”. [ 54 ] On 19 August 2014, the bank was fined $ 300 million by the New York Department of Financial Services for breach of money-laundering submission related to potentially bad transactions involving Standard Chartered clients in Hong Kong and the UAE. The bank issued a instruction accepting province and regretting the deficiencies, at the like time noting the rule would not jeopardize its U.S. licenses. [ 55 ] [ 56 ] In April 2019, it was reported that Standard Chartered may have to pay approximately $ 1 billion to settle its ongoing investigations in the US and UK. Earlier in February the company had set aside $ 900 million towards resolution of violations of U.S. sanctions and forex trade regulations. The company besides faces a penalty of roughly $ 134 million from the United Kingdom ‘s Financial Conduct Authority related to historic fiscal crime controls which takes the sum to over $ 1 billion. [ 57 ]

Financial engineering [edit ]

Group Chairman José Viñals explores Augmented Reality with Chief Data Officer Shameek Kundu at the bank ‘s eXellerator Lab in Singapore

Standard Chartered Breeze [edit ]

Standard Chartered Breeze is a mobile banking application for the iPhone & iPad that can besides be used on the computer. It is largely similar to the on-line bank services offered by other banks, with the exception of its serve to issue electronic depository financial institution cheques. Launched in the summer of 2010 and aggressively marketed, the reviews have been by and large positive. In accession, it has attracted an rare come of attention due to many advanced market strategies it used to promote its product, by and large focusing on social media. Standard Chartered Breeze organised a blogger ‘s meet for bloggers to preview Breeze, and its Twitter campaign to give away a dislodge iPad was extremely successful. [ 58 ]

SuperCharger FinTech Accelerator [edit ]

Standard Chartered ‘s primary engagement with the fintech residential district is focused in Hong Kong, working close with and coordinate by ‘The eXellerator ‘. The SuperCharger FinTech Accelerator, along with independent partners, Standard Chartered Bank ( a establish member ) and Fidelity International, has doubly conducted programmes enabling international growth-stage companies to expand their operations within Asia. Standard Chartered Bank has initiated proof of concept projects with two companies : Bambu and KYC Chain. [ 59 ]
In September 2009, it was announced that Standard Chartered had agreed to become the chief presenter of Liverpool Football Club for the time period between July 2010 and the end of the 2013–14 football season. [ 60 ] [ 61 ] The sponsorship has been extended three times. First in 2013 to the end of the 2015–16 temper, [ 62 ] next in 2015 through the 2018–19 temper, [ 63 ] and, most recently, in May 2018 that extends through the 2022–23 season. [ 64 ] The deal is estimated to be deserving around £40million per year by City A.M., making it the joint-third most valuable sponsorship cover in the Premier League alongside Arsenal ‘s share with Emirates and Chelsea ‘s deal with Yokohama. [ 65 ]

Social duty [edit ]

The Priority Academy plan was created in 2006 by the bank, with educational programmes including a study go of Shanghai, a summer internship program and a study seminar in the United States. The plan donated $ 250,000 to Chan Yik Hei, a skill amateur who won the Intel International Science and Engineering Fair, for his studies at the Hong Kong University of Science and Technology. [ 66 ] In 2015, Standard Chartered was widely criticised for its $ 12bn support of the controversial Carmichael Coal Mine, with a campaign led by Greenpeace calling for them to quit the project. The trust subsequentially withdrew from the deal. [ 67 ]

leadership [edit ]

  • Group Chairman: José Viñals (since December 2016)
  • Group Chief Executive: Bill Winters (since June 2015)

tilt of Former Group Chairmen [edit ]

list of Former Group Chief Executives [edit ]

Prior to 1973, management integration was still ongoing and the Standard Bank and Chartered Bank each had their own separate executives; Ronald Lane and Henry Reed from the two banks first joined together as co-managing directors in 1973, with Lane becoming sole managing director in 1975. [ 68 ]

  1. Ronald Lane and Henry Reed (1973–1974)
  2. Ronald Lane (1975–1977)
  3. Sir Peter Graham (1977–1983)
  4. Sir Michael McWilliam (1983–1988)
  5. Rodney Galpin (1988–1992)
  6. Sir Malcolm Williamson (1993–1998)
  7. Rana Talwar (1998–2001)
  8. Mervyn Davies, Baron Davies (2001–2006)
  9. Peter Sands (2006–2015)

celebrated erstwhile employees [edit ]

membership [edit ]

As a penis of the Global Banking Alliance for Women, Standard Chartered works with a consortium of banks to deliver fiscal services to women. [ 75 ]

Controversies [edit ]

Breach of Sanctions fines ( 2012 ) [edit ]

In August 2012 Standard Chartered agreed to pay $ 340 million to the New York State Department of Financial Services over charges that the savings bank ran a rogue unit that schemed with the politics of Iran to hide more than $ 250 billion deserving of transactions for more than a ten. [ 76 ] [ 77 ] In December 2012 Standard Chartered agreed to pay a $ 327 million very well to U.S. authorities over charges it violated international sanctions on transactions with Iran, Myanmar, Libya, and Sudan. [ 78 ]

money Laundering, Breach of Sanctions fine ( 2019 ) [edit ]

On 9 April 2019, Standard Chartered paid $ 1.1 billion to the United Kingdom Government and the United States of America ‘s Department of the Treasury over poor money wash controls and for breaching sanctions against Myanmar, Zimbabwe, Cuba, Sudan, Syria, and Iran. [ 79 ] [ 80 ]

OFSI fine ( 2020 ) [edit ]

In April 2020 Standard Chartered was fined £20.4 million by the UK ‘s Office of Financial Sanctions Implementation for loans to a turkish bank, DenizBank which was majority owned by russian bank Sberbank of Russia in rape of E.U. fiscal sanctions on Russia. [ 81 ] [ 82 ]

indian Bank coup d’etat fine ( 2020 ) [edit ]

In August 2020 Enforcement Directorate fined Standard Charted $ 13.6 million for breaking the nation ’ s alien exchange rules in its 2007 takeover of Tamilnad Mercantile Bank Ltd. [ 83 ]

delay of reporting fraud fine ( 2021 ) [edit ]

In January 2021 the Reserve Bank of India issued a fine of ₹2 crore of Standard Chartered Bank-India for delays in report of fraud. [ 84 ] [ 85 ]

See besides [edit ]

References [edit ]