The historic overseas bank was established in London in 1828 as Leslie & Grindlay and bankers to the British army and business community in India. Banking operations expanded to include the Indian subcontinent, the Middle East and elements of Africa and Southeast Asia, it was styled Grindlay, Christian & Matthews in 1839, Grindlay & Co from 1843, Grindlay & Co Ltd from 1924 and Grindlays Bank Ltd in 1947 until its merger with the National Bank of India. The National Bank of India was formed in 1863 and became one of the larger London overseas banks operating not only in the Indian sub-continent but in communities around the Indian Ocean. In 1948 it purchased the smaller Grindlays Bank Ltd, renaming itself National and Grindlays Bank Ltd some ten years later. Following further acquisitions, its name was shortened to Grindlays Bank in 1974. Grindlays was taken over by Australia and New Zealand Banking Group in 1984 and renamed ANZ Grindlays Bank. Standard Chartered Bank acquired ANZ Grindlays in 2000, after which the Grindlays name fell out of use.
Captain Robert Melville Grindlay established a firm, Leslie & Grindlay, in London in 1828, to arrange passage to and from India for customers and their baggage. In time, the firm added private banking activities to its menu of services. Changes in partners caused the firm to change its name to Grindlay, Christian & Matthews in 1839 and Grindlay & Co. from 1843. Capt. R M Grindlay retired in 1852; the firm remained based in London until 1854 when offices were opened at Calcutta in 1864 and Bombay in 1865. These offices were autonomous, administered from London, until the local partners interests were bought out in 1908. Additional branches were opened in Simla, Delhi and Peshawar. Grindlays was regarded as "pre-eminently bankers to the Indian Army" and it did little commercial banking; the failure of army bankers, Macgrigors, in 1922 and the Alliance Bank of Simla in 1923, encouraged the Grindlays partners to seek the security of a larger organisation. In 1924, the Bank was acquired by the National Provincial Bank, converted into a company and allowed to operate independently.
When National Provincial decided to exit overseas banking in 1948, it sold Grindlays to the National Bank of India, in which it took a small share position. The Calcutta City Banking Corporation was formed in 1863 as an Indian registered bank, changing its name to the National Bank of India a few months later. Offices in London and Bombay followed in 1864 and 1865. Crucial to the Bank's future, its head office was transferred to London in 1866 and the Company was registered under the UK Companies Act, giving it much greater international potential, but it was a move, fiercely contested for many years. NBI remained with these three offices until 1870 when it sought to exploit opportunities in China with a branch in Hong Kong and in Shanghai. Substantial losses threatened the Bank and the Chinese operations were closed. Without neglecting its domestic market, NBI began to expand around the fringes of the Indian Ocean Aden and East Africa. Steady expansion continued through the early 1900s and by the outbreak of World War I NBI was the seventh largest of the London-registered overseas banks.
Growth continued during the War and by 1918 the Bank's assets were £33m with record profits of over £400,000. Around that time, detailed discussions took place with Lloyds Bank and agreement was reached in principle for Lloyds to acquire NBI but, according to the Bank's official history, the proposal was vetoed by "the authorities"; the inter-war years saw NBI stagnate. More substantial change was to come after the Second World War. In August 1947 India was granted independence with all the turmoil that entailed in the Bank's main market. Undaunted, the following year NBI purchased Grindlays Bank from National Provincial Bank. NBI and Grindlays were not merged operationally until 1958 under the name National Overseas and Grindlays Bank, renamed National and Grindlays Bank in 1959. In 1961, NGB exchanged a 25 per cent share in NGB for Lloyds Bank’s Eastern Division, an operation which included the celebrated Cox’s Bank, "par excellence bankers to the British Army". In 1968 National Provincial Bank sold its shareholding to Lloyds Bank and in 1969, Citibank took a 40 per cent stake in NGB.
