Lloyds Bank plc is a British retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the "Big Four" clearing banks; the bank was founded in Birmingham in 1765. It expanded during the nineteenth and twentieth centuries and took over a number of smaller banking companies. In 1995 it merged with the Trustee Savings Bank and traded as Lloyds TSB Bank plc between 1999 and 2013; the bank is the principal subsidiary of Lloyds Banking Group, formed in January 2009 by the acquisition of HBOS by the then-Lloyds TSB Group. That year, following the UK bank rescue package, the British Government took a 43.4% stake in Lloyds Banking Group. As a condition imposed by the European Commission regarding state aid, the group announced that it would create a new standalone retail banking business, made up of a number of Lloyds TSB branches and those of Cheltenham & Gloucester; the new business began operations on 9 September 2013 under the TSB brand. Lloyds TSB was subsequently renamed Lloyds Bank on 23 September 2013.
On 17 March 2017, the British Government confirmed its remaining shares in Lloyds Banking Group had been sold. Lloyds Bank is the largest retail bank in Britain, has an extensive network of branches and ATM in England and Wales and offers 24-hour telephone and online banking services; as of 2012 it has 16 million small business accounts. It has other offices in Wales and Scotland, it operates a number of office complex, brand headquarters and data centres in Yorkshire including Leeds and Halifax. The origins of Lloyds Bank date from 1765, when button maker John Taylor and Quaker iron producer and dealer Sampson Lloyd set up a private banking business in Dale End, Birmingham; the first branch office opened in Oldbury, some six miles west of Birmingham, in 1864. The symbol adopted by Taylors and Lloyds was the beehive, representing hard work; the black horse regardant device dates from 1677, when Humphrey Stokes adopted it as sign for his shop. Stokes was a goldsmith and "keeper of the running cashes" and the business became part of Barnett, Hoares & Co.
When Lloyds took over that bank in 1884, it continued to trade "at the sign of the black horse". The association with the Tailor family ended in 1852 and, in 1865, Lloyds & Co. converted into a joint-stock company known as Lloyds Banking Company Ltd. The first report of the company in 1865 stated:LLOYDS BANKING COMPANY LIMITED – Authorized Capital £2,000,000. FOUNDED ON The Private Banks of Messrs. Lloyds & Co. and Messrs. Moilliet and Sons, with-which have subsequently been amalgamated the Banks of Messrs. P. H. Williams and Messrs. Stevenson, Salt, & Co. Stafford and Lichfield. Your Directors have the satisfaction to report that they have concluded an agreement with the well-known and old-established firm of Messrs. Stevenson, Salt & Company for the amalgamation with this Company of their Banking Business at Stafford, Lichfield and Eccleshall, that this agreement has had the unanimous approval of the Extraordinary General Meeting held on 31st January last, it will be again submitted to you for final confirmation after the close of the Ordinary General Meeting.
TIMOTHY KENRICK, Chairman. BIRMINGHAM, 9th February 1866Two sons of the original partners followed in their footsteps by joining the established merchant bank Barnett, Hoares & Co. which became Barnetts, Hoares and Lloyd— based in Lombard Street, London. This became absorbed into the original Lloyds Banking Company, which became Lloyds and Bosanquets Bank Ltd. in 1884. And Lloyds Bank Limited in 1889. Through a series of mergers, including Cunliffe, Brooks in 1900, the Wilts. and Dorset Bank in 1914 and, by far the largest, the Capital and Counties Bank in 1918, Lloyds emerged to become one of the "Big Four" clearing banks in the United Kingdom. By 1923, Lloyds Bank had made some 50 takeovers, one of, the last private firm to issue its own banknotes—Fox and Company of Wellington, Somerset. Today, the Bank of England has a monopoly of banknote issue in Wales. In 2011, the company founded SGH Martineau LLP. In 1968, a failed attempt at merger with Barclays and Martins Bank was deemed to be against the public interest by the Monopolies and Mergers Commission.
