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The Standard Bank of South Africa Limited

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Type	Public
Traded as	JSE: SBK
Industry	Banking
Founded	1862[1]
Headquarters	Johannesburg, South Africa
Area served	Southern Africa, Africa
Key people	Derek Cooper (Chairman) Jacko Maree (Group Chief Executive)
Products	Commercial banking Investment banking Investment management
Revenue	US$ 16,6 Billion (2010)
Net income	US$ 1,6 Billion (2010)
Total assets	US$ 201,9 Billion (2010)
Employees	53,350
Website	www.standardbank.com

The Standard Bank of South Africa Limited is one of South Africa's largest financial services groups. It operates in 30 countries around the world, including 17 in Africa.

History[link]

The bank was formed in 1862 as a South African subsidiary of the British overseas bank Standard Bank, under the name Standard Bank of South Africa.

The British bank's history in South Africa dated back to 1862, when a group of businessmen led by John Paterson^[2] formed the bank in London, initially under the name Standard Bank of British South Africa. The bank started operations in 1863 in Port Elizabeth, South Africa, and soon after opening it merged with several other banks including the Commercial Bank of Port Elizabeth, the Colesberg Bank, the British Kaffrarian Bank and the Fauresmith Bank.

It was prominent in financing and development of the diamond fields of Kimberley in 1867. The word "British" was dropped from the title in 1883. When gold was discovered on the Witwatersrand, the bank expanded northwards and on 11 October 1886 the bank started doing business in a tent at Ferreira's Camp (later to be called Johannesburg), thus becoming the first bank to open a branch on the Witwatersrand gold fields. On 1 November 1901 a second branch was opened in Eloff Street of Johannesburg.

Standard Bank in Adderley St, Cape Town

In 1920 the Standard Bank bought out the African Banking Corporation.^[3]

Until 1962 the British bank was formally known as the Standard Bank of South Africa, although by then its operations spread across Africa. When the South African operations were formed into a subsidiary in 1962, the parent changed its name to Standard Bank Limited, and the South African subsidiary took its parent's previous name.

The parent bank merged in 1969 with Chartered Bank of India, Australia and China and the combined bank became known as Standard Chartered Bank. The Standard Bank Investment Corporation (now Standard Bank Group) was established as the holding company of the South African bank. Standard Chartered sold its remaining 39% stake in Standard Bank Group in 1987, transferring complete ownership of the holding company to South African investors.

Recent expansion and acquisitions[link]

Africa[link]

• Uganda

In 2002, Standard Bank acquired 90% of Uganda Commercial Bank, the largest commercial bank in Uganda at that time, making Standard Bank a major actor in the banking sector of that East African country. As of March 2009, the new bank, called Stanbic Bank (Uganda) Limited is still Uganda's largest commercial bank with approximately 27% of all bank assets and about 20% of all bank branches in the country.^[4] The stock of Stanbic Bank (Uganda) Limited is traded on the Uganda Securities Exchange (USE) under the symbol SBU.^[5]

• Nigeria

On 21 August 2007 Standard Bank Group acquired controlling interest in IBTC Chartered Bank. This gave subsidiary StanbicIBTC Bank Nigeria Limited significant presence in the Nigerian market.

International[link]

• Argentina

In 2006, Standard Bank bought BankBoston Argentina expanding its operations into this country.

• Jersey

Standard Bank has operations in Jersey.

Standard Bank in Jersey

• Turkey

Also in August 2007, Standard Bank Group acquired a 67% share of the Turkish bank Dundas Ünlü Securities and now operates in Turkey under the name of Standard Ünlü.

• Russia

On 6 March 2009, Standard Bank announced plans to acquire 33% of Russia's second biggest investment bank, Troika. Troika, which is Russia's oldest brokerage, will acquire Standard Bank's current Russian banking operation, and will in addition receive cash of $200-million in the form of a 'convertible loan'[1]. Two executives of Standard Bank will join Troika's six-member board.

Investments in Standard Bank[link]

Loan Deal with Chinese banks[link]

On the 11th September, 2009 Industrial and Commercial Bank of China, Industrial and Commercial Bank of China (Macau), Bank of China, China Development Bank, China CITIC Bank initiated $1Billion club loan to Standard Bank.^[6]

ICBC Deal[link]

In October 2007 the Industrial and Commercial Bank of China acquired a stake of about 20% in Standard Bank for US$5.5bn. Half the stake came from ICBC acquiring existing shares and half from new shares. ICBC will also get two seats on the board of directors.

Bank Charges[link]

In 2005 Standard Bank was rated as having the lowest bank charges in South Africa. By 2010 that had changed to the extent that Standard Bank was rated by Finweek’s review of SA bank charges as having amongst the highest bank charges in the country.^[7] A report by Afriforum confirmed Standard Banks position as having the highest bank charges in the country along with Absa Bank.^[8]

Bibliography[link]

• Amphlett, George Thomas (1914). History of the Standard Bank of South Africa ltd., 1862-1913. Glasgow, Printed by R. Maclehose. http://www.archive.org/details/historyofstandar00amphuoft. 