In 1969, the Ottoman Bank sold its branches in London, Sudan, Qatar, East Africa, the Emirates, Rhodesia to the National and Grindlays Bank, which dropped the National prefix in 1975. Grindlays Bank bought the Ottoman Bank's separate operations in France and Geneva, Banque Ottomane, renamed them Grindlays Bank - France. In 1984 Citibank and Lloyds sold Grindlays to New Zealand Banking Group. In 1989, five years after it acquired Grindlays, ANZ changed Grindlays' name to ANZ Grindlays Bank and transferred its domicile to Australia in 1995. In 1993, ANZ Grindlays sold its African operations to Standard Bank Investment Corporation, the holding company for Standard Bank of South Africa's operations outside South Africa. Standard Chartered Bank had sold its shares in Standard Bank of South Africa to the bank's existing shareholders in 1987 to escape anti-apartheid sanctions against South Africa. In 2000, ANZ sold its Grindlays subsidiary to Standard Chartered for US$1.3 billion in cash, which merged it with its existing banking operations.
Minerva House, Grindlay's London headquarters from 1983 Alfred Robert Grindlay, notable contemporary relation of Captain Robert Melville Grindlay
The Royal Bank of Scotland International, trading under the NatWest International, RBS International and Coutts Crown Dependencies brands, is the offshore banking arm of The Royal Bank of Scotland Group. It provides a range of services to personal, commercial and financial intermediary customers from its base in St. Helier, Jersey; the Royal Bank of Scotland first began offering services to customers in offshore jurisdictions through Williams Deacon Bank, its London and Manchester-based subsidiary, in 1963. RBS International was founded as Williams Deacons Investment and Finance Limited in 1966, becoming Williams & Glyn's Bank Investments Limited in 1970, Williams & Glyn's Bank Limited in 1982 and The Royal Bank of Scotland Limited in 1985, before adopting the present name in 2003; the Royal Bank of Scotland International was first registered as a trading name in 1995 and The Royal Bank of Scotland International Limited was formed in 1996. The undertaking of The Royal Bank of Scotland Limited, which carried on business in Gibraltar under the NatWest and RBS International brands, was transferred to RBS International in 2009.
NatWest Offshore Limited was an Isle of Man-incorporated bank formed in 1997, with branches in Jersey and Gibraltar. The business was transferred to RBS International through private members’ legislation passed in each of the four jurisdictions in 2001, with RBS retaining NatWest as a trading name as well as continuing its existing business. National Westminster International Holdings BV is the holding company for National Westminster Services Limited, RBS Deutschland Holdings GmbH and RBS Netherlands Holdings BV. Headquartered in Jersey, RBS International has a presence in Gibraltar, the Isle of Man and Luxembourg; the bank is regulated by the Jersey Financial Services Commission. In 2012, it was announced that all personal banking customers would be migrated to the NatWest brand, while business and corporate banking customers would remain under the RBS International brand; the NatWest trading name was changed to NatWest International in 2017, due to new ring-fencing legislation in the UK. Isle of Man Bank Ulster Bank Citizens Financial Group Official website
National Westminster Bank known as NatWest, is a major retail and commercial bank in the United Kingdom. It was established in 1968 by the merger of National Provincial Westminster Bank. Since 2000, it has been part of The Royal Bank of Scotland Group. Following "ringfencing" of the Group's core domestic business, the bank became a direct subsidiary of NatWest Holdings. NatWest is considered one of the Big Four clearing banks in the UK, it has a large network of over 960 branches and 3,400 cash machines across Great Britain and offers 24-hour Actionline telephone and online banking services. Today, it has 850,000 small business accounts. In Ireland, it operates through its Ulster Bank subsidiary. In 2017, NatWest was awarded Best Banking App in the British Bank Awards; the bank's origins date back to 1658 with the foundation of Smith's Bank of Nottingham. Its oldest direct corporate ancestor, National Provincial Bank, was formed in 1833 as the National Provincial Bank of England, it acquired Union of London and Smith's Bank in 1918 to become National Provincial and Union Bank, shortening its name back to National Provincial in 1924.