Barclays acquired Martins the following year. In 1972, Lloyds Bank was a founding member of the Joint Credit Card Company which launched the Access credit card; that same year it introduced Cashpoint, the first online cash machine to use plastic cards with a magnetic stripe. In popular use, the Cashpoint trademark has become a generic term for an ATM in the United Kingdom. Under the leadership of Sir Brian Pitman between 1984 and 1997, the bank's business focus was narrowed and it reacted to disastrous lending to South American states by trimming its overseas businesses and seeking growth through mergers with other UK banks. During this period, Pitman tried unsuccessfully to acquire The Royal Bank of Scotland in 1984, Standard Chartered in 1986, Midland Bank in 1992. Lloyds Bank International merged into Lloyds Bank in 1986, since there was no longer an advantage in operating separately. In 1988, Lloyds merged five of its businesses with the Abbey Life Insurance Company to create Lloyds Abbey Life.
The bank merged first with the newly demutualised Cheltenham & Gloucester Building Society with the TSB Group
Abbey National plc was a bank based in the United Kingdom and former building society, which latterly traded under the Abbey brand name. As the former Abbey National Building Society, it was the first building society in the United Kingdom to demutualise, doing so in July 1989; the bank expanded through a number of acquisitions in the 1990s, including James Hay, Scottish Mutual, Scottish Provident and the rail leasing company Porterbrook. Abbey National launched an online bank, Cahoot, in June 2000. In September 2003, the bank rebranded as Abbey, in November 2004, it became a wholly owned subsidiary of the Spanish Santander Group, with a rebrand following in February 2005. In January 2010, the savings business of Bradford & Bingley was combined with the bank, Abbey National plc was renamed Santander UK plc. Prior to the takeover, Abbey National plc was a constituent of the FTSE 100 Index; the National Freehold Land Society named the National Permanent Mutual Benefit Building Society to give it legal existence under the Building Societies Act 1836, was established by two Liberal members of parliament, Sir Joshua Walmsley and Richard Cobden, in 1849, joined a year by John Bright.
In 1856, it formed the British Land Company, which separated in 1878. Meanwhile, the Abbey Road & St. John's Wood Permanent Benefit Building Society was founded in 1874, based in a Baptist church on Abbey Road in Kilburn. In 1932, the society moved into new headquarters, Abbey House, at 219–229 Baker Street, which it occupied until 2002; the site was thought to include 221B Baker Street, the fictional home of Sherlock Holmes, for many years Abbey employed a secretary charged with answering mail sent to Holmes at that address. The Abbey National Building Society was formed following the merger in 1944 of what had become Abbey Road Building Society and National Building Society; the Swansea Thrift Permanent transferred engagements in 1949, followed by the Definite Permanent in 1968, The State Building Society in 1970, Highgate Building Society in 1974 and the Oak Co-operative in 1979. During the 1970s and 1980s, Abbey National gained a reputation for innovation and, sometimes disruptive, change.
It was an early user of computer systems, in the end of the 1970s, all branches became online to a real time system that maintained customer accounts. Under Chief general manager Clive Thornton, new types of savings accounts were introduced as well as a cheque account; the administration of the cheque account was restricted by building society rules and the need to find a partner that could clear Abbey's cheques. Abbey became a full member of the Bankers' Automated Clearing Services and the former Association for Payment Clearing Services. Thornton acted to break the building societies' interest rate consensus; the Abbey National Building Society became the first of the United Kingdom building societies to demutualise, became a public limited company as Abbey National plc on 12 July 1989. It was floated on the London Stock Exchange at £1.30 per share, resulting in an unusually large number of small shareholders – 1.8 million initially. The demutualisation process was marred by the discovery of a large number of undelivered share certificates awaiting destruction at a contractor's premises.
