FICHE ENTREPRISE · ABUJA
Standard Chartered
finance
In 1965, the Standard Bank of South Africa merged with the Bank of West Africa acquiring businesses including a banking operation in Nigeria, which dated back to 1894. The name was then changed to Standard Bank of West Africa. Four years after the merger, Standard Bank Nigeria was incorporated locally to take over the business in Nigeria. In 1971, 13% of the share capital was placed with Nigerian investors. The end of the civil war saw a major economic upturn and consequently, the military government sought to increase local control of the retail-banking sector, hence the Bank’s investment in Standard Bank Nigeria (renamed First Bank of Nigeria in 1979) was reduced to 38%.
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In 1965, the Standard Bank of South Africa merged with the Bank of West Africa acquiring businesses including a banking operation in Nigeria, which dated back to 1894. The name was then changed to Standard Bank of West Africa. Four years after the merger, Standard Bank Nigeria was incorporated locally to take over the business in Nigeria. In 1971, 13% of the share capital was placed with Nigerian investors. The end of the civil war saw a major economic upturn and consequently, the military government sought to increase local control of the retail-banking sector, hence the Bank’s investment in Standard Bank Nigeria (renamed First Bank of Nigeria in 1979) was reduced to 38%.
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