Standard Chartered Bank

About Standard Chartered Bank

Established in 1965 through the merger of the Standard Bank of South Africa and the Bank of West Africa, the institution expanded its operations by acquiring a banking presence in Nigeria, originally established in 1894. Following the merger, the entity was renamed Standard Bank of West Africa. In 1969, Standard Bank Nigeria was formally incorporated locally to oversee its Nigerian operations. By 1971, 13% of the company’s share capital was allocated to Nigerian investors. The post-civil war economic recovery prompted the military government to prioritize greater local ownership in the retail banking sector, leading to a reduction of Standard Chartered’s stake in the Nigerian operation—renamed First Bank of Nigeria in 1979—to 38%. Standard Chartered maintained its shareholding in First Bank of Nigeria until 1996.

Standard Chartered re-established its presence in Nigeria in 1999, commencing customer operations on 15 September 1999 as a wholly owned subsidiary of Standard Chartered Bank Plc, headquartered in the United Kingdom. Today, the bank operates 42 branches across key Nigerian cities, including Lagos, Port Harcourt, Abuja, Ibadan, Kano, Kaduna, Maiduguri, OTA, Aba, Anisha, and One. It delivers a comprehensive suite of financial solutions spanning Retail, Corporate, and Institutional Banking. With a workforce of over 900 employees, Standard Chartered views Nigeria as a pivotal growth market.