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Standard Chartered Bank had sold its shares in Standard Bank of South Africa to the bank's existing shareholders in 1987 to escape anti-apartheid sanctions against South Africa. In 2000, ANZ sold its Grindlays subsidiary to Standard Chartered for US$1.34 (A$2.2) billion in cash, [ 13 ] which merged it with its existing banking operations.
After the partition of the subcontinent in 1947, Standard Chartered started its business in what is now Bangladesh in 1948, in the port city of Chittagong. [2]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]
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 merger followed Standard Chartered Bank's acquisition of Grindlays' Middle Eastern and South Asian operations from ANZ Banking Group on July 31, 2000. [5] [6] At the time of the merger, Standard Chartered was the largest foreign bank in Pakistan and operated in all four provinces, maintaining a network of 21 branches. [4]
In 1992 the bank acquired the operations of ANZ Grindlays Bank in eight African countries. Most of the newly acquired banks were renamed Stanbic Bank, to avoid confusion with the former parent (and now competitor), Standard Chartered, which continued to operate in Africa. [8]
In 2000, ANZ sold its Grindlays businesses in the Middle East and South Asia, and associated Grindlays Private Banking business to Standard Chartered. [31] In 2001, ANZ opened branches in Timor Leste [32] and began offering credit card services in Hong Kong. [33]
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.
In 1989, the bank changed names again to ANZ Grindlays when it was acquired by the Australia & New Zealand Banking Group. In 2000, Standard Chartered acquired ANZ Grindlays. [3] In August 2004, the bank was renamed International Bank of Qatar (ibq), when National Bank of Kuwait (NBK) acquired a 20% stake in the bank and assumed management ...