Standard Bank Finance and Development Corporation

The business was incorporated on 20 March 1947 with an objective to assist and participate in schemes for the development of natural resources, business, industry, trade and commerce. The initial share capital was £500,000 divided into 100,000 shares of £5 which were wholly owned by the Standard Bank of South Africa Limited. In 1962 when the parent bank hived off the South African operations the Finance and Development Corporation remained in the ownership of the parent body, known as The Standard Bank, which in turn in 1969 merged with Chartered Bank to create the Standard Chartered Banking Group (later Standard Chartered Bank). In 1973 Standard Chartered with Tozer Kemsley and Millboom (holdings) limited jointly created a new merchant Bank styled Tozer Standard and Chartered Limited with a share capital of £3 million 49% of which was held by Standard Chartered and 51% was held by Tozer, Kemsley and Millboom. This new company absorbed the Standard Bank Finance and Development Corporation.