South African Standard Bank Gets U.K. Banking License

BANKS

In a landmark decision, the Bank of England this week granted the first full banking license to a South African bank since the U.K. lifted sanctions against South Africa. The renamed Standard Bank of London is a subsidiary of Standard Bank Investment Corp.(Stanbic), which established the subsidiary, until now called Standard London, in October of last year when it bought Leadgate Advisory Services and recapitalized it. Stanbic also maintains a representative office in London.

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