Industry | Banking, insurance, financial services |
---|---|
Founded | 1828London, United Kingdom | in
Founder | Robert Melville Grindlay |
Fate | Acquired by ANZ Bank in 1984 |
Headquarters | London , United Kingdom |
Number of locations | 183 (1863-1963) [1] |
Area served |
|
Key people | Notable Chairmen: |
Total assets | £277.3 million (1963) [1] ~£7.4 billion (2023) |
Number of employees | c.10,000 (1963) [1] |
The historic overseas bank was established in London in 1828 as Leslie & Grindlay, agents 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. [1] [2]
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 merged with the smaller Grindlays Bank Ltd, renaming itself National and Grindlays Bank Ltd some ten years later. [1] Following further acquisitions, its name was shortened to Grindlays Bank in 1974, and then renamed ANZ Grindlays Bank when it was taken over by Australia and New Zealand Banking Group in 1984. [3] Standard Chartered Bank acquired ANZ Grindlays in 2000, after which the Grindlays name fell out of use.
Captain Robert Melville Grindlay (1786 - 1877) [4] established the firm, Leslie & Grindlay, in London in 1828, to arrange secure passage to and from India for customers and their baggage. Initially based in Birchin Lane near Lombard Street in London, the company acted as agents to organise travel arrangements and provide advisory services for their clientele, particularly East India Company employees and British officials. [5] [6] Expansion of the business saw the opening of several other offices in the City of London (Cornhill and Bishopsgate) and Westminster (Whitehall and St James's Square). [1]
In time, under the guidance of Capt. R M Grindlay, the firm added private banking, insurance, and other financial activities to its menu of services, and operations expanded to include Europe, the Middle East, South and Southeast Asia, and elements of Africa. The acquisition of additional partners during this period, caused the firm to change its name to Grindlay, Christian & Matthews in 1839 and then Grindlay & Co. in 1843. [7] When Grindlay eventually retired in 1842, the firm had become "the most distinguished bankers and agents to the civil and military officials of the business community and the British Army in India". [8]
The firm remained based solely in London until 1854 when offices were opened at Calcutta in 1864 and then Bombay in 1865. [9] These offices were largely autonomous, administered from London, until the local partners interests were bought out in 1908. Additional branches were opened in Simla (1912), Delhi (1923), Lahore (1924) and Peshawar (1926). [1]
Grindlays was regarded as "pre-eminently bankers to the Indian Army", concentrating in areas of important civil or military headquarters, and undertook little commercial banking. [1] The failure of army bankers, MacGrigors in 1922 and then the Alliance Bank of Simla in 1923, [10] 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 as Grindlay & Co Ltd. [1] 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 (NBI) 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 that was fiercely contested for many years. [1]
NBI remained with these three offices until 1870 when it sought to exploit opportunities in China with a branch in Hong Kong and, later, in Shanghai. Substantial losses threatened the Bank and the Chinese operations were eventually closed. Without neglecting its domestic market, NBI began to expand around the fringes of the Indian Ocean, particularly Aden and East Africa; by 1900 NBI had 19 branches [1] and £10m of assets. [3]
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. [3] 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". [1]
The inter-war years saw NBI stagnate; only two new branches were opened [1] and there was no growth in the Bank's assets. [3] 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, then Grindlays Bank Ltd; Grindlays then had deposits of around £20m compared with over £70m for NBI. [1]
NBI and Grindlays were not merged operationally until 1958 under the name National Overseas and Grindlays Bank, renamed National and Grindlays Bank (NGB) 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". [1] In 1968 National Provincial Bank sold its shareholding to Lloyds Bank and in 1969, Citibank took a 40 per cent stake in NGB.
Also in 1969, the Ottoman Bank sold its branches in London, Cyprus, Sudan, Jordan, Qatar, East Africa, the Emirates, and Rhodesia to the National and Grindlays Bank, which dropped the National prefix in 1975. Grindlays Bank later bought the Ottoman Bank's separate operations in France and Geneva, Banque Ottomane, and renamed them Grindlays Bank - France. [11]
In 1984 Citibank and Lloyds sold Grindlays to the Australia and New Zealand Banking Group. In 1989, five years after it acquired Grindlays, ANZ changed Grindlays' name to ANZ Grindlays Bank and transferred its domicile (requiring an Act of Parliament) [12] to Australia in 1995. In 1993, ANZ Grindlays sold its African operations to Standard Bank Investment Corporation (Stanbic), which was 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$1.34 (A$2.2) billion in cash, [13] which merged it with its existing banking operations.
Standard Chartered PLC is a British multinational bank with operations in consumer, corporate and investment banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retail banking in the UK, and around 90% of its profits come from Asia, Africa, and the Middle East.
The National Bank of New Zealand Limited (NBNZ), often referred to as The National Bank, was one of New Zealand's largest banks. Throughout much of its history, the National Bank provided commercial banking services to mainly major industrial and rural as well as some personal customers.
