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In 1948 it merged with the smaller Grindlays Bank Ltd, renaming itself National and Grindlays Bank Ltd some ten years later. [1] Following further acquisitions, its name was shortened to Grindlays Bank in 1974, and then renamed ANZ Grindlays Bank when it was taken over by Australia and New Zealand Banking Group in 1984. [3]
In 1984, ANZ purchased Grindlays Bank. [14] [15] In 1985, ANZ acquired Barclays' operations in Fiji and Vanuatu. That same year, the bank received a full commercial banking licence and opened a branch in Frankfurt, Germany, and announced ANZ Singapore. In 1988, ANZ opened branches in Rarotonga, Cook Islands and Paris, France.
In a move that Standard Chartered said transformed it into the largest foreign bank in Bangladesh, it acquired Grindlays Bank from ANZ in August 2000. [3] In doing so, it gained an operational history in the country dating back to 1905. [2] In 2005, Standard Chartered bought out the Bangladesh banking operations of American Express. [4]
Standard Chartered retained Grindlays' private banking operations in London and Luxembourg, as well as the subsidiary in Jersey, all of which were integrated into its own private bank. This now serves high-net-worth customers in Hong Kong, Dubai, and Johannesburg under the name Standard Chartered Grindlays Offshore Financial Services. [22]
The bank's name was changed from Grindlays Bank International (Kenya) Limited to Stanbic Bank Kenya Limited in 1993. [10] At the point of the merger, the bank was 96.31% owned by Standard Bank through Stanbic Africa Holdings Limited (SAHL) and the balance of 3.69% held by the Government of Kenya.
Banks like Standard Chartered and ANZ Grindlays were implicated in the scam for bank receipt forgery and transfer of money into Mehta's personal account. The government realized that the fundamental problem with the financial structure of the stock markets was the lack of computerized systems which impacted the whole stock market.
The Reserve Bank of India (India's Central Bank) maintains this payment network. Real-time gross settlement is a funds transfer mechanism where transfer of money takes place from one bank to another on a 'real time' and on 'gross' basis. This is the fastest possible money transfer system through the banking channel.
Captain Robert Melville Grindlay FRSA MRAS FZS FRHS FRBS (23 October 1786 – 9 December 1877) was a British soldier, artist, and banker during the 18th and 19th centuries. [1] [2] [3] Born in London, England he served as an East India Company agent in the Bombay Army, during which time he made a large collection of sketches and drawings of the Indian subcontinent.