Retail banking , also known as consumer banking or personal banking , is the provision of services by a bank to the general public , rather than to companies, corporations or other banks, which are often described as wholesale banking (corporate banking).
115-650: Standard Chartered PLC is a British multinational bank with operations in consumer , corporate and investment banking , and treasury services . Despite being headquartered in the United Kingdom, it does not conduct retail banking in the UK, and around 90% of its profits come from Asia , Africa , and the Middle East . Standard Chartered has a primary listing on the London Stock Exchange and
230-606: A "rogue institution". The bank was ordered to appear and defend its actions, or risk losing its license to operate in the state of New York . The DFS said it had documents showing a cover up of transactions allegedly used to fund terrorist groups in the Middle East. On 14 August 2012, Lawsky announced that the DFS and Standard Chartered reached a settlement that allows the bank to keep its licence to operate in New York. According to
345-827: A $ 327 million fine for having hidden similar transactions with Iran, Myanmar , Libya, and Sudan. On 9 April 2019, Standard Chartered paid $ 1.1 billion to the United Kingdom Government and the United States of America's Department of the Treasury over deficiencies in the bank's money laundering control regime and for violating financial sanctions against Myanmar , Zimbabwe, Cuba, Sudan, Syria, and Iran. Retail banking Banking services which are regarded as retail include provision of savings and transactional accounts , mortgages , personal loans , debit cards , and credit cards . Retail banking
460-475: A 'resident of'. The term had been in use for quite some time but it gained popularity after the official name change to Mumbai. Older terms such as Bombayite are also used. Mumbai is built on what was once an archipelago of seven islands : Isle of Bombay , Parel , Mazagaon , Mahim , Colaba , Worli , and Old Woman's Island (also known as Little Colaba ). It is not exactly known when these islands were first inhabited. Pleistocene sediments found along
575-433: A 49% share of an Indian brokerage firm (UTI Securities) for $ 36 million in cash from Securities Trading Corporation of India Ltd., with the option to raise its stake to 75% in 2008, and, if both partners were in agreement, to 100% by 2010. On 29 February 2008, Standard Chartered PLC announced it had received all the required approvals leading to the completion of its acquisition of American Express Bank Ltd (AEB) from
690-420: A change of CEO after profit warnings and money laundering fines in the first half of the year. In 2016, Standard Chartered announced that it would stop providing loans to the midstream segment of the diamonds and jewellery industries. The announcement was the result of a review of the bank's involvement in risky business sectors. In 2017, the bank was reported to have lost $ 400 million on risky diamond debt on
805-599: A member of the Global Banking Alliance for Women , Standard Chartered works with a consortium of banks to deliver financial services to women. In August 2012, Standard Chartered agreed to pay $ 340 million to the New York State Department of Financial Services over charges that the bank worked with the government of Iran to hide $ 250 billion in transactions in order to evade sanctions. In December 2012, Standard Chartered agreed to pay
920-491: A memorial to the martyrs of the Samyukta Maharashtra movement, Flora Fountain was renamed as Hutatma Chowk (Martyr's Square) and a memorial was erected. The following decades saw massive expansion of the city and its suburbs. In the late 1960s, Nariman Point and Cuffe Parade were reclaimed and developed. The Mumbai Metropolitan Region Development Authority (BMRDA) was established on 26 January 1975 by
1035-615: A new action against Standard Chartered over computer system breakdowns and was "discussing a potential settlement". On 19 August 2014, the bank was fined $ 300 million by the New York Department of Financial Services for breach of money-laundering compliance related to potentially high-risk transactions involving Standard Chartered clients in Hong Kong and the UAE. The bank issued a statement accepting responsibility and regretting
1150-503: A new state of Maharashtra was created with Mumbai as the capital. Mumbai is the financial , commercial, and entertainment capital of South Asia . Mumbai is often compared to New York , and the city is home to the Bombay Stock Exchange , situated on Dalal Street . It is also one of the world's top ten centres of commerce in terms of global financial flow, generating 6.16% of India's GDP, and accounting for 25% of
1265-610: A niche for itself in the information technology industry. The Santacruz Electronic Export Processing Zone (SEEPZ) and the International Infotech Park ( Navi Mumbai ) offer excellent facilities to IT companies. State and central government employees make up a large percentage of the city's workforce. Mumbai also has a large unskilled and semi-skilled self-employed population, who primarily earn their livelihood as hawkers, taxi drivers, mechanics, and other such blue collar professions. The port and shipping industry
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#17327756223651380-508: A one-bedroom apartment in Mumbai proper is around ₹30,000, while according to ResearchGate, 25% of Mumbai households have a monthly income of less than ₹12,500. The overall average salary in Mumbai is ₹45,000. This means that the vast majority of conventional housing is out of bounds for many Mumbai residents, leading many to rely on informal housing. Greater Mumbai (or Brihanmumbai), an area of 603 km (233 sq mi), consisting of
1495-462: A penalty of roughly $ 134 million from the United Kingdom's Financial Conduct Authority related to historical financial crime controls which takes the amount to over $ 1 billion. Standard Chartered Breeze is a mobile banking application for the iPhone & iPad that can also be used on the computer. It is largely similar to the online banking services offered by other banks, with the exception of its function to issue electronic bank cheques. Launched in
1610-550: A portfolio of loans that was once worth $ 3 billion. Owing to defaults of jewellery and diamond companies from 2013 onwards, Standard Chartered is currently estimated to have $ 1.7 billion of diamond debt still to be repaid. The company received criticism in April 2017 from the Institutional Shareholder Services (ISS). The investor advisory firm told shareholders it was concerned that targets set for
