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Westminster Bank
Westminster Bank was a British retail bank which operated in England and Wales. It was created in 1834 as the London and Westminster Bank. It merged with the London and County Bank in 1909, after which it renamed itself the London County and Westminster Bank, then acquired the former business of Birkbeck Bank in 1911, Ulster Bank in 1917, and Parr's Bank in 1918, following which it changed its name again to London County Westminster and Parrs. It shortened its name to Westminster Bank in 1923.
Following that transformative sequence of acquisitions, Westminster Bank was the fifth-largest bank in England, thus one of the so-called Big Five together with Barclays, Lloyds Bank, Midland Bank, and National Provincial Bank. In 1968 it announced its merger with National Provincial to form the National Westminster Bank, which was completed on 1 January 1970.
In 1834, the London and Westminster Bank was the first firm founded under the auspices of the Bank Charter Act 1833, which allowed joint-stock banks to be established in the capital. For various reasons, the press, private banking concerns, and the Bank of England were so hostile to the Bank Charter Act that London and Westminster's management was primarily concerned with defending the company's right to exist rather than setting up an extensive branch network. As a result, the bank opened only six London branches in its first three years and no additional offices were established until nearly 20 years later.
London and Westminster made its first acquisition in 1847, when it bought Young & Son. In about 1870 it acquired Unity Joint-Stock Bank, and mergers with Commercial Bank of London and Middlesex Bank had been arranged in 1861 and 1863 respectively. By 1909 London and Westminster had opened or acquired 37 branches in and around London. Yet, despite this expansion effort, the bank felt the effects of competition from provincial peers like Lloyds Bank and Midland Bank. These two banks had already established large regional branch networks and were quickly encroaching upon the London market.
The Surrey, Kent and Sussex Banking Company had been established at Southwark in 1836 and soon had branches in places like Croydon, Brighton, Maidstone and Woolwich. It was renamed the London and County Banking Co. in 1839. By 1875 it had over 150 branches and was the largest British bank. London and County took over the business of the following banks:
In 1909, London and Westminster Bank merged with London and County Bank, which by then had seventy offices citywide and almost two hundred in rural counties.
Birkbeck Building and Freehold Land Society, formed in 1851, developed a large deposit-taking business that developed into banking activity. Cheque books were issued from 1858, and by 1872 the business was trading under the title of Birkbeck Bank. In 1910, when its balance sheet totalled £12.26 million and it had 112,817 accounts, the bank suffered a run. Continuing rumours about its financial position, and a climate of depreciation in gilt-edged securities, led to a suspension of payments. The Bank of England provided support for the immediate payment of 10 shillings in the pound to depositors, but as most of its deposits were held as long-term securities the bank lacked liquidity and went into receivership. In 1911, its goodwill and premises were purchased from the receiver by London County and Westminster Bank.
In 1913, the bank formed a subsidiary, London County and Westminster Bank (Paris), which opened branches during and after World War I in Bordeaux (1917), Lyon (1918), Marseille (1918) and Nantes (1919). The bank itself also directly established offices in Madrid (1917), Barcelona (1917), Antwerp (1919), Brussels (1919), Bilbao (1919) and Valencia (1920). These operations were converted into a foreign bank in 1920 and renamed London County Westminster and Parrs Foreign Bank, becoming Westminster Foreign Bank in 1923 and finally International Westminster Bank in 1973. All the Spanish branches were closed in 1923–24, due to deteriorating economic conditions in Spain and discrimination against foreign banks. Control of the remaining branches was exercised from London, although between 1940 and 1944 contact with them was lost due to the German occupation.
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Westminster Bank
Westminster Bank was a British retail bank which operated in England and Wales. It was created in 1834 as the London and Westminster Bank. It merged with the London and County Bank in 1909, after which it renamed itself the London County and Westminster Bank, then acquired the former business of Birkbeck Bank in 1911, Ulster Bank in 1917, and Parr's Bank in 1918, following which it changed its name again to London County Westminster and Parrs. It shortened its name to Westminster Bank in 1923.
Following that transformative sequence of acquisitions, Westminster Bank was the fifth-largest bank in England, thus one of the so-called Big Five together with Barclays, Lloyds Bank, Midland Bank, and National Provincial Bank. In 1968 it announced its merger with National Provincial to form the National Westminster Bank, which was completed on 1 January 1970.
In 1834, the London and Westminster Bank was the first firm founded under the auspices of the Bank Charter Act 1833, which allowed joint-stock banks to be established in the capital. For various reasons, the press, private banking concerns, and the Bank of England were so hostile to the Bank Charter Act that London and Westminster's management was primarily concerned with defending the company's right to exist rather than setting up an extensive branch network. As a result, the bank opened only six London branches in its first three years and no additional offices were established until nearly 20 years later.
London and Westminster made its first acquisition in 1847, when it bought Young & Son. In about 1870 it acquired Unity Joint-Stock Bank, and mergers with Commercial Bank of London and Middlesex Bank had been arranged in 1861 and 1863 respectively. By 1909 London and Westminster had opened or acquired 37 branches in and around London. Yet, despite this expansion effort, the bank felt the effects of competition from provincial peers like Lloyds Bank and Midland Bank. These two banks had already established large regional branch networks and were quickly encroaching upon the London market.
The Surrey, Kent and Sussex Banking Company had been established at Southwark in 1836 and soon had branches in places like Croydon, Brighton, Maidstone and Woolwich. It was renamed the London and County Banking Co. in 1839. By 1875 it had over 150 branches and was the largest British bank. London and County took over the business of the following banks:
In 1909, London and Westminster Bank merged with London and County Bank, which by then had seventy offices citywide and almost two hundred in rural counties.
Birkbeck Building and Freehold Land Society, formed in 1851, developed a large deposit-taking business that developed into banking activity. Cheque books were issued from 1858, and by 1872 the business was trading under the title of Birkbeck Bank. In 1910, when its balance sheet totalled £12.26 million and it had 112,817 accounts, the bank suffered a run. Continuing rumours about its financial position, and a climate of depreciation in gilt-edged securities, led to a suspension of payments. The Bank of England provided support for the immediate payment of 10 shillings in the pound to depositors, but as most of its deposits were held as long-term securities the bank lacked liquidity and went into receivership. In 1911, its goodwill and premises were purchased from the receiver by London County and Westminster Bank.
In 1913, the bank formed a subsidiary, London County and Westminster Bank (Paris), which opened branches during and after World War I in Bordeaux (1917), Lyon (1918), Marseille (1918) and Nantes (1919). The bank itself also directly established offices in Madrid (1917), Barcelona (1917), Antwerp (1919), Brussels (1919), Bilbao (1919) and Valencia (1920). These operations were converted into a foreign bank in 1920 and renamed London County Westminster and Parrs Foreign Bank, becoming Westminster Foreign Bank in 1923 and finally International Westminster Bank in 1973. All the Spanish branches were closed in 1923–24, due to deteriorating economic conditions in Spain and discrimination against foreign banks. Control of the remaining branches was exercised from London, although between 1940 and 1944 contact with them was lost due to the German occupation.