Abbey National shares peaked at more than £ 14 in 2000. In July 1994, Abbey National purchased James Hay, one of the United Kingdom's foremost independent providers of self administered pensions. James Hay went on to grow in straight and launched Abbey Wrap, the first Wrap a service in which IFAs can keep the clients' ISAs, PEPs, Offshore bonds, SIPP in one place. Abbey Wrap Managers was FSA approved in August 2003; this was relaunched as James Hay Wrap in June 2005. In February 1995, Abbey National Baring Derivatives were taken down along with Barings Bank, due to failures in regulation and control in regards to Nick Leeson of Barings Bank. Two life assurance companies were demutualised and acquired, Scottish Mutual in 1992 and Scottish Provident in 2001, which enabled Abbey to pursue the bancassurance model. In August 1996, Abbey National took over the National & Provincial Building Society, itself the product of a 1982 merger between the Provincial Building Society and the Burnley Building Society.
This merger increased Abbey National's branch network by two hundred branches and brought in three million more customers. In April 2000, Abbey bought Porterbrook from Stagecoach Group for £773 million. Porterbrook was one of the three railway rolling stock operating companies created from by the privatisation of British Rail, leasing rolling stock to the train operating companies in the United Kingdom; the bank launched its online bank, Cahoot, in June 2000. Lloyds TSB attempted to merge with the bank in July 2001, though, rejected by the Competition Commission. Abbey ventured into the wholesale loans business. At first, this provided a good profit stream, despite the criticisms of some analysts; this undid the company, when Enron turned out to be unsafe and the 11 September attacks in New York damaged confidence in various financial areas. From this point, Abbey struggled from a tarnished image; the chief executive, Ian Harley, a long time Abbey employee and his post was filled by an outsider, Luqman Arnold.
Arnold spearheaded a major reorganisation of the bank in September 2003 that saw the brand name shortened to Abbey, the abbey.com domain name launched and the Abbey National umbrella logo dropped. Banking literature was simplified as part of the programme, labelled'turning banking on its head'. On 26 July 2004, Ab
Nationwide Building Society
Nationwide Building Society is a British mutual financial institution, the seventh largest cooperative financial institution and the largest building society in the world with over 15 million members. It has its headquarters in Swindon, with an office in Threadneedle Street and administration centres based in Bournemouth and Glasgow. Made up of over a hundred mergers — most notably its merger with Anglia Building Society in 1987 and Portman Building Society in 2007 — Nationwide is now the second largest provider of household savings and mortgages in the UK, it has a 7.7% market share of current accounts and was ranked number one for customer service satisfaction amongst its high street peer group for the three months ending 31 March 2016. For the financial year 2015/2016, Nationwide had assets of around £208.9 billion compared to £331 billion for the entire building society sector, making it larger than the remaining 44 British building societies combined. It is a member of the Building Societies Association, the Council of Mortgage Lenders and Co-operatives UK.
In 2016 Nationwide appeared 3rd in The Sunday Times'Top 25 Big Companies To Work For' poll, up from 6th in 2015. The Society's origins lie in the Northampton Town & County Freehold Land Society and the Southern Co-operative Permanent Building Society, London; the Co-operative Permanent, based at New Oxford House in the London Borough of Camden, changed its name to Nationwide Building Society in 1970, reflecting an organisation that had coverage throughout the country, after a decision by the British Co-operative Union in August 1970. The new name was put with members voting 135,675 to 15,585 in favour. In 1987, the Northampton-based Anglia Building Society merged with Nationwide; the new society was known as Nationwide Anglia Building Society at first, but the Anglia name was dropped in 1992. Nationwide launched an early UK internet banking service on 27 May 1997. In 1999, together with various UK tabloid newspapers and media, launched a campaign against controversial cash machine fees; the campaign reached a peak when Barclays Bank announced a plan to charge all customers of rival banks and financial providers, including those of Nationwide, £1 for every cash machine withdrawal made from a Barclays-owned cash machine.