1725-481: A station in western India. On 11 May 1661, the marriage treaty of Charles II of England and Catherine of Braganza , daughter of King John IV of Portugal , placed the islands in possession of the English Empire , as part of Catherine's dowry to Charles. However, Salsette , Bassein , Mazagaon , Parel , Worli , Sion , Dharavi , and Wadala still remained under Portuguese possession. From 1665 to 1666,
1840-468: A subsidiary of Jardine Matheson ) took over PermataBank and in 2006, both shareholders increased their joint ownership to 89.01%. With 276 branches and 549 ATMs in 55 cities throughout Indonesia, PermataBank has the second largest branch network in Standard Chartered organization. On 15 April 2005, the bank acquired Korea First Bank , beating HSBC in the bid. The bank has since rebranded
1955-502: A total wealth of around $ 960 billion, it is the richest Indian city and one of the richest cities in the world. As of 2008 , the Globalization and World Cities Study Group (GaWC) has ranked Mumbai as an "Alpha world city", third in its categories of Global cities . Mumbai is the third most expensive office market in the world, and was ranked among the fastest cities in the country for business startup in 2009. However, it
2070-793: A virtually rainless period extending from October to May and an extremely wet period peaking in July. A cooler season from December to February is followed by a hotter season from March to May. The period from June to about the end of September constitutes the south west monsoon season, and October and November form the post-monsoon season. Between June and September, the South-west monsoon rains occur in Mumbai. Pre-monsoon showers are received in May. Occasionally, north-east monsoon showers occur in October and November. The maximum annual rainfall ever recorded
2185-667: Is a constituent of the FTSE 100 Index . It has secondary listings on the Hong Kong Stock Exchange , the National Stock Exchange of India , and OTC Markets Group Pink . Its largest shareholder is the Government of Singapore -owned Temasek Holdings . The Financial Stability Board considers it a systemically important bank . José Viñals is the group chairman of Standard Chartered. Bill Winters
2300-579: Is also commonly referred to as the Island City or South Mumbai . The total area of Mumbai is 603.4 square kilometres (233.0 sq mi). Of this, the island city spans 67.79 square kilometres (26.17 sq mi), while the suburban district spans 370 square kilometres (140 sq mi), together accounting for 437.71 square kilometres (169.00 sq mi) under the administration of Municipal Corporation of Greater Mumbai (MCGM). The remaining areas belong to various Defence establishments,
2415-584: Is also distinguished from investment banking or commercial banking . It may also refer to a division or department of a bank which deals with individual customers. In the U.S., the term commercial bank is used for a normal bank to distinguish it from an investment bank . After the Great Depression , the Glass–Steagall Act restricted normal banks to banking activities, and investment banks to capital market activities. That distinction
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#17327756223652530-440: Is an Indian Administrative Service (IAS) officer appointed by the state government . Although the municipal corporation is the legislative body that lays down policies for the governance of the city, it is the commissioner who is responsible for the execution of the policies. The commissioner is appointed for a fixed term as defined by state statute. The powers of the commissioner are those provided by statute and those delegated by
2645-461: Is important to acknowledge that Mumbai faces important challenges regarding income inequality. Despite having the largest concentration of billionaires out of any city in Asia, Mumbai is one of the most unequal cities in the world. Like other Indian metropolitan cities, Mumbai is in desperate need of affordable housing infrastructure for its lower and lower-middle class citizens. The median rental cost of
2760-406: Is in charge of the civic and infrastructure needs of the metropolis. The mayor, who serves for a term of 2 + 1 ⁄ 2 years, is chosen through an indirect election by the councillors from among themselves. The municipal commissioner is the chief executive officer and head of the executive arm of the municipal corporation. All executive powers are vested in the municipal commissioner who
2875-524: Is now Pakistan's sixth largest bank. On 22 October 2006, Standard Chartered announced that it had received tenders for more than 51% of the issued share capital of Hsinchu International Bank ("Hsinchu"), established in 1948 in Hsinchu, Taiwan . In 2007, Standard Chartered opened its Private Banking global headquarters in Singapore . On 23 August 2007, Standard Chartered entered into an agreement to buy
2990-542: Is on a narrow peninsula on the southwest of Salsette Island , which lies between the Arabian Sea to the west, Thane Creek to the east and Vasai Creek to the north. Mumbai's suburban district occupies most of the island. Navi Mumbai is east of Thane Creek and Thane is north of Vasai Creek . Mumbai consists of two distinct regions: Mumbai City district and Mumbai Suburban district , which form two separate revenue districts of Maharashtra. The city district region
3105-532: Is the capital city of the Indian state of Maharashtra . Mumbai is the financial capital and the most populous city proper of India with an estimated population of 12.5 million (1.25 crore ). Mumbai is the centre of the Mumbai Metropolitan Region , the sixth-most populous metropolitan area in the world with a population of over 23 million (2.3 crore). Mumbai lies on
3220-419: Is the commercial capital of India and has evolved into a global financial hub. For several decades it has been the home of India's main financial services companies, and a focus for both infrastructure development and private investment. From being an ancient fishing community and a colonial centre of trade, Mumbai has become South Asia's largest city and home of the world's most prolific film industry. Mumbai
