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Standard Chartered India (officially Standard Chartered Bank India Branches) is a foreign branch of Standard Chartered, incorporated in the United Kingdom with limited liability. [1] It is considered as a foreign bank under the Banking Regulation Act, 1949 and thus is regulated by the Reserve Bank of India (RBI).
Standard Chartered PLC is a British multinational bank with operations in wealth management, corporate and investment banking, and treasury services.Despite being headquartered in the United Kingdom, it does not conduct retail banking in the UK, and around 90% of its profits come from Asia, Africa, and the Middle East.
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.
Standard Chartered fixed its issue price for Indian Depository Receipts at Rs 104 per unit. [13] At this issue price, the bank will raise Rs. 2,490 crore ($530 million) by selling 24 crore IDRs. [14] Every 10 IDRs represents one share of the bank. The IDRs opened at the Bombay Stock Exchange and National Stock Exchange on June 11 2010. [15]
In February 2015, it was announced that Winters would replace Peter Sands as CEO of Standard Chartered in June 2015. [13] Since he joined Standard Chartered, the share price has fallen, as has that of peer HSBC. Standard Chartered's executive pensions attracted some investor criticism in 2019, and some 36% of votes cast at StanChart's annual ...
In 1967 shares in the Standard Bank of South Africa were offered to the South African public, although the British parent company retained over 80% of the shares. [8] The parent bank merged in 1969 with Chartered Bank of India, Australia and China and the combined bank became known as Standard Chartered Bank. In 1969 the Standard Bank ...
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.
In 1920, P & O Banking Corporation acquired Allahabad Bank with a bid price of ₹ 436 (US$5.00) per share. In 1923 the bank moved its head office and the registered office to Calcutta for reasons of both operational convenience and business opportunities. Then in 1927 Chartered Bank of India, Australia and China (Chartered Bank) acquired P&O ...