We built defunct Standard Trust Bank from scratch – Tony Elumelu

UBA and Transcorp Tony Elumelu

Businessman and philanthropist, Tony Elumelu, has recounted the story of how he started the defunct Standard Trust Bank which later merged with the United Bank for Africa (UBA) Plc.

Mr Elumelu acquired an ‘isolated’ bank, Crystal Bank Ltd, in 1997 as a young banker and renamed it Standard Trust Bank (STB) Ltd.

He was 34 at the time and stood as the youngest chief executive officer of a bank.

In response to a tweet, Elumelu, chairman of Heirs Holdings, said on Sunday that the Standard Trust brand was built ‘completely’ from scratch.

“It’s really endearing to read all the positive sentiments about standard trust which was a brand we all built completely from scratch,” he said.

In 2005, UBA merged with Standard Trust Bank (STB) Plc and has expanded to 20 African countries with offices in three global financial centres – London, Paris and New York.

UBA recently celebrated its 70th anniversary since its establishment in 1949.