3335-695: Is the current group chief executive. The name Standard Chartered comes from the names of the two banks that merged in 1969 to create it: The Chartered Bank of India, Australia and China , and Standard Bank of British South Africa . The Chartered Bank began when Queen Victoria granted a royal charter to Scotsman James Wilson in 1853. Chartered opened its first branches in Bombay , Calcutta , and Shanghai in 1858; branches in Hong Kong and Singapore followed in 1859. The bank started issuing banknotes denominated in Hong Kong dollars in 1862. The Standard Bank
3450-455: Is well established, with Mumbai Port being one of the oldest and most significant ports in India. Dharavi , in central Mumbai, has an increasingly large recycling industry, processing recyclable waste from other parts of the city; the district has an estimated 15,000 single-room factories. As of 2024, Mumbai is home to the third-highest number of billionaires of any city in the world. With
3565-533: The Lok Sabha discussions in 1955, the Congress party demanded that the city be constituted as an autonomous city-state. The States Reorganisation Committee recommended a bilingual state for Maharashtra– Gujarat with Mumbai as its capital in its 1955 report. Bombay Citizens' Committee , an advocacy group of leading Gujarati industrialists lobbied for Mumbai's independent status. Following protests during
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3680-612: The New York of India , is India's most populous city and is the financial and commercial capital of the country as it generates 6.16% of the total GDP. It serves as an economic hub of India; as of 2006, Mumbai contributed 10% of the nation's factory employment, 25% of industrial output, 33% of income tax collections, 60% of customs duty collections, 20% of central excise tax collections, 40% of foreign trade , and ₹ 40 billion (equivalent to ₹ 130 billion or US$ 1.5 billion in 2023) in corporate taxes . Along with
3795-617: The American Express Company (AXP). The total cash consideration for the acquisition is US$ 823 million. On 13 November 2008, Standard Chartered Bank (Hong Kong) Limited, entered into an agreement with JPMorgan Cazenove to acquire 100% of Cazenove Asia Limited, an Asian equity capital markets , corporate finance , and institutional brokerage business. On 27 November 2009, Dow Jones Financial News reported that Dubai will restructure its largest corporate entity. Among international banks, Standard Chartered has one of
3910-690: The English gained possession of the city in the 17th century, the Portuguese name was anglicised as Bombay . Ali Muhammad Khan, imperial dewan or revenue minister of the Gujarat province, in the Mirat-i Ahmedi (1762) referred to the city as Manbai . The French traveller Louis Rousselet , who visited in 1863 and 1868, states in his book L'Inde des Rajahs , which was first published in 1877: "Etymologists have wrongly derived this name from
4025-580: The Fortune Global 500 companies are based in Mumbai. This is facilitated by the presence of the Reserve Bank of India (RBI), the Bombay Stock Exchange (BSE), the National Stock Exchange of India (NSE), and financial sector regulators such as the Securities and Exchange Board of India (SEBI). Until the 1970s, Mumbai owed its prosperity largely to textile mills and the seaport , but
4140-883: The Government of India and the Consulate General of the United States, Mumbai monitor and publicly share real-time air quality data. In December 2019, IIT Bombay , in partnership with the McKelvey School of Engineering of Washington University in St. Louis launched the Aerosol and Air Quality Research Facility to study air pollution in Mumbai, among other Indian cities. Mumbai has been ranked 24th best “National Clean Air City” (under Category 1 >10L Population cities) in India according to 'Swachh Vayu Survekshan 2024 Results' Mumbai, sometimes described as
4255-575: The Government of Maharashtra as an apex body for planning and co-ordination of development activities in the Mumbai metropolitan region . In August 1979, a sister township of New Mumbai was founded by the City and Industrial Development Corporation (CIDCO) across the Thane and Raigad districts to help the dispersal and control of Mumbai's population. The textile industry in Mumbai largely disappeared after
4370-555: The Hindi and Marathi film industries. Mumbai's business opportunities attract migrants from all over India. The name Mumbai ( Marathi : मुंबई ) originated from Mumbā or Mahā-Ambā —the name of the patron Hindu goddess ( kuladevata ) Mumbadevi of the native Koli community —and from ā'ī , meaning "mother" in the Marathi language , which is the mother tongue of the Koli people and
4485-561: The Konkan coast on the west coast of India and has a deep natural harbour . In 2008, Mumbai was named an alpha world city . Mumbai has the highest number of billionaires out of any city in Asia . The seven islands that constitute Mumbai were earlier home to communities of Marathi language -speaking Koli people . For centuries, the seven islands of Bombay were under the control of successive indigenous rulers before being ceded to
4600-489: The Mithi River originates from Tulsi Lake and gathers water overflowing from Vihar and Powai Lakes. The coastline of the city is indented with numerous creeks and bays, stretching from the Thane creek on the eastern to Madh Marve on the western front. The eastern coast of Salsette Island is covered with large mangrove swamps , rich in biodiversity, while the western coast is mostly sandy and rocky. Soil cover in
4715-727: The Mumbai City and Mumbai Suburban districts, extends from Colaba in the south, to Mulund and Dahisar in the north, and Mankhurd in the east. Its population as per the 2011 census was 12,442,373. It is administered by the Brihanmumbai Municipal Corporation (BMC) (sometimes referred to as the Municipal Corporation of Greater Mumbai ), formerly known as the Bombay Municipal Corporation (BMC). The BMC
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4830-744: The Mumbai Port Trust , the Atomic Energy Commission and the Borivali National Park, which are out of the jurisdiction of the MCGM. The Mumbai Metropolitan Region which includes portions of Thane , Palghar and Raigad districts in addition to Greater Mumbai, covers an area of 4,355 square kilometres (1,681 sq mi). Mumbai lies at the mouth of the Ulhas River on the western coast of India, in
4945-597: The Portuguese Empire , and subsequently to the East India Company in 1661, through the dowry of Catherine Braganza when she was married off to Charles II of England . Beginning in 1782, Mumbai was reshaped by the Hornby Vellard project, which undertook reclamation of the area between the seven islands from the Arabian Sea . Along with the construction of major roads and railways ,