National Provincial bought District Bank in 1962, but continued to operate District's branch network separately. Westminster Bank was founded in 1834 as London and Westminster Bank dropping the "London" portion in 1923; the creation of the modern bank was announced in 1968, National Westminster Bank Limited commenced trading on 1 January 1970, after the statutory process of integration had been completed in 1969. The famous three arrowheads symbol was adopted as the new bank's logo; the District, National Provincial, Westminster Banks were integrated in the new firm's structure, but private bankers Coutts & Co. Ulster Bank in Northern Ireland and the Isle of Man Bank continued as separate operations. Westminster Foreign Bank was restyled International Westminster Bank in 1973. Duncan Stirling, outgoing chairman of Westminster Bank, became first chairman of the fifth largest bank in the world. In 1969 David Robarts, former chairman of National Provincial, assumed Stirling's position. In 1975 it was one of the first London banks to open a representative office in Scotland.
It was a founder member of the Joint Credit Card Company which launched the Access credit card in 1972 and in 1976 it introduced the Servicetill cash machine. The same banks, excluding Lloyds, were responsible for the introduction of the Switch debit card in 1988. Deregulation in the 1980s, culminating in the Big Bang in 1986 encouraged the bank to enter the securities business. County Bank, its merchant banking subsidiary formed in 1965, acquired various stockbroking and jobbing firms to create the investment banking arm County NatWest. National Westminster Home Loans was established in 1980 and other initiatives included the launch of the Piggy Account for children in 1983, the Credit Zone, a flexible overdraft facility on which customers only pay interest and the development of the Mondex electronic purse in 1990; the Action Bank advertising campaign spearheaded a new marketing-led approach to business development. Under the direction of Robin Leigh-Pemberton Lord Kingsdown, who became chairman in 1977, the bank expanded internationally, forming National Westminster Bancorp in the United States of America with a network of 340 branches across two states, National Westminster Bank of Canada and NatWest Australia Bank.
In 1982, the Frankfurt office of International Westminster Bank merged with Global Bank AG to form Deutsche Westminster Bank. In 1985, Banco NatWest España was formed and National Westminster Bank SA was incorporated in 1988, taking over the bank's six branches in France and Monaco. In 1989, International Westminster Bank was merged into National Westminster Bank by Act of Parliament. Completed in 1980, the bank built the National Westminster Tower in London to serve as its international headquarters. At a height of 600 feet it was the tallest building in the UK until the topping-out of Canary Wharf Tower 10 years later. Worthy of note is National Westminster House in Birmingham: the building was sold to British Land in 2007 and demolished in 2015; the bank's expansion strategy hit trouble with the stock market crash of 1987 and involvement in the financial scandal surrounding the collapse of Blue Arrow. The Department of Trade and Industry report on the affair was critical of the bank's management and resulted in the resignation of several members of the board, including chairman Lord Boardman.
Child & Co.
Child & Co. is a independent private bank, now owned by The Royal Bank of Scotland Group. The Royal Bank of Scotland incorporating Child & Co. Bankers is based at 1 Fleet Street in the City of London, it is authorised as a brand of The Royal Bank of Scotland by the Prudential Regulation Authority. Child & Co. was one of the oldest independent financial institutions in the UK, can trace its roots back to a London goldsmith business in the late 17th century. Sir Francis Child established his business as a goldsmith in 1664, when he entered into partnership with Robert Blanchard. Child inherited the whole business on Blanchard's death. Renamed Child and Co, the business thrived, was appointed the "jeweller in ordinary" to King William III. After Child died in 1713, his three sons ran the business, during this time, the business transformed from a goldsmith's to a fledged bank; the bank claims it was the first to introduce a pre-printed cheque form, prior to which customers wrote a letter to their bank but sent it to their creditor who presented it for payment.
