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

measuring rod Chartered border - Research Paper good exampleIn the year 1969 merger of 2 avows took place and institution of the Standard Chartered Group took place. The deuce 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 spacious development of trade. This gave an opportunity to earn good profits which could be derived from championship the motion of the European commodities to eastern hemisphere 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 banks 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 K ong and capital of Singapore in the year 1859.The different conventional argumentation consisted of cotton from Mumbai, rice from Burma, Calcutta contributed tea and indigo, Javas contribution was sugar, Sumatra gave tobacco, capital of the Philippines 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 serve to China in the year 1871. In the year 1957, Chartered Bank acquired the Eastern Bank and the Cyprus branches of the Ionian Banks which led to a foundation of existence in the Gulf.1.3The Standard BankJohn 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 handle at Kimberley since 1867. Later on the business was extended to the gold fields of Johannesburg. In the year1969, the Chartered and t he Standard banks decided to go in for a gracious merger. But in the year 1986, an aggressive bid to acquire was attempted by 3Lloyds Bank of UK. The proposal was preclude and Standard Chartered moved into a period of transformation. The early period of the 1990s saw the Standard Chartered