5060-529: The Singapore state-owned private investment firm, Temasek , became the bank's largest shareholder when it bought the 11.55% stake held by Khoo Teck Puat's estate. On 9 August 2006, Standard Chartered announced it had acquired an 81% shareholding in the Union Bank of Pakistan in a deal ultimately worth $ 511 million. This deal represented the first acquisition by a foreign firm of a Pakistani bank. The merged bank, Standard Chartered Bank (Pakistan) ,
5175-510: The Standard Bank Group has been a separate entity. In 1992, scandal broke when banking regulators charged several employees of Standard Chartered in Mumbai with illegally diverting depositors' funds to speculate in the stock market. Fines by Indian regulators and provisions for losses cost the bank almost £350 million, at that time fully a third of its capital. In 1994, London's Sunday Times reported that an executive in
5290-583: The Treaty of Bassein with the Portuguese Empire on 23 December 1534. According to the treaty, the Seven Islands of Bombay, the nearby strategic town of Bassein and its dependencies were offered to the Portuguese. The territories were later surrendered on 25 October 1535. The Portuguese were actively involved in the foundation and growth of their Roman Catholic religious orders in Bombay. They called
5405-736: The Treaty of Surat (1775), the British formally gained control of Salsette and Bassein, resulting in the First Anglo-Maratha War . The British were able to secure Salsette from the Marathas without violence through the Treaty of Purandar (1776) , and later through the Treaty of Salbai (1782), signed to settle the outcome of the First Anglo-Maratha War. From 1782 onwards, the city was reshaped with large-scale civil engineering projects aimed at merging all
5520-596: The demolition of the Babri Masjid in Ayodhya , the city was rocked by the Hindu-Muslim riots of 1992–93 in which more than 1,000 people were killed. In March 1993, a series of 13 coordinated bombings at several city landmarks by Islamic extremists and the Mumbai underworld resulted in 257 deaths and over 700 injuries. In 2006, 209 people were killed and over 700 injured when seven bombs exploded on
5635-492: The fintech community is focused in Hong Kong, working closely with and co-ordinated by 'The eXellerator'. The SuperCharger FinTech Accelerator, along with main partners, Standard Chartered Bank (a founding member) and Fidelity International, has twice conducted programmes enabling international growth-stage companies to expand their operations within Asia. Standard Chartered Bank has initiated proof of concept projects with two companies: Bambu and KYC Chain. In September 2009, it
5750-679: The seven islands of Bombay into a single amalgamated mass by way of a causeway called the Hornby Vellard , which was completed by 1784. In 1817, the British East India Company under Mountstuart Elphinstone defeated Baji Rao II , the last of the Maratha Peshwa in the Battle of Khadki . Following his defeat, almost the whole of the Deccan Plateau came under British suzerainty, and was incorporated into
5865-568: The 2022–23 season and finally, in July 2022 that runs until the end of the 2026–27 season. The deal is estimated to be worth around £50 million per year by City A.M. , making it the joint-third most valuable sponsorship deal in the Premier League alongside Arsenal's deal with Emirates and Chelsea's deal with Yokohama . Standard Chartered is also the lead sponsor of the Singapore Marathon. The Priority Academy program
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#17327756223655980-570: The African custody business from Barclays PLC. On 13 May 2010, Standard Chartered PLC launched the first-ever Indian Depository Receipt "IDR" offer. On 17 June 2010, Standard Chartered Bank and the Agricultural Bank of China (ABC) entered into a strategic alliance meant to strengthened their strategic partnership and identify joint business opportunities. Joint business and cooperation task forces were set up in October that year to define
6095-436: The Bombay Presidency. The success of the British campaign in the Deccan marked the end of all attacks by native powers. By 1845, the seven islands coalesced into a single landmass by the Hornby Vellard project via large scale land reclamation . On 16 April 1853, India's first passenger railway line was established, connecting Mumbai to the neighbouring town of Thana (now Thane). During the American Civil War (1861–1865),
6210-424: The Delhi Sultanate. The islands were later governed by the independent Gujarat Sultanate , which was established in 1407. As a result of the Sultanate's support, numerous mosques were built, with one notable example being the Haji Ali Dargah in Worli . Erected in 1431, this magnificent structure pays homage to the revered Muslim saint, Haji Ali. From 1429 to 1431, the islands were a source of contention between
6325-449: The English managed to acquire Mahim, Sion, Dharavi, and Wadala. In accordance with the Royal Charter of 27 March 1668 , England leased these islands to the English East India Company in 1668 for a sum of £ 10 per annum. The population quickly rose from 10,000 in 1661, to 60,000 in 1675. The islands were subsequently attacked by Yakut Khan , the Muslim Koli admiral of the Mughal Empire , in October 1672, Rickloffe van Goen ,
6440-462: The English name to Mumbai in November 1995. This came at the insistence of the Marathi nationalist Shiv Sena party, which had just won the Maharashtra state elections, and mirrored similar name changes across the country and particularly in Maharashtra. According to Slate magazine, "they argued that 'Bombay' was a corrupted English version of 'Mumbai' and an unwanted legacy of British colonial rule." Slate also said "The push to rename Bombay
6555-415: The Governor-General of Dutch India on 20 February 1673, and Siddi admiral Sambal on 10 October 1673. In 1687, the English East India Company transferred its headquarters from Surat to Mumbai. The city eventually became the headquarters of the Bombay Presidency . Following the transfer, Mumbai was placed at the head of all the company's establishments in India. Towards the end of the 17th century,
6670-414: The Gujarat Sultanate and the Bahmani Sultanate of Deccan. In 1493, Bahadur Khan Gilani of the Bahmani Sultanate attempted to conquer the islands but was defeated. The Mughal Empire , founded in 1526, was the dominant power in the Indian subcontinent during the mid-16th century. Growing apprehensive of the power of the Mughal emperor Humayun , Sultan Bahadur Shah of Gujarat was obliged to sign
