History Banks In South Africa -Private Banks
The Bank's history in South Africa dates back to 1862 from our previous shareholding in Standard Bank of British South Africa. [ [ In 1969 the Bank merged its two shareholdings in Standard Bank of South Africa and Chartered Bank of India to create the consolidated brand, Standard Chartered Bank . In 1987 Standard Chartered divested from South Africa in support of the call for change, but later
returned as an independent entity with a representative office in 1992.
The first bank to be established in the Cape was the Lombaard Bank. It was a State bank and opened its doors at Cape Town in 1793, with the view to bringing additional money into circulation, and thus assisting those who suffered from lack of currency. This bank was entrusted with the issuing of the Government notes. It closed in 1883, being forced out of business by the private banks. The first private bank in South Africa was the Cape of Good Hope Bank which opened in 1837.
As the hinterland developed and trade expanded, more private banks came into existence. Altogether approximately 30 of these sprang up between 1837 and 1882. Most of them issued their own paper money, some only in one, others in more than one denomination. Three large trading houses as well as one mining firm issued their own paper money between 1850 and 1860. In 1877 an imperial bank, the Standard Bank of British South Africa Ltd., opened its doors in Cape Town.
Two other imperial banks entered the Cape subsequently. All these new banks issued their own paper money. With large capital behind them they made it their business to open up branches throughout the Colony, and to take over as many of the remaining private banks as was possible. By 1892, they had absorbed all but one of these, namely the Stellenbosch District Bank. ] ]
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