HSBC Bank Canada, formerly the Hongkong Bank of Canada (HBC), was a British-Canadian chartered bank and the former Canadian subsidiary of British multinational banking and financial services company HSBC.
The Australia and New Zealand Banking Group Limited, commonly known as ANZ Bank, is a multinational banking and financial services company headquartered in Melbourne, Victoria, Australia. It is Australia's second-largest bank by assets and fourth-largest bank by market capitalisation.
Standard Bank Group Limited is a major South African bank and financial services group. It is Africa's biggest lender by assets. The company's corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg.
National Provincial Bank was a retail bank which operated in England and Wales. It was created in 1833 as National Provincial Bank of England, and expanded largely by taking over a number of other banks. Following the transformative acquisition of the Union Bank of London in 1918, it changed its name to National Provincial and Union Bank of England, then in 1924 shortened its name again to National Provincial Bank. It further acquired Coutts Bank in 1920, Grindlays Bank in 1924, Isle of Man Bank in 1961, District Bank in 1962, thus becoming one of the "Big Five" that dominated the UK banking sector for much of the 20th century, together with Barclays Bank, Lloyds Bank, Midland Bank and Westminster Bank. On 1 January 1970, it completed its merger with Westminster Bank to form National Westminster Bank.
The Mercantile Bank of India, London and China, later Mercantile Bank Ltd, was an Anglo-Indian bank with business focus in the Far East. It was founded in Bombay in 1853 as the Mercantile Bank of Bombay; and later in 1857 was renamed to Mercantile Bank of India, London, and China with London as its headquarters.
Naina Lal Kidwai is an Indian banker, chartered accountant and business executive. She was formerly a Group General Manager and the Country Head of HSBC India. She is also a former President of the Federation of Indian Chambers of Commerce and Industry (FICCI).
Cox & Kings was established in 1758 and is one of the longest-established travel brands. Headquartered in London, the brand is now a subsidiary of Abercrombie & Kent.
Bank of British West Africa (BBWA) was a British Overseas bank that was important in introducing modern banking into the countries that emerged from the UK's West African colonies. In 1957 it changed its name to Bank of West Africa, and in 1965 was acquired by Standard Bank.
Deepak Parekh is an Indian businessman and the former chairman of Housing Development Finance Corporation, India's leading housing private development finance institution. It is based in Mumbai.
KCB Group Limited, also known as the KCB Group, is a financial services holding company based in the African Great Lakes region. The Group's headquarters are in Nairobi, Kenya, with its subsidiaries being KCB Bank Kenya Limited, KCB Bank Burundi Limited, KCB Bank Rwanda Limited, KCB Bank South Sudan Limited, KCB Bank Tanzania Limited, KCB TMB Congo and KCB Bank Uganda Limited.
Standard Chartered Bangladesh is a banking and financial services company headquartered in Dhaka, Bangladesh and a wholly owned subsidiary of Standard Chartered. Standard Chartered has been operating in Bangladesh for over a hundred years.
The International Bank of Qatar, often branded ibq, was a private sector bank operating in Qatar founded in 1956. The bank offered a range of products and services across retail, private and corporate banking divisions.
The Standard Bank was a British overseas bank, which operated mainly in Africa from 1863 to 1969. It merged with the Chartered Bank in 1969 to form Standard Chartered.
Standard Chartered Kenya, whose official name is Standard Chartered Bank Kenya Limited, but is sometimes referred to as Stanchart Kenya, is a commercial bank in Kenya. It is a subsidiary of the British multinational financial conglomerate headquartered in London, United Kingdom, known as Standard Chartered. Stanchart Kenya is one of the banks licensed by the Central Bank of Kenya, the central bank and national banking regulator, in the largest economy in the East African Community.
Lloyds Bank International is a wholly owned subsidiary of Lloyds Bank Corporate Markets in the United Kingdom, which is in turn part of Lloyds Banking Group, one of the largest banking groups in Europe.
Stanbic Holdings Plc, formerly known as CfC Stanbic Holdings Limited, is a Kenyan financial services organization with headquarters in Nairobi, Kenya, with subsidiaries in Kenya and South Sudan. Stanbic Holdings is a member of the Standard Bank Group, a financial services giant based in South Africa. The institution is licensed and governed by the Central Bank of Kenya, the national banking regulator.
Sima Kamil is a Pakistani banker, and since August 2020 the deputy governor of State Bank of Pakistan. In May 2017 she became the president and chief executive of United Bank Limited, the first woman to lead a major Pakistani bank.
Captain Robert Melville Grindlay FRSA MRAS FZS FRHS FRBS[a] was a British soldier, artist, and banker during the 18th and 19th centuries. Born in London, England he served as an East India Company agent in the Bombay Army, during which time he made a large collection of sketches and drawings of the Indian subcontinent. Upon returning to England he founded the multinational commercial firm Grindlays Bank and various philanthropic initiatives.