6785-404: The Indian union were integrated into the state. Subsequently, the city became the capital of Bombay State. In April 1950, Municipal limits of Mumbai were expanded by merging the Mumbai Suburban District and Mumbai City to form the Greater Mumbai Municipal Corporation. The Samyukta Maharashtra movement to create a separate Maharashtra state including Mumbai was at its height in the 1950s. In
6900-435: The Island City, the average maximum temperature is 31 °C (88 °F), while the average minimum temperature is 24 °C (75 °F). In the suburbs, the daily mean maximum temperature range from 29 °C (84 °F) to 33 °C (91 °F), while the daily mean minimum temperature ranges from 16 °C (61 °F) to 26 °C (79 °F). The record high is 42.2 °C (108 °F) set on 14 April 1952, and
7015-434: The Portuguese Bôa Bahia, or (French: "bonne bai", English: "good bay"), not knowing that the tutelar goddess of this island has been, from remote antiquity, Bomba, or Mumba Devi , and that she still ... possesses a temple". By the late 20th century, the city was referred to as Mumbai or Mambai in Marathi, Konkani , Gujarati , Kannada and Sindhi , and as Bambai in Hindi . The Government of India officially changed
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#17327756223657130-606: The Portuguese word "bom" with the English "bay", from the English version of the name. In 1516, Portuguese explorer Duarte Barbosa used the name Tana-Maiambu : Tana appears to refer to the adjoining town of Thane and Maiambu to Mumbadevi . The form Bombaim is still commonly used in Portuguese. Other variations recorded in the 16th and the 17th centuries include: Mombayn (1525), Bombay (1538), Bombain (1552), Bombaym (1552), Monbaym (1554), Mombaim (1563), Mombaym (1644), Bambaye (1666), Bombaiim (1666), Bombeye (1676), Boon Bay (1690) and Bon Bahia . After
7245-432: The US and South Africa. It sold Union Bank to Bank of Tokyo and United Bank of Arizona to Citicorp . In 1986, a business consortium purchased a 35% stake to fend off Lloyds. A member of this consortium was Singaporean property tycoon Khoo Teck Puat , who purchased 5% of the bank's shares, which he later increased to 13.4%. In 1987, Standard Chartered sold its remaining interests in the South African bank; since then
7360-462: The Year awards in September 2014, largely "on the basis of its work in emerging markets, particularly Asia". In January 2015, the company announced that it was exiting the money-losing " equity capital markets business completely", "becoming one of the first global banks" to do so. In November that year, the bank announced that it would cut 15,000 jobs, including one thousand senior jobs, "from managing director up to board executives". The cuts followed
7475-477: The bank closed them down. In 2000, Standard Chartered acquired Grindlays Bank from ANZ , increasing its presence in private banking and further expanding its operations in India and Pakistan. Standard Chartered retained Grindlays' private banking operations in London and Luxembourg , as well as the subsidiary in Jersey , all of which were integrated into its own private bank. This now serves high-net-worth customers in Hong Kong, Dubai , and Johannesburg under
7590-481: The bank's metals division had bribed officials in Malaysia and the Philippines to win business. The bank, in a statement on 18 July 1994, acknowledged that there were "discrepancies in expense claims [that] ... included gifts to individuals in certain countries to facilitate business, a practice contrary to bank rules". In 1994, the Hong Kong Securities and Futures Commission found Standard Chartered's Asian investment bank to have illegally helped to artificially support
7705-592: The branches as SC First Bank . Standard Chartered completed the integration of its Bangkok branch and Standard Chartered Nakornthon Bank in October, renaming the new entity Standard Chartered Bank (Thailand) . Standard Chartered also formed strategic alliances with Fleming Family & Partners to expand private wealth management in Asia and the Middle East, and acquired stakes in ACB in Vietnam, Travelex, American Express Bank ( Bangladesh ), and Bohai Bank (China). The largest shareholder, billionaire Khoo Teck Puat , died in 2004; and two years later, on 28 March 2006,
7820-420: The city became the world's chief cotton-trading market, resulting in a boom in the economy that subsequently enhanced the city's stature. The opening of the Suez Canal in 1869 transformed Mumbai into one of the largest seaports on the Arabian Sea . In September 1896, Mumbai was hit by a bubonic plague epidemic where the death toll was estimated at 1,900 people per week. About 850,000 people fled Mumbai and
7935-402: The city like the Bombay Castle , Castella de Aguada (Castelo da Aguada or Bandra Fort), and Madh Fort . The English were in constant struggle with the Portuguese vying for hegemony over Mumbai, as they recognised its strategic natural harbour and its natural isolation from land attacks. By the middle of the 17th century the growing power of the Dutch Empire forced the English to acquire
8050-401: The city region is predominantly sandy due to its proximity to the sea. In the suburbs, the soil cover is largely alluvial and loamy. The underlying rock of the region is composed of black Deccan basalt flows, and their acidic and basic variants dating back to the late Cretaceous and early Eocene eras. Mumbai sits on a seismically active zone owing to the presence of 23 fault lines in
8165-458: The city's commuter trains . In 2008, a series of ten coordinated attacks by armed terrorists for three days resulted in 173 deaths, 308 injuries, and severe damage to several heritage landmarks and prestigious hotels. The three coordinated bomb explosions in July 2011 that occurred at the Opera house , Zaveri Bazaar and Dadar were the latest in the series of terrorist attacks in Mumbai which resulted in 26 deaths and 130 injuries. Mumbai
8280-550: The city: Vihar , Lower Vaitarna , Upper Vaitarna , Tulsi , Tansa and Powai . Tulsi Lake and Vihar Lake are located in Borivili National Park , within the city's limits. The supply from Powai lake, also within the city limits, is used only for agricultural and industrial purposes. Three small rivers, the Dahisar River , Poinsar (or Poisar) and Ohiwara (or Oshiwara) originate within the park, while
