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Standard Chartered Pakistan is a Pakistani
The history of Standard Chartered in Pakistan dates back to 1863, when the
Standard Chartered Pakistan
{{Authority control Banks of Pakistan Companies listed on the Pakistan Stock Exchange Companies in the KSE 100 Index Standard Chartered Pakistani subsidiaries of foreign companies
commercial bank
A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit.
It can also refer to a bank or a division of a larger bank that deals with whol ...
headquartered in Karachi
Karachi is the capital city of the Administrative units of Pakistan, province of Sindh, Pakistan. It is the List of cities in Pakistan by population, largest city in Pakistan and 12th List of largest cities, largest in the world, with a popul ...
. It is a wholly-owned subsidiary of British multinational bank Standard Chartered
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 th ...
and is one of the oldest foreign commercial bank in Pakistan.
History
The history of Standard Chartered in Pakistan dates back to 1863, when the Chartered Bank of India, Australia and China
The Chartered Bank of India, Australia and China (informally The Chartered Bank) was a bank incorporated in London in 1853 by Scotsman James Wilson, under a Royal Charter from Queen Victoria.
first established its operations in Karachi
Karachi is the capital city of the Administrative units of Pakistan, province of Sindh, Pakistan. It is the List of cities in Pakistan by population, largest city in Pakistan and 12th List of largest cities, largest in the world, with a popul ...
.
In December 2002, Grindlays ANZ's operations in Pakistan were merged into Standard Chartered Bank Pakistan. The merger followed Standard Chartered Bank's acquisition of Grindlays' Middle Eastern
The Middle East (term originally coined in English language) is a geopolitical region encompassing the Arabian Peninsula, the Levant, Turkey, Egypt, Iran, and Iraq.
The term came into widespread usage by the United Kingdom and western Eur ...
and South Asia
South Asia is the southern Subregion#Asia, subregion of Asia that is defined in both geographical and Ethnicity, ethnic-Culture, cultural terms. South Asia, with a population of 2.04 billion, contains a quarter (25%) of the world's populatio ...
n operations from ANZ Banking Group on July 31, 2000. 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.
In 2006, Standard Chartered Bank
Standard Chartered PLC is a British multinational bank with operations in wealth management, Wholesale banking, corporate and investment banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retai ...
acquired Union Bank in Pakistan. On 30 December 2006, Standard Chartered merged Union Bank with its own subsidiary, Standard Chartered Bank (Pakistan), to create Pakistan's sixth largest bank.
FinCEN
Standard Chartered was named in FinCEN leak, published byBuzzfeed News
''BuzzFeed News'' was an American news website published by BuzzFeed beginning in 2011. It ceased posting new hard news content in May 2023. It published a number of high-profile scoops, including the Steele dossier, for which it was strong ...
and the International Consortium of Investigative Journalists
The International Consortium of Investigative Journalists, Inc. (ICIJ), is an independent global network of 280 investigative journalists and over 140 media organizations spanning more than 100 countries. It is based in Washington, D.C., with ...
(ICIJ). It had four suspicious transactions flagged.
See also
*Banking in Pakistan
Banking in Pakistan formally began during the period of colonialism in South Asia, during which much of Pakistan was controlled by the British Empire.
History
In 1947, Pakistan gained independence from the British Raj. After independence, the ...
* Union Bank (Pakistan)
References
External links
Standard Chartered Pakistan
{{Authority control Banks of Pakistan Companies listed on the Pakistan Stock Exchange Companies in the KSE 100 Index Standard Chartered Pakistani subsidiaries of foreign companies