Stanbic Bank

Stanbic Bank is a division of Standard Bank, a member of the Standard Bank Group, based in Johannesburg, South Africa.

Overview

The bank's building in Dar es Salaam, Tanzania.

Stanbic Bank was adopted as a trading name in 1992, when the Standard Bank Group, then known as Standard Bank Investment Corporation, acquired the African operations of ANZ Grindlays Bank. The new name was adopted to avoid confusion with the Standard Bank's British former parent bank, Standard Chartered Bank, which continued to operate in Africa.[1]

Standard Bank now trades under the name Stanbic Bank in Botswana, the Democratic Republic of the Congo, Ghana, Kenya, Malawi, Nigeria, South Sudan, Tanzania, Uganda, Zambia and Zimbabwe.

The Standard Bank Group also trades as Standard Bank in Namibia, Swaziland, South Africa, Lesotho, Mauritius, Angola and Mozambique. In Madagascar, the group is represented by Union Commercial Bank.[2]

Business Activity

In September 2012, Stanbic Bank Tanzania secured financing worth $3 billion for Mchuchuma Iron Ore and Liganga Coal mining project in the Ludewa district of the newly created region of Njombe in southwestern Tanzania.[3]

In 2015 Stanbic Bank was involved in a fraud scandal involving money transfers from the Swedish embassy to private accounts of a former embassy employee. [4]


See also

References

  1. ↑ Standard Bank Group: Historical Overview
  2. ↑ About Stanbic Bank
  3. ↑ Tanzania: Mining Firm Acquires U.S. $3 Billion From Banks, Africa: AllAfrica.com, 2012, retrieved 4 October 2012
  4. ↑ Swedish embassy scammed for millions, Sweden: Dagens_Nyheter, 2015, retrieved 31 October 2015


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