8395-791: The coastal areas around Kandivali in northern Mumbai suggest that the islands were inhabited since the South Asian Stone Age . Perhaps at the beginning of the Common Era , or possibly earlier, they came to be occupied by the Koli fishing community. In the 3rd century BCE, the islands formed part of the Maurya Empire , during its expansion in the south, ruled by the Buddhist emperor Ashoka of Magadha . The Kanheri Caves in Borivali were excavated from basalt rock in
8510-413: The coastal region known as the Konkan . It sits on Salsette Island (Sashti Island), which it partially shares with the Thane district . Mumbai is bounded by the Arabian Sea to the west. Many parts of the city lie just above sea level, with elevations ranging from 10 to 15 metres (33 to 49 ft); the city has an average elevation of 14 metres (46 ft). Northern Mumbai (Salsette) is hilly, and
8625-715: The conduct at issue involved transactions of at least $ 250bn." The bank issued a statement confirming that a settlement with the DFS had been reached and that "a formal agreement containing the detailed terms of the settlement is expected to be concluded shortly". Other US agencies—including the Federal Reserve , the Federal Bureau of Investigation , the Treasury Department , and the Justice Department —had also begun investigations into
8740-643: The control of successive indigenous dynasties : Satavahanas , Western Satraps , Abhira , Vakataka , Kalachuris , Konkan Mauryas , Chalukyas and Rashtrakutas , before being ruled by the Shilaharas from 810 to 1260. Some of the oldest edifices in the city built during this period are the Jogeshwari Caves (between 520 and 525), Elephanta Caves (between the sixth to seventh century), Walkeshwar Temple (10th century), and Banganga Tank (12th century). King Bhimdev founded his kingdom in
8855-508: The controversial Carmichael Coal Mine, with a campaign led by Greenpeace calling for them to quit the project. The bank subsequently withdrew from the deal. Prior to 1973, management integration was still ongoing and the Standard Bank and Chartered Bank each had their own separate executives; Ronald Lane and H. R. Reed from the two banks first joined as co-managing directors in 1973, with Lane becoming sole managing director in 1975. As
8970-513: The deficiencies, at the same time noting the ruling would not jeopardize its U.S. licenses. In April 2019, it was reported that Standard Chartered may have to pay approximately $ 1 billion to settle its ongoing investigations in the US and UK. Earlier in February the company had set aside $ 900 million towards resolution of violations of U.S. sanctions and forex trading regulations. The company also faces
9085-650: The direction of the partnership and explore joint ventures. The committee was to be co-chaired by Peter Sands , CEO of Standard Chartered, and Zhang Yun , President of ABC. In December 2010, Standard Chartered was recognised as the Global Bank of the Year in The Banker ' s Bank of the Year 2010 awards. Standard Chartered also was named The Banker 's inaugural winners of the Global and European Transaction Bank of
9200-518: The evacuation of the residents of those areas to temporary safe camps. Air pollution is a major issue in Mumbai. According to the 2016 World Health Organization Global Urban Ambient Air Pollution Database, the annual average PM2.5 concentration in 2013 was 63 μg/m , which is 6.3 times higher than that recommended by the WHO Air Quality Guidelines for the annual mean PM2.5. The Central Pollution Control Board for
9315-588: The first century CE, and served as an important centre of Buddhism in Western India during ancient Times. The city then was known as Heptanesia ( Ancient Greek : A Cluster of Seven Islands) to the Greek geographer Ptolemy in 150 CE. The Mahakali Caves in Andheri were cut out between the 1st century BCE and the 6th century CE. Between the 2nd century BCE and 9th century CE, the islands came under
9430-572: The highest point in the city is 450 metres (1,480 ft) at Salsette in the Powai – Kanheri ranges. The Sanjay Gandhi National Park (Borivali National Park) is located partly in the Mumbai suburban district , and partly in the Thane district, and it extends over an area of 103.09 square kilometres (39.80 sq mi). Apart from the Bhatsa Dam , there are six major lakes that supply water to
9545-469: The islands again suffered incursions from Yakut Khan in 1689–90. The Portuguese presence ended in Mumbai when the Marathas under Peshwa Baji Rao I captured Salsette in 1737, and Bassein in 1739. By the middle of the 18th century, Mumbai began to grow into a major trading town, and received a huge influx of migrants from across India. Later, the British occupied Salsette on 28 December 1774. With
9660-598: The islands by various names, which finally took the written form Bombaim . The islands were leased to several Portuguese officers during their regime. The Portuguese Franciscans and Jesuits built several churches in the city, prominent being the St. Michael's Church at Mahim (1534), St. John the Baptist Church at Andheri (1579), St. Andrew's Church at Bandra (1580), and Gloria Church at Byculla (1632). The Portuguese also built several fortifications around
9775-455: The largest loan portfolios in the Dubai market and the UAE as a whole, estimated to be $ 7.77 billion in total. This amounts to 4.2% of Standard Chartered's total loans outstanding. Other impacted banks included HSBC , Barclays , and RBS . The bank stated that any impairment arising from this exposure would not be material. Standard Chartered announced an agreement on 27 April 2010 to buy
9890-419: The laundering allegations and were reportedly taken off guard by the speed of the settlement. The Treasury stated that its own investigation of Standard Chartered will continue. Several financial analysts predicted that, due to its strong financial position, the bank would be able to easily cover the $ 900 million fine without having to raise extra capital. On 6 August 2014, Lawsky was reported to be preparing
10005-519: The local economy has since then diversified to include finance , engineering , diamond-polishing, healthcare , and information technology. The key sectors contributing to the city's economy are: finance, gems & jewellery, leather processing, IT and ITES , textiles, petrochemical, electronics manufacturing, automobiles, and entertainment. Nariman Point and Bandra Kurla Complex (BKC) are Mumbai's major financial centres. Despite competition from Bangalore , Hyderabad and Pune , Mumbai has carved
