What does SCB Stand for?
Standard Chartered Bank is the full form of SCB. The Standard Chartered Bank is a London-based international banking company that boasts 1200+ branches across 70 different countries. Although the SCB is based in England, it does not carry out any retail banking services in the UK. Interestingly, over 90% of their profits come from the Asian, African, and Middle Eastern markets. They are mainly known for their investment and financial services.
Apart from learning the Full form of SCB, here are some important details about the Standard Chartered Bank that you need to know.
SCB Quick Facts
- Full Form of SCB: The Standard Chartered Bank.
- The Full name of Standard Chartered Bank comes from its predecessors, the Chartered Bank of India, Australia, and China, and the Standard Bank.
- The Chartered Bank of India, Australia, and China were established in 1858 as a bank with three branches: Mumbai, Kolkata, and Shanghai.
- The Chartered Bank resulted from a royal charter issued by Queen Victoria to James Wilson in 1853, who is currently regarded as the founder of the Standard Chartered Bank.
- The Standard Bank’s other predecessor is a British bank established by fellow Scotsman John Patterson in 1862 in South Africa.
- In 1969, both the Standard Bank and the Chartered Bank of India, Australia, and China merged to form the Standard Chartered Bank. This move was to counterbalance their networks and fuel their expansion plans in Europe and the United States.
- The Standard Chartered Bank is responsible for two effective Financial Technology tools: the Standard Chartered Breeze and SuperCharger FinTech Accelerator.
- The Standard Chartered Breeze is an application for the iPhone and the iPad, with cross-platform functionality (can also be used on computers) to enable mobile banking. Unlike other online banking apps, using SCB’s Standard Chartered Breeze makes it possible to issue Electronic Bank Cheques. This application was launched in 2010.
- SuperCharger FinTech Accelerator results from the SCB’s partnership with the Hong Kong-based FinTech community “the eXellerator”. The SCB has partnered with Fidelity International and has conducted multiple programs enabling FinTech companies at the growth stage. They have successfully begun the Proof Of Concept phase with two companies, Bambu and KYC Chain.
- In 2006, the SCB created “The Priority Academy” with educational intentions. They hosted a study tour of Shanghai, internship programs, and seminars in the United States.
- In January 2021, the RBI penalized the SCB-India to the tune of INR 2 crore over multiple delays in the mandatory reporting of frauds.
We hope this information was useful to you. Like the full form of SCB, you can learn from others our articles. This would be extremely beneficial for a banking exam.
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