Its first bank note was issued in 1729. By 1782, Child's grandson Robert Child was the senior partner in the firm. However, when he died in 1782 without any sons to inherit the business, he did not want to leave it to his only daughter, Sarah Anne Child, because he was furious over her elopement with John Fane, 10th Earl of Westmorland earlier in the year. To prevent the Earls of Westmorland from acquiring his wealth, he left it in trust to his daughter's second surviving son or eldest daughter; this turned out to be Lady Sarah Sophia Fane, born in 1785. She married George Child-Villiers, 5th Earl of Jersey in 1804, upon her majority in 1806 she became senior partner, she exercised her rights until her death in 1867. At that point the Earl of Jersey & Frederick William Price of Harringay House were appointed as the two leading partners. Ownership continued in the Jersey family until the 1920s, it is believed that the bank became the model for Charles Dicken's fictitious Tellson’s Bank, in'A Tale of Two Cities'.
In 1923, George, 8th Earl of Jersey sold the bank to Glyn, Mills & Co. a London-based commercial bank. Williams Deacon's Bank acquired Glyn's in 1939, retaining Child & Co. as a separate business, as which it continues to this day at No. 1 Fleet Street, EC4. Over their 350-year history Child & Co has attracted an exclusive client base including The Honourable Societies of Middle Temple and Lincoln's Inn, numerous landowning families. Scholars of the Inns receive their awards by cheques drawn on Child & Co, many barristers continue to use the bank throughout their professional lives. Several universities including The London School of Economics, Oxford University, Imperial College London are reported to hold accounts; until 1979 there was a ` representative office' at Oxford. This was conveniently near the richest college in Oxford, St John’s College, who still bank with them today. Child & Co. is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority for the purposes of the Financial Services Compensation Scheme as a brand of the Royal Bank of Scotland.
The Royal Bank of Scotland own three other private banks: Adam and Company Coutts Drummonds Bank Notes Bibliography Philip Clarke The FIrst House in the City
The United Kingdom the United Kingdom of Great Britain and Northern Ireland, sometimes referred to as Britain, is a sovereign country located off the north-western coast of the European mainland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, many smaller islands. Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state, the Republic of Ireland. Apart from this land border, the United Kingdom is surrounded by the Atlantic Ocean, with the North Sea to the east, the English Channel to the south and the Celtic Sea to the south-west, giving it the 12th-longest coastline in the world; the Irish Sea lies between Great Ireland. With an area of 242,500 square kilometres, the United Kingdom is the 78th-largest sovereign state in the world, it is the 22nd-most populous country, with an estimated 66.0 million inhabitants in 2017. The UK is constitutional monarchy; the current monarch is Queen Elizabeth II, who has reigned since 1952, making her the longest-serving current head of state.
The United Kingdom's capital and largest city is London, a global city and financial centre with an urban area population of 10.3 million. Other major urban areas in the UK include Greater Manchester, the West Midlands and West Yorkshire conurbations, Greater Glasgow and the Liverpool Built-up Area; the United Kingdom consists of four constituent countries: England, Scotland and Northern Ireland. Their capitals are London, Edinburgh and Belfast, respectively. Apart from England, the countries have their own devolved governments, each with varying powers, but such power is delegated by the Parliament of the United Kingdom, which may enact laws unilaterally altering or abolishing devolution; the nearby Isle of Man, Bailiwick of Guernsey and Bailiwick of Jersey are not part of the UK, being Crown dependencies with the British Government responsible for defence and international representation. The medieval conquest and subsequent annexation of Wales by the Kingdom of England, followed by the union between England and Scotland in 1707 to form the Kingdom of Great Britain, the union in 1801 of Great Britain with the Kingdom of Ireland created the United Kingdom of Great Britain and Ireland.