10120-487: The movement in which 105 people died in clashes with the police, Bombay State was reorganised on linguistic lines on 1 May 1960. Gujarati -speaking areas of Bombay State were partitioned into the state of Gujarat. Maharashtra State with Mumbai as its capital was formed with the merger of Marathi -speaking areas of Bombay State , eight districts from Central Provinces and Berar , five districts from Hyderabad State , and numerous princely states enclosed between them. As
10235-433: The name "Bombaim" after 1512 in his Lendas da Índia ( Legends of India ). While some Anglophone authors have suggested this name possibly originated as an alleged Galician-Portuguese phrase bom baim , meaning "good little bay", such suggestions lack any scientific basis. Portuguese linguist José Pedro Machado attributes that interpretation to a deficient knowledge of the Portuguese language of these authors, mixing up
10350-575: The name Standard Chartered Grindlays Offshore Financial Services. Leading to the incorporation of Standard Chartered (Hong Kong) on 1 July 2004, the Legislative Council of Hong Kong amended Legal Tender Notes Issue Ordinance. The amendment replaced Standard Chartered Bank with its newly incorporated subsidiary - Standard Chartered Bank (Hong Kong) Ltd - as one of the note-issuing banks in Hong Kong . The same year, Standard Chartered Bank and Astra International (an Indonesian conglomerate,
10465-407: The nation's industrial output, 70% of maritime trade in India ( Mumbai Port Trust , Dharamtar Port and JNPT ), and 70% of capital transactions to India's economy . The city houses important financial institutions and the corporate headquarters of numerous Indian companies and multinational corporations . The city is also home to some of India's premier scientific and nuclear institutes and
10580-501: The official language of Maharashtra. According to certain accounts, the Koli community, which hails from Kathiawar and Central Gujarat , is believed to have introduced their deity Mumba from Kathiawar ( Gujarat ), where her worship continues to this day. However, other sources disagree that Mumbai's name was derived from the goddess Mumba. The oldest known names for the city are Kakamuchee and Galajunkja ; these are sometimes still used. Portuguese writer Gaspar Correia recorded
10695-723: The past few decades, the frequency of floods in Mumbai is enormous, the 2005 Mumbai floods are characterised by 500-1000 deaths, household displacements, damaged infrastructure-(including heritage sites), and a financial loss of US$ 1.2 billion. In the process of reducing floods in Mumbai, the Maharashtra government adopted a flood mitigation plan; according to which the drainage system will be restructured, restoration of Mithi River , and re-establishment of informal settlements. Local civic body Brihanmumbai Municipal Corporation (BMC) authorities are assigned to forecast and issue eviction notices while BMC along with NGO's prepare for
10810-489: The price of new shares they had underwritten for six companies from July 1991 to March 1993. The bank admitted the offence, apologized, and reorganized its brokerage units. The commission banned the bank from underwriting IPOs in Hong Kong for nine months. In 1997, Standard Chartered sold Mocatta Bullion and Base Metals, its metals division, to Toronto -based Scotiabank for US$ 26 million. Standard Chartered's Asian investment banking operations never recovered. In 2000,
10925-557: The reclamation project, completed in 1845, transformed Mumbai into a major seaport on the Arabian Sea . Mumbai in the 19th century was characterised by economic and educational development. During the early 20th century it became a strong base for the Indian independence movement . Upon India's independence in 1947 the city was incorporated into Bombay State . In 1960, following the Samyukta Maharashtra Movement ,
11040-526: The record low is 7.4 °C (45 °F) set on 27 January 1962. Tropical cyclones are rare in the city. The worst cyclone to ever impact Mumbai was the one in 1948 where gusts reached 151 km/h (94 mph) in Juhu. The storm left 38 people dead and 47 missing. The storm reportedly impacted Mumbai for 20 hours and left the city devastated. Mumbai is prone to monsoon floods, exacerbated by climate change which affects heavy rains and high tide in
11155-572: The region in the late 13th century and established his capital in Mahikawati (present day Mahim ). The Pathare Prabhus , among the earliest known settlers of the city, were brought to Mahikawati from Saurashtra in Gujarat around 1298 by Bhimdev. The Delhi Sultanate annexed the islands in 1347–48 and controlled it until 1407. During this time, the islands were administered by the Muslim Governors of Gujarat , who were appointed by
11270-667: The rest of India, Mumbai has witnessed an economic boom since the liberalisation of 1991 , the finance boom in the mid-nineties and the IT, export, services and outsourcing boom in the 2000s. Estimates of the 2016 economy of the Mumbai Metropolitan Region have ranged from $ 368 billion to $ 400 billion ( PPP metro GDP ) ranking it either the most or second-most productive metro area of India. Many of India's numerous conglomerates (including Larsen & Toubro , State Bank of India (SBI), Life Insurance Corporation of India (LIC), Tata Group , Godrej and Reliance ), and five of
11385-496: The sea. According to the World Bank , unplanned drainage system and informal settlement is a key factor of frequent floods in Mumbai. Among other causes of flooding in Mumbai is its geographic location , Mumbai urban is peninsular in form, (a land-filled area that connects seven islands) a low laying area, compared to its suburbs that sit on an elevated location. Over the past few decades, new informal settlements were formed in
11500-576: The suburbs, causing a rapid increase in population, improper waste management, and drainage congestion. The rainwater from these areas heavily flows towards low-lying urban areas consisting of some slums and high-rise buildings. As a result, slums are either swamped , washed away, or collapse causing heavy casualties, and post-flood water logging lasts for a long time that causing blockage of railway lines-(most frequently used public transport in Mumbai), traffic snarl, inundated roads, and sub-merged bylanes. Over
11615-466: The summer of 2010 and aggressively marketed, the reviews have been generally positive. In addition, it has attracted an uncommon amount of attention due to many innovative marketing strategies it used to promote its product, mostly focusing on social media. Standard Chartered Breeze organised a blogger's meet for bloggers to preview Breeze, and its Twitter campaign to give away a free iPad was extremely successful. Standard Chartered's primary engagement with