This prompted Nationwide to warn Barclays that it would take legal action against the bank if it did not back down. Nationwide claimed Barclays had broken the rules of the LINK network of cash machines, which the bank had joined earlier in the year; the following year, withdrawals from most cash machines owned by UK banks were made free for customers of all banks and building societies throughout the UK. Nationwide completed a merger with Portman Building Society on 28 August 2007, creating a mutual body with assets of over £160 billion and around 13 million members. Portman's earliest component was the Provident Union Building Society founded in Ramsbury, Wiltshire in 1846. In the financial crisis of 2007–2008, the Nationwide acted to safeguard the mutual sector, acquiring the ailing Cheshire and Derbyshire building societies in September 2008, followed by the Dunfermline Building Society on 30 March 2009. On 24 March 2009 Nationwide opened a direct savings branch in Dublin, Ireland called Nationwide UK, to distinguish it from the unconnected and now-defunct Irish Nationwide Building Society.
However, Nationwide ceased all operations in the Irish Republic in 2017. In 2012, the society announced that it would integrate the Cheshire and Dunfermline building societies into Nationwide; the societies had operated under their own brands as divisions of the society. The rebranding of each business was phased, with the Dunfermline first to be merged in June 2014; the Cheshire and Derbyshire followed in November 2014 respectively. On 22 May 2015, it was announced that the Society's Chief Executive, Graham Beale, intended to retire. On 16 November 2015, Nationwide announced that Joe Garner, CEO of Openreach, would succeed Graham as Nationwide CEO in Spring 2016. Joe Garner joined the Society as Chief Executive on 5 April 2016. In May 2016, the society confirmed that it would be closing its subsidiary on the Isle of Man, Nationwide International, following a review of its business; the branch, based in Douglas, provided a range of offshore savings accounts in euros, pound sterling and US dollars.
It held assets in excess of £2.76 billion as at 31 March 2008, increasing to £3.69 billion by 31 March 2009, making it one of the largest deposit takers in the Isle of Man. Nationwide confirmed it would close on 30 June 2017. On 1 October 2016, Carillion began providing services for Nationwide's Headquarters in Swindon,'specifically aligned to Nationwide's sustainability strategy'; this contract is expected to be worth £350 million, building on an existing partnership of nearly nine years. In April 2017, the society confirmed that it would be closing its subsidiary on the Republic of Ireland, Nationwide UK, following a review of its business, its branch at 13 Merrion Row, Dublin 2 closed on 31 May 2017. The remainder of the business closed at the end of the year. Nationwide is committed to staying mutual and is keen to emphasise that it has members rather than shareholders. However, it has had challenges against its mutual status in the past. Nationwide was by far the largest British building society that did not convert to a bank in the wave of demutualisations that occurred from the late 1980s to the late 1990s.
In 1998, society members seeking a windfall, branded as carpetbaggers by the UK media, meant Nationwide members had to vote on whether to demutualise the society and float on the London Stock Exchange. The attempt failed, despite media reports of possible pay-outs to members of around £1,000 to £
Halifax is a British bank operating as a trading division of Bank of Scotland, itself a wholly owned subsidiary of Lloyds Banking Group. It is named after the town of Halifax, West Yorkshire where it was founded as a building society in 1853. By 1913 It had developed into the UK's largest building society and continued to grow and prosper and maintained this position within the UK until 1997 when it demutualised. In 1997 it became Halifax plc, a public limited company, a constituent of the FTSE 100 Index. In 2001 Halifax plc merged with The Governor and Company of the Bank of Scotland, forming HBOS. In 2006, the HBOS Group Reorganisation Act 2006 transferred the assets and liabilities of the Halifax chain to Bank of Scotland which became a standard plc, with Halifax becoming a division of Bank of Scotland. A takeover of HBOS by Lloyds TSB was approved by the Court of Session on 12 January 2009, on 19 January 2009 Bank of Scotland, including Halifax, formally became part of Lloyds Banking Group.
The Halifax was formed in 1853 as the Halifax Permanent Benefit Investment Society. The idea was thought up in a meeting room situated above the Old Cock Inn close to the original Building Society building. Like all early building societies, the purpose of the society was for the mutual benefit of local working people. Investors with surplus cash would invest in the society to receive interest, borrowers could access loans to fund the purchase of a house. Unlike many British building societies which grew large by acquisitions and mergers, the Society chose an organic form of growth, proceeded to open branches throughout the UK. By 1913, it was the largest building society in the UK; the first office in London opened in 1924. In 1928, it merged with Halifax Equitable Building Society the second largest building society and was renamed Halifax Building Society; the society was now five times larger than its nearest rival, with assets of £47 million. A new head office was built at Trinity Road, Halifax in 1973.