Five-sixths of Ireland seceded from the UK in 1922, leaving the present formulation of the United Kingdom of Great Britain and Northern Ireland. There are fourteen British Overseas Territories, the remnants of the British Empire which, at its height in the 1920s, encompassed a quarter of the world's land mass and was the largest empire in history. British influence can be observed in the language and political systems of many of its former colonies; the United Kingdom is a developed country and has the world's fifth-largest economy by nominal GDP and ninth-largest economy by purchasing power parity. It has a high-income economy and has a high Human Development Index rating, ranking 14th in the world, it was the world's first industrialised country and the world's foremost power during the 19th and early 20th centuries. The UK remains a great power, with considerable economic, military and political influence internationally, it is sixth in military expenditure in the world. It has been a permanent member of the United Nations Security Council since its first session in 1946.
It has been a leading member state of the European Union and its predecessor, the European Economic Community, since 1973. The United Kingdom is a member of the Commonwealth of Nations, the Council of Europe, the G7, the G20, NATO, the Organisation for Economic Co-operation and Development and the World Trade Organization; the 1707 Acts of Union declared that the kingdoms of England and Scotland were "United into One Kingdom by the Name of Great Britain". The term "United Kingdom" has been used as a description for the former kingdom of Great Britain, although its official name from 1707 to 1800 was "Great Britain"; the Acts of Union 1800 united the kingdom of Great Britain and the kingdom of Ireland in 1801, forming the United Kingdom of Great Britain and Ireland. Following the partition of Ireland and the independence of the Irish Free State in 1922, which left Northern Ireland as the only part of the island of Ireland within the United Kingdom, the name was changed to the "United Kingdom of Great Britain and Northern Ireland".
Although the United Kingdom is a sovereign country, Scotland and Northern Ireland are widely referred to as countries. The UK Prime Minister's website has used the phrase "countries within a country" to describe the United Kingdom; some statistical summaries, such as those for the twelve NUTS 1 regions of the United Kingdom refer to Scotland and Northern Ireland as "regions". Northern Ireland is referred to as a "province". With regard to Northern Ireland, the descriptive name used "can be controversial, with the choice revealing one's political preferences"; the term "Great Britain" conventionally refers to the island of Great Britain, or politically to England and Wales in combination. However, it is sometimes used as a loose synonym for the United Kingdom as a whole; the term "Britain" is used both as a synonym for Great Britain, as a synonym for the United Kingdom. Usage is mixed, with the BBC preferring to use Britain as shorthand only for Great Britain and the UK Government, while accepting that both terms refer to the United K
National Provincial Bank
National Provincial Bank was a British retail bank which operated in England and Wales from 1833 until 1970 when it was merged into the National Westminster Bank. It continued to exist as a dormant non-trading company until 2016 when it was voluntarily struck off the register and dissolved. Considered one of the "Big Five," the National Provincial Bank expanded during the 19th and 20th centuries and took over a number of smaller banking companies, it was based at the thoroughfare's junction with Threadneedle Street, in London. The National Provincial Bank played a unique role in the development of commercial banking. Prior to the Act of 1826, English banks were permitted to have no more than six partners – hence the expression "private banks"; the only banks allowed to be joint stock were the Bank of the Scottish banks. The leading campaigner for change was Thomas Joplin a Newcastle timber merchant "with local experience of banking disasters" and an observer of the greater stability of the nearby Scottish banks.
The Act of 1826 permitted the establishment of joint stock banks but note issue was only allowed outside a radius of 65 miles of London. The 1826 Act was followed by the creation of new provincial joint stock banks and conversions from existing private banks; because of the prohibition on note issue in the London area, it was incorrectly assumed that the Act prohibited joint stock banks themselves, an ambiguity, removed by the Bank Charter Act of 1833. What differentiated National Provincial was that it was established as a provincial bank but with a London head office. Moreover, it was structured to be a branch banking enterprise prepared to concentrate on a large number of smaller accounts rather than a small number of large accounts; when Thomas Joplin discovered that the laws preventing the establishment of joint stock banks in Ireland had been repealed in 1824, he promoted the Irish Provincial Banking Company, to be based in London but with branches in all the principal towns in Ireland outside Dublin.