11730-400: The terms of the settlement, the bank agreed to pay a $ 340 million fine. The bank agreed to install a monitor to oversee the bank's money laundering controls for at least two years, and appoint "permanent officials who will audit the bank's internal procedures to prevent offshore money laundering". The monitor will report directly to the DFS. Lawsky's statement said "the parties have agreed that
11845-657: The textile industry was adversely affected. While the city was the capital of the Bombay Presidency , the Indian independence movement fostered the Quit India Movement in 1942 and the Royal Indian Navy mutiny in 1946. After India's independence in 1947, the territory of the Bombay Presidency retained by India was restructured into Bombay State . The area of Bombay State increased, after several erstwhile princely states that joined
11960-528: The top bosses in the bank's long-term incentive plan (LTIP) were not demanding enough. Bill Winters, the chief executive, stands to net share awards with a face value of as much as £4.4m from the scheme, while Andy Halford, the chief financial officer, could receive £2.7m. On 6 August 2012, the New York Department of Financial Services (DFS), led by Benjamin Lawsky , accused Standard Chartered of hiding $ 250 billion in transactions involving Iran, labelling it
12075-513: The vicinity. The area is classified as a Seismic Zone III region , which means an earthquake of up to magnitude 6.5 on the Richter magnitude scale may be expected. Mumbai has an extreme tropical wet and dry climate ( Aw ) under the Köppen climate classification , although the central and northern suburbs have a tropical monsoon climate ( Am ) with even heavier wet season rainfall. Mumbai has
12190-537: The way and spread their networks further. In 1969, the banks decided to merge and to counterbalance their network by expanding in Europe and the United States, while continuing expansion in their traditional markets in Asia and Africa. In 1986, Lloyds made a hostile takeover bid for the Group. The bid was defeated; however, it spurred Standard Chartered into a period of change, including a series of divestments notably in
12305-528: The widespread 1982 Great Bombay Textile Strike , in which nearly 250,000 workers in more than 50 textile mills went on strike. Mumbai's defunct cotton mills have since become the focus of intense redevelopment . Industrial development began in Mumbai when its economy started focusing on the petrochemical, electronic, and automotive sectors. In 1954 Hindustan Petroleum commissioned Mumbai Refinery at Trombay and BPCL Refinery . The Jawaharlal Nehru Port , which handles 55–60% of India's containerised cargo,
12420-564: The world passed through the Standard Bank on its way to London . Standard expanded widely in Africa over the years, but from 1883 to 1962 was formally known as the Standard Bank of South Africa. In 1962 the bank changed its name to Standard Bank Limited, and the South African operations became a separate subsidiary that took the parent bank's previous name, Standard Bank of South Africa Ltd. Both banks acquired other smaller banks along
12535-472: Was 3,452 mm (136 in) for 1954. The highest rainfall recorded in a single day was 944 mm (37 in) on 26 July 2005 . The average total annual rainfall is 2,213.4 mm (87 in) for the Island City, and 2,502.3 mm (99 in) for the suburbs. The average annual temperature is 27 °C (81 °F), and the average annual precipitation is 2,213 mm (87 in). In
12650-484: Was a British bank founded in the Cape Province of South Africa in 1862 by Scot, John Paterson . Having established a considerable number of branches Standard was prominent in financing the development of the diamond fields of Kimberley from 1867 and later extended its network further north to the new town of Johannesburg when gold was discovered there in 1885. Half the output of the second largest gold field in
12765-425: Was announced that Standard Chartered had agreed to become the main sponsor of Liverpool Football Club for the period between July 2010 and the end of the 2013–14 football season, taking shirt sponsorship and various other branding rights. The sponsorship has been extended multiple times. First in 2013 to the end of the 2015–16 season, next in 2015 through the 2018–19 season, then again, in May 2018 that extends through
12880-621: Was commissioned on 26 May 1989 across the creek at Nhava Sheva with a view to de-congest Mumbai Harbour and to serve as a hub port for the city. The geographical limits of Greater Mumbai were coextensive with municipal limits of Greater Mumbai. On 1 October 1990, the Greater Mumbai district was bifurcated to form two revenue districts namely, Mumbai City and Mumbai Suburban , though they continued to be administered by same Municipal Administration. The years from 1990 to 2010 saw an increase in violence and terrorism activities. Following
12995-595: Was created in 2006 by the bank, with educational programmes including a study tour of Shanghai, a summer internship programme and a study seminar in the United States. The program donated $ 250,000 to Chan Yik Hei, a science amateur who won the Intel International Science and Engineering Fair, for his studies at the Hong Kong University of Science and Technology. In 2015, Standard Chartered was widely criticised for its $ 12bn funding of
13110-470: Was part of a larger movement to strengthen Marathi identity in the Maharashtra region." While Mumbai is still referred to as Bombay by some of its residents and by some Indians from other regions, mention of the city by a name other than Mumbai has been controversial. A resident of Mumbai is called Mumbaikar ( pronounced [ˈmumbəikəɾ] ) in Marathi , in which the suffix -kar means
13225-621: Was repealed in the 1990s. Commercial bank can also refer to a bank or a division of a bank that deals mostly with deposits and loans from corporations or large businesses, as opposed to individual members of the public (retail banking). Typical banking services offered by retail banks include: In some countries, such as the U.S., retail bank services also include more specialised accounts, such as: Mumbai Mumbai ( / m ʊ m ˈ b aɪ / muum- BY ; ISO : Muṁbaī , Marathi: [ˈmumbəi] ), formerly known as Bombay ( / b ɒ m ˈ b eɪ / bom- BAY ),
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