Standard Bank Legal Division

Kim is now based in the UK and brings her legal and specific expertise related to Africa to the Metis Institute and its projects and is responsible for relationships with Metis Institute`s partners and clients. The judge said she asked for an explanation and was told that the “discrepancy,” “an unfortunate oversight,” was due to payments made to the bank`s general ledger account, not the bond account. The South African Customer Satisfaction Index (SAcsi) for 2015 and 2016 ranked Standard Bank as the lowest among South African banks in terms of customer service. The overall evolution of this index has decreased slightly compared to previous ratings. [26] In 1992, the Bank acquired ANZ Grindlays Bank`s operations in eight African countries. Most of the newly acquired banks were renamed Stanbic Bank to avoid confusion with the former parent company (and current competitor) Standard Chartered, which continued to operate in Africa. [7] Several other banks in Africa were acquired in the 1990s and adopted the Stanbic name. [7] Standard Bank now operates as Stanbic Bank in Botswana, Democratic Republic of Congo, Ghana, Kenya, Malawi, Nigeria, South Sudan, Tanzania, Uganda, Zambia and Zimbabwe. On 6 March 2009, Standard Bank announced its intention to acquire 33% of Russia`s second largest investment bank, Troika Dialog. Troika, Russia`s oldest brokerage, acquired Standard Bank`s Russian banking business and received an additional $200 million in cash in the form of a “convertible loan.” [22] Two executives of Standard Bank have joined the six-member Troika Board of Directors. In March 2011, Sberbank, Russia`s largest bank by capital and assets, bought Troika Dialog[2] and paid Standard Bank $372 million for its 36.4% stake in Troika. In the details of the claim, the bank detailed the amount of arrears and noted that the couple first violated the agreement in March 2019, and the bank official described attempts to contact them, including calling them eight times, sending four text messages and six emails. The bank`s origins date back to 1862, when a group of businessmen led by prominent South African politician John Paterson[5][6] founded a bank in London, initially under the name Standard Bank of British South Africa.

The bank began in 1863 in Port Elizabeth, South Africa, and soon after opening, merged with several other banks, including the Commercial Bank of Port Elizabeth, Colesberg Bank, British Kaffrarian Bank and Fauresmith Bank. In December 2001, Standard Bank acquired 60.18% of the shares of the Commercial Bank of Malawi. The bank was renamed Standard Bank Malawi. This is still the lowest figure among South Africa`s largest banks. The lawsuit was brought by Standard Bank against a couple who had registered a bond with the bank on a property in Newlands East. The parent bank merged with Chartered Bank of India, Australia and China in 1969 and the combined bank became known as Standard Chartered Bank. In 1969, Standard Bank Investment Corporation (now Standard Bank Group) was established as the holding company of the South African bank. In the 1970s and 1980s, Standard Chartered gradually reduced its stake and sold its remaining 39% stake in Standard Bank Group in 1987, transferring full ownership of the holding company to South African investors and in particular to Liberty Life (and its subsidiaries), the latter being the company`s largest shareholder until 1999. [7] Standard Bank and its lawyers have been criticised by a Durban High Court judge for taking shortcuts in an application against a defaulting landlord.

The bank sought a default judgment and an order to sell the house. In August of last year, after they defaulted on their payments, the bank sent them the notice required under the National Credit Act, informing them that they had not paid the full monthly payments and asking them to pay all arrears, or the bank would take legal action, which it did. in September. Standard Bank Eswatini was opened in 1988 and is now a leading commercial bank in the country. [10] The judge stated that when the case came before her in February this year, she raised certain issues – including the fact that the bank`s claims were not supported by the attached schedules showing that the couple had actually paid R10,000 as surety later in May. There were also other previous payments of R10,000. In 2005, Standard Bank was ranked as the bank with the lowest bank fees in South Africa. By 2010, that had changed, so Standard Bank was ranked by Finweek as one of the highest bank fees in the country in the review of South African bank fees. [24] An Afriforum report confirmed that Standard Bank, together with Absa Bank, has the highest bank fees in the country. [25] The judge stated that the conduct of the lawyer and the bank representative was frowned upon and that she prohibited the bank from recovering the costs of the claim from the couple, or the lawyers from charging fees in this case.

Stanbic Bank Zimbabwe Limited operates as a registered commercial bank in Zimbabwe. In November 1992, Standard Bank commenced operations in Zimbabwe under the name Stanbic Bank. In 2002, Standard Bank acquired 90% of Uganda Commercial Bank, Uganda`s largest commercial bank at the time, making Standard Bank a major player in the East African country`s banking sector. They renamed Stanbic Bank (Uganda) Limited. As of December 2012, Stanbic Bank (Uganda) was still Uganda`s largest commercial bank, accounting for about 20% of all bank assets and about 18% of all bank branches in the country. [16] Stanbic Bank (Uganda) Limited shares are traded on the Uganda Securities Exchange (USE) under the symbol SBU. Standard Bank Group owns about 80% of the shares. [17] Justice Henriques stated that the head of the bank stated in her affidavit that on November 23, 2021, the arrears were slightly over R93,000, the monthly payments were just over R8,000 and the last time they were paid was May 7, 2020 and only about R6,200. Kim Siegal is a South African lawyer with extensive experience in the financial services industry, having spent more than 12 years at senior management level in Standard Bank`s group legal division.

As the bank`s General Counsel, she was responsible for ensuring the timely and fair resolution of disputes worldwide and protecting the bank`s reputation. In addition, Kim was responsible for many other areas of law, including the card division for loan security, insurance, and mergers and acquisitions activities. The heads of the various banking units in Africa reported to Kim and ensured that she was kept informed of any issues in Africa that might affect the bank.

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