Joplin left the management of the Irish Bank in 1828. Financial support from his cousin George Angas was promised in 1829 and a company was formed in 1830; the first meeting resolved to establish a "system of banking …under the review of a central board in London applied to the direction of country banking". There were numerous delays but the National Provincial Bank of England was launched in 1833. For more than thirty years the Bank operated as a country bank, with its headquarters in London, but not transacting banking business in the capital; the first branch to be opened, at the beginning of 1834, was in Gloucester followed, as if at random, by Brecon, Birmingham, Wotton-under-Edge and Wisbech and by 1836 there were 32 branches. Considerable dissension soon arose relating to the structure of the branch system and Joplin, who favoured a network of local semi-autonomous banks, left; the model for the branch system had been the Scottish one, the Bank reinforced this by recruiting Daniel Robertson from the Union Bank of Scotland.
Many of the branches that were "opened" during the nineteenth century came from the acquisition of local banks, sometimes as a going concern, sometimes taking over the premises after a failure. Sources vary as to the number of acquisitions, their common trading name and the exact year of purchase. However, although they may have been strategic in their own locality, none of the acquisitions appeared to be large, it was not until 1866 that the Bank opened for banking business in London by which time it had a nationwide network of 122 branches. The Bank was appointed to the London Clearing House. By 1886 the National Provincial Bank had 165 branches and its network was second only to the London and County Bank. There was now little in the way of acquisition but the branch network continued to increase - according to RBS Heritage Online, there were 200 branches by 1900 and over 450 by the time of the 1918 merger; the bishop's gate device was part of a pictorial representation of the bank's address at 15 Bishopsgate in the City of London.
It is surmounted by two squirrels supporting an urn. In 1918 the National Provincial acquired the Union of London and Smith’s Bank, itself the product of recent amalgamations; the enlarged bank was renamed the National Union Bank of England. The Union Bank of London was formed in 1839 and it remained a purely metropolitan bank for the rest of the century. Although it refused to open branches in the provinces, it did develop an extensive overseas business. Policy changed at the turn of the century and the Union embarked on a major expansion acquiring in particular the private Cripplegate Bank in 1900, Smith's Bank in 1902 and Prescott’s Bank in 1903, thereby forming the Union of London and Smith’s Bank. Prescott’s Bank was founded in Threadneedle Street in 1766 and went through several name changes over the years as partners changed. However, in 1891 a multiple merger radically changed the scope of the Bank. Prescott's acquired another long-established London private bank.
Isle of Man Bank
The Isle of Man Bank is a bank in the British Crown dependency of the Isle of Man, providing retail and business banking services to the local population. It is licensed by the Isle of Man Financial Services Authority for deposit taking and investment business, registered as a general insurance intermediary; the earliest Manx bank began business in 1802 at Castletown. It was known as the Isle of Man Bank and was formed by George Quayle, Mark Quayle, John Taubman and James Kelly; the company carried on trading until 1818. Founded by Samuel Harris, Henry Noble, William Moore and William Callister, the Isle of Man Banking Co. Ltd. was established at Athol Street, Douglas on 26 October 1865. It was the first limited liability company enrolled on the register following the passage of the Companies Act 1865; the bank was acquired by National Provincial Bank in 1961. It became a subsidiary of National Westminster Bank upon the merger of its parent with Westminster Bank in 1968, joined The Royal Bank of Scotland Group in 2000, when NatWest was acquired by the Scottish bank.
Isle of Man Bank Limited is a direct subsidiary of Isle of Man Bank, itself a direct subsidiary of The Royal Bank of Scotland International Limited. The bank has six branches on the island: Douglas Athol Street, Douglas Regent Street, Peel and Port Erin. There is a mobile branch named Penny, which visits some places on the island that do not have a branch: Kirk Michael, Onchan, Cooil Business Park and Ballasalla. List of banks in the Isle of Man RBS International Isle of Man Bank National Westminster Bank The Royal Bank of Scotland Group