The distinctive diamond-shaped building was used on marketing material during the'90s. Underneath the building is a specially constructed deedstore, used to store property deeds for a one off charge of £10, it is computerised and could be filled with Halon gas in the event of fire, though in the light of the environmental effects of this gas if released, it may have been replaced with other fire retardant systems. Its importance has diminished in recent years because property data is now kept on a central database kept by HM Land Registry; the society continued to grow in size throughout the 20th century, remaining the UK's largest building society. The deregulation of the financial services industry in the 1980s saw the passing of the Building Societies Act 1986 which allowed societies greater financial freedoms, diversification into other markets. Accordingly, the Halifax acquired an estate agent to complement its mortgage business, it expanded by offering current accounts and credit cards, traditionally services offered by commercial banks.
In 1993, it established a Spanish subsidiary, Banco Halifax Hispania serving British expatriate mortgage customers. The 1986 Act allowed building societies to demutualise and become public limited companies instead of mutually owned organisations, owned by the customers who borrowed and saved with the society. Although the Abbey National demutualised in 1989, the process was not repeated until the late 1990s, when most of the large societies announced demutalisation plans. In 1995, the Halifax announced it was to merge with the Leeds Permanent Building Society and convert to a plc; the Halifax floated on the London Stock Exchange on 2 June 1997. Over 7.5 million customers of the Society became shareholders of the new bank, the largest extension of shareholders in UK history. As Halifax plc, the new bank was the fifth largest in the UK in terms of market capitalisation. Further expansion took place with the 1996 acquisition of Clerical Medical Fund Managers, a UK life insurance company. In 1999, the Halifax acquired ComparetheLoan.
In 2000, Halifax established a telephone and internet based bank. In 2001, a wave of consolidation in the UK banking market led Halifax to agree a £10.8 billion merger with the Bank of Scotland. The new group was named Halifax Bank of Scotland with headquarters in Edinburgh, retained both Halifax and the Bank of Scotland as brand names. Halifax branches in the rest of the UK use the Bank of Scotland brand for business banking. In 2006 the Bank of Scotland, HBOS's main retail bank in the Republic of Ireland, announced that it would be rebranding its retail business as Halifax, citing the Irish public's exposure to Halifax advertising on ITV as among the reasons; the Bank of Scotland name was to be retained for business banking. In 2006, the HBOS Group Reorganisation Act 2006 was passed; the aim of the Act was to simplify the corporate structure of HBOS. The Act was implemented on 17 September 2007 and the assets and liabilities of Halifax plc transferred to Bank of Scotland plc; the Halifax brand name was to be retained as a trading name, but it no longer exists as a legal entity.
HBOS was acquired by the Lloyds Banking Group in January 2009 amid falling share price and speculation as to its future. Bank of Scotland plc became a wholly owned subsidiary of the group. In February 2009, Halifax made significant changes to its current accounts. From all new standard current accounts had zero credit and debit interest, along with no paid and unpaid item charges (which were up to £35, Halifax has rep
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
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 Co-operative Bank
The Co-operative Bank plc is a retail and commercial bank in the United Kingdom, with its headquarters in Balloon Street, Manchester. The bank markets itself as an ethical bank, seeks to avoid investing in companies involved in certain elements of the arms trade, fossil fuel extraction, genetic engineering, animal testing and use of sweatshop labour as stated in its ethical policy; the ethical policy was introduced in 1992 and incorporated into the Bank's constitution in 2013. In 2002, the parent company The Co-operative Group Limited brought the bank and the Co-operative Insurance Society under the control of a newly incorporated holding society, Co-operative Financial Services, which became the Co-operative Banking Group in 2011; as Britain's seventh biggest lender, the majority of the bank's revenue is made from interest charges on loans. In 2013–14 the bank was the subject of a rescue plan to address a capital shortfall of about £1.9 billion. The bank raised equity to cover the shortfall from hedge funds, while The Co-operative Group became a minority shareholder holding a 20% stake in the bank.
