Standard Chartered Bank Limited
Encyclopedia
Standard Chartered Bank (Pakistan) Limited is Pakistan's oldest and largest foreign commercial bank. It employs over 9000 people in its 162 branches in Pakistan.
first established its operations in Karachi
. In 2006 Standard Chartered Bank
acquired Pakistan's Union Bank
. On 30 December 2006, Standard Chartered merged Union Bank with its own subsidiary, Standard Chartered Bank (Pakistan), to create Pakistan's sixth largest bank.
History
The history of Standard Chartered in Pakistan dates back to 1863, when the Chartered Bank of India, Australia and ChinaChartered Bank of India, Australia and China
The Chartered Bank of India, Australia and China was a bank founded in London in 1851/1853 by Scotsman James Wilson following the grant of a Royal Charter from Queen Victoria. It opened its first branches in 1858 in Calcutta and Bombay and then in 1863 in Karachi and Shanghai...
first established its operations in Karachi
Karachi
Karachi is the largest city, main seaport and the main financial centre of Pakistan, as well as the capital of the province of Sindh. The city has an estimated population of 13 to 15 million, while the total metropolitan area has a population of over 18 million...
. In 2006 Standard Chartered Bank
Standard Chartered Bank
Standard Chartered PLC is a multinational financial services company headquartered in London, United Kingdom with operations in more than seventy countries...
acquired Pakistan's Union Bank
Union Bank
Union Bank was established in 1991 and had its headquarters in Karachi, Sindh, Pakistan. Prior to the merger with Standard Chartered Bank , it was Pakistan's eighth largest bank and had 65 branches in some 22 cities, about US$2 billion in assets, and about 400,000 customers.In 2006, Standard...
. On 30 December 2006, Standard Chartered merged Union Bank with its own subsidiary, Standard Chartered Bank (Pakistan), to create Pakistan's sixth largest bank.