1971
In 1957, the Mundhra Scandal inflicted heavy losses on Eastern Bank's Bombay and Calcutta branches. The same year, Barclays DCO and the Sassoon family sold their controlling interest in the bank to Chartered Bank, an Eastern Bank rival. At that time, Chartered bank faced the challenges of a post colonial world with new national government policies in China, India, Burma and Ceylon, and saw Eastern bank as a strategic acquisition. The bank remained a wholly owned subsidiary of Chartered Bank, with some level of autonomy.
The political changes in several Arab countries during the 1960s led to nationalisation of branches in Iraq, Aden, Mukalla, and Sheikh Othman, and these events greatly affected Eastern. During the same time, it opened branches in Sharjah (1958), Abu Dhabi (1961), Al Ain (Buraimi, Abu Dhabi) (1962), Seiyun (Yemen) (1962), and Bowbazar in Calcutta (1969).
In 1969, Chartered Bank merged with the South African bank Standard Bank, forming Standard Chartered Bank. In 1971, Standard Chartered absorbed Eastern's operations, and the name "Eastern Bank Ltd" slowly disappeared.
Read more about this topic: Eastern Bank Ltd, History, Amalgamation Into Standard Chartered: 1957