See also[link]

• Standard Bank of South Africa
• Stanbic Bank
• Stanbic Bank Uganda

External links[link]

Wikimedia Commons has media related to: Standard Bank

• Standard Bank Group website
• Standard Bank in Argentina
• 1893 Standard Bank Advert in the Illustrated official handbook of the Cape and South Africa; a résumé of the history, conditions, populations, productions and resources of the several colonies, states, and territories at the Wayback Machine

References[link]

v t e Investment banks Bank Divisions of universal banks Bulge bracket Bank of America Merrill Lynch · Barclays · Citi Institutional Clients Group · Credit Suisse · Deutsche Bank Corporate and Investment Bank · J.P. Morgan & Co. (J.P. Morgan Cazenove) · UBS Investment Bank Other BMO Capital Markets · BOC International · BNP Paribas Corporate and Investment Banking · Brown Shipley · CIBC World Markets · CITIC Securities · Commerzbank Corporates & Markets · Crédit Agricole Corporate and Investment Bank (CLSA) · Daiwa Securities Capital Markets · Harris Williams & Co. · HSBC Global Banking and Markets · ING Commercial Banking · Is Investment · KBC Bank · Korea Development Bank (Daewoo Securities) · Lloyds Bank Corporate Markets · Mitsubishi UFJ Securities · Mizuho Corporate Bank · Natixis · Nomura Securities · RBC Capital Markets · RBS Global Banking & Markets · Société Générale Corporate & Investment Bank · Standard Chartered · TD Securities · UniCredit Corporate & Investment Banking · VTB Capital · Wells Fargo Securities Independents Bulge bracket Goldman Sachs · Morgan Stanley Other Allen & Company · Blackstone Group · Brewin Dolphin · BTG Pactual · Centerview Partners · China International Capital Corporation · Close Brothers Group · Evercore Partners · FBR Capital Markets · Greenhill & Co. · Houlihan Lokey · Investec Bank · Jefferies & Company · Keefe, Bruyette & Woods · Lazard · Macquarie Group · Mediobanca · Moelis & Company · N M Rothschild & Sons · Oppenheimer & Co. · Perella Weinberg Partners · Piper Jaffray · Raymond James Financial · Renaissance Capital · ROTH Capital Partners · Sandler O'Neill and Partners · Stifel Nicolaus · Troika Dialog · William Blair & Company Category  · List

Earl Klugh
Background information
Born	(1953-09-16) September 16, 1953 (age 58)[1]
Origin	Detroit, Michigan, United States
Genres	Smooth jazz,[2] Crossover jazz, Jazz fusion[3]
Instruments	Acoustic Guitar
Years active	1970 to present
Labels	Blue Note, Warner Bros. Records, Capitol Records, Koch Records
Website	Official website
Notable instruments
Del Langejans electric acoustic

Earl Klugh (pronounced "Clue") (born September 16, 1953,^[1] in Detroit, Michigan^[4]) is an American smooth jazz^[2]/crossover jazz/jazz fusion^[3] guitarist and composer. In 2006 Modern Guitar magazine wrote that Klugh "is considered by many to be one of the finest acoustic guitar players today."^[5]

Biography[link]

At the age of 13, Klugh was captivated by the guitar playing of Chet Atkins when Atkins made an appearance on the Perry Como Show. Klugh was a performing guest on several of Atkins' albums. Atkins, reciprocating as well, joined Earl on his Magic In Your Eyes album. Klugh also appeared with Atkins on several television programs, including Hee Haw and a 1994 TV special entitled "Read my Licks". Klugh was also influenced by Bob James, Ray Parker Jr, Wes Montgomery and Laurindo Almeida. His sound is a blend of these jazz, pop and rhythm and blues influences, forming a potpourri of sweet contemporary music original to only him.^[5]

Klugh's first recording, at age 15, was on Yusef Lateef's Suite 16. He played on George Benson's White Rabbit album and two years later, in 1973, joined his touring band.^[4]

For their album One on One, Klugh and Bob James received a Grammy award for Best Pop Instrumental Performance of 1981. He has since received 12 Grammy nods, millions of record and CD sales, and continues touring worldwide to this day.

Klugh has recorded over 30 albums including 23 Top Ten charting records – five of them No. 1 - on Billboard’s Jazz Album chart. With 2008’s The Spice of Life, Klugh earned his 12th career Grammy nomination - his second nomination and release on the independent Koch label.

Each spring,^[6] Klugh hosts a special Weekend of Jazz featuring jazz legends and greats at the Five-Star Broadmoor Hotel & Resort in Colorado Springs.^[7] Jazz greats including Ramsey Lewis, Patti Austin, Chuck Mangione, Bob James, Joe Sample, Chris Botti, Roberta Flack, and Arturo Sandoval have all performed at the annual event set in foot of the Colorado Rockies. In November 2010 Klugh brought the 'Weekend of Jazz' to Kiawah Island Golf Resort in South Carolina.^[8] In November 10–12, 2011 the second Weekend of Jazz at the Kiawah Island Resort is scheduled.

Discography[link]

Studio albums[link]

The Earl Klugh Trio Albums[link]

Duet albums[link]

Movie Soundtrack Albums[link]

Best of Albums[link]

Compilation Albums[link]

DVDs & Video[link]

References[link]

External links[link]

• EarlKlugh.com
• Tom Redmond - Working with Chet Atkins: An Interview with Earl Klugh