Following restructuring and the formation of a new holding company on 1 September 2017, the Co-operative Group no longer owns a stake in the bank and the relationship agreement between the two organisations will end in 2020. The bank was formed in 1872 as the Loan and Deposit Department of the Co-operative Wholesale Society, becoming the CWS Bank four years later. However, the bank did not become a registered company until 1971. In 1975, the bank became the first new member of the Committee of London Clearing Banks for 40 years and thus able to issue its own cheques. In 1974 the Co-operative Bank offered free banking for personal customers, it was the first clearing bank to offer an interest-bearing cheque account, in 1982. The bank merged with the Britannia Building Society in 2009, increasing its branch network to 373 branches. Following the UK Government's acquisition of 43.4% of Lloyds Banking Group in 2009, the Co-operative Bank entered into negotiations with Lloyds Banking Group to purchase over 600 of its branches.
European Commission laws restricting state aid required the sale of the branches in a divestment known as Project Verde. In February 2012, press reports suggested that the Financial Services Authority might intervene to block the purchase due to concerns about the Co-operative Bank's ability to integrate IT systems, it was rumoured that the FSA was concerned that the Co-operative bank was still behind schedule in the integration of its IT systems with those of the Britannia Building Society, despite the fact that the merger took place in 2009. The purchase was publicly announced in July 2012 and it was revealed that the branches would be split from Lloyds under the resurrected TSB brand. On 24 April 2013 the Co-operative bank announced that it had decided against proceeding with the deal; the reasons given were the poor economic outlook in the UK and an increase in financial regulation requirements. The Financial Times had reported that the Co-operative would require a £1 billion increase in capital to support enlarging the bank.
In March 2013 the bank reported losses of £600m. In May Moody's downgraded its credit rating by six notches to junk resulting in the chief executive Barry Tootell's resignation. Over the weekend of 15–16 June 2013 negotiations between the Co-operative Group and its regulator the Prudential Regulation Authority culminated in reports that the Bank had a shortfall in its capital of about £1.5 billion, that this would be filled by a procedure known as a "bail-in" scheme. Bank Chairman Paul Flowers resigned shortly before the announcement of the shortfall. A press release by the bank issued on 17 June 2013 explained that the scheme would compel subordinated bondholders to convert some or all of their assets from debt instruments to ownership shares of uncertain value which would be listed on the London Stock Exchange and a new fixed income instrument; the scheme contrasted with the rescues of other British banks in 2008 and 2009 when central government introduced new capital into the failed institutions.
Details of the outcome for small retail investors in the Bank were uncertain at the time of the June announcement, but it should be noted that there was no suggestion that ordinary deposits in the Bank would be put at any additional risk by the rescue, as they would continue to be covered by the existing compensation scheme. The bondholders had the opportunity to seek to reject the restructuring proposed, an alternative option of the Bank of England taking over the ownership of the bank under the Banking Act 2009 special resolution regime was considered. In September it was discovered that there was a £3.6bn funding gap between the value the Co-operative Bank placed on its loan portfolio and the actual value it would realise if forced to sell the assets. In October it was reported that the Co-operative Group had been forced to renegotiate the bank's £1.5bn rescue with US hedge funds Aurelius Capital Management, Beach Point Capital Management, Silver Point Capital that owned its debt. As a result, the Group would lose majority control of its banking arm with the proportion of the bank's equity remaining under its ownership dropping to 30%, less than the 75% proposed in the original rescue plan.
The plan passed a creditor vote and on 18 December 2013 a judge on the UK high court allowed the plan to move forward. An independent review commissioned by the bank, published in April 2014, concluded that the root of the bank's problems lay in its 2009 takeover of the Britannia Building Society and poor management controls; the bank's current chief executive Niall Booker, a former banker at HSBC who nursed HSBC's sub-prime lending busin