A merchant bank is historically a bank dealing in commercial loans and investment. In modern British usage it is the same as an investment bank. Merchant banks were the first modern banks and evolved from medieval merchants who traded in commodities, particularly cloth merchants. Historically, merchant banks' purpose was to facilitate and/or finance production and trade of commodities, hence the name "merchant". Few banks today restrict their activities to such a narrow scope.
The Bank of Amsterdam was an early bank, vouched for by the city of Amsterdam, and established in 1609. It was the first public bank to offer accounts not directly convertible to coin. As such, it has been described as the first true central bank, even though that view is not uniformly shared and a similar claim has been made for the Taula de canvi de Barcelona, established two centuries earlier.
Heinrich Carl von Schimmelmann was a German-born merchant, banker, nobleman, planter and politician. During the Seven Years' War, he speculated heavily on currency debasement in close association with his business partner Abel Seyler. After supporting Denmark–Norway as the head of the banking system in Denmark, he was rewarded by becoming a member of the Danish nobility. Eventually, he became a plantation owner and Danish finance minister. From 1774 onwards, von Schimmelmann was involved in the project of digging the Eider Canal. He died in 1782.
Smith's Bank was a series of English banking partnerships in London and the provinces, all controlled by the Smith family that operated between 1658 and 1918. Although Smith's Bank was never a single entity, the first bank was established in Nottingham by Thomas Smith; often dated to 1658, it is believed to be the first bank to be formed outside London.
Joh. Berenberg, Gossler & Co. KG, commonly known as Berenberg Bank and also branded as simply Berenberg, is a multinational full-service private and merchant bank headquartered in Hamburg, Germany.
The British credit crisis of 1772–1773 also known as the crisis of 1772, or the panic of 1772, was a peacetime financial crisis which originated in London and then spread to Scotland and the Dutch Republic. It has been described as the first modern banking crisis faced by the Bank of England. New colonies, as Adam Smith observed, had an insatiable demand for capital. Accompanying the more tangible evidence of wealth creation was a rapid expansion of credit and banking, leading to a rash of speculation and dubious financial innovation. In today’s language, they bought shares on margin.
Jacob Benjamin Wegner was a Norwegian business magnate, estate owner and timber merchant.
Leendert Pieter de Neufville was a Dutch merchant and banker trading in silk, linen, and grain. His business grew quickly during the Seven Years' War. De Neufville secretly supplied the Prussian army with gunpowder. It is likely that the army's outsourcing of handling bills of exchange in commercial payment boosted his business in a sophisticated form of letters of credit, acceptance loans. His business model had similarities with the modern shadow banking system.
Friederike Sophie Seyler was a German actress, playwright and librettist. Alongside Friederike Caroline Neuber, she was widely considered Germany's greatest actress of the 18th century; Gotthold Ephraim Lessing described her in his Hamburg Dramaturgy as "incontestably one of the best actresses that German theatre has ever seen."
The Hamburg Enterprise, commonly known as the Hamburg National Theatre, was a theatre company in Hamburg, that existed 1767–1769 at the Gänsemarkt square, and that was led by Abel Seyler. It was the first attempt to establish a national theatre in Germany. It was modelled after Det Kongelige Teater, founded by Ludvig Holberg in Denmark in 1748. Its leading actor was Konrad Ekhof and the theatre employed Gotthold Ephraim Lessing as the world's first dramaturg; Lessing's influential Hamburg Dramaturgy, based on his work at the Hamburg National Theatre, defined the new field of dramaturgy and also introduced the term. The theatre premiered Lessing's Minna von Barnhelm on 30 September 1767.
Abel Seyler was a Swiss-born theatre director and former merchant banker, who was regarded as one of the great theatre principals of 18th century Europe. He played a pivotal role in the development of German theatre and was considered "the leading patron of German theatre" in his lifetime. He supported the development of new works and experimental productions, helping to establish Hamburg as a center of theatrical innovation and to establish a publicly funded theater system in Germany. Working with some of Germany's foremost actors and playwrights of his era, he is credited with pioneering a new more realist style of acting, introducing Shakespeare to a German language audience, and with promoting the concept of a national theatre in the tradition of Ludvig Holberg, the Sturm und Drang playwrights, and serious German opera. Already in his lifetime, he was described as "one of German art's most meritorious men."
Ludwig Erdwin Seyler was a Hamburg merchant, merchant banker and politician. He was by marriage a member of the Hanseatic Berenberg dynasty, and was a partner in the Hamburg firm Joh. Berenberg, Gossler & Co. for 48 years (1788–1836), for 46 years as the company's senior partner. The company name was amended in 1791 to reflect him becoming a partner and has remained unchanged since; he "is practically the 'Co.' in the company name." Seyler was one of the first merchants and bankers from modern Germany to establish trade relations with the United States and East Asia. Much of the company's wealth derived from their position as leading sugar importers from the Americas to the North European market, in combination with their activities as merchants bankers. Seyler was one of Hamburg's leading merchants during the Napoleonic Wars and held several political offices. He served as a member of the French-appointed council of Hamburg and after the Napoleonic Wars as the President of the Commercial Deputation, one of the city-state's main political bodies. Ludwig Seyler was a son of the Swiss-born theatre director Abel Seyler and a son-in-law of the bankers Johann Hinrich Gossler and Elisabeth Berenberg through his marriage to their eldest daughter Anna Henriette Gossler.
Johann Hinrich Gossler was a German merchant and banker. He was married to Elisabeth Berenberg (1749–1822) and succeeded his father-in-law Johann Berenberg as head of the Berenberg & Gossler company, that was renamed Joh. Berenberg, Gossler & Co. the year following his death. During Gossler's tenure as the company's main partner it became one of the largest merchant houses of Hamburg. Many of his descendants were prominent in Hamburg society, including his grandson, Hamburg's first mayor Hermann Gossler. Some of his descendants were later ennobled as the barons von Berenberg-Gossler. The Gossler Islands in Antarctica are named in honour of his family.
The Berenberg family was a Flemish-origined Hanseatic family of merchants, bankers and senators in Hamburg, with branches in London, Livorno and other European cities. The family was descended from the brothers Hans and Paul Berenberg from Antwerp, who came as Protestant refugees to the city-republic of Hamburg following the Fall of Antwerp in 1585 and who established what is now Berenberg Bank in Hamburg in 1590. The Berenbergs were originally cloth merchants and became involved in merchant banking in the 17th century. Having existed continuously since 1590, Berenberg Bank is the world's oldest surviving merchant bank.
The Seyler family is a Swiss family, originally a patrician family from Liestal near Basel. Family members served as councillors and Schultheißen of Liestal from the 15th century, later also as members of the Grand Council of Basel. A Hamburg branch descended from the banker and renowned theatre director Abel Seyler became by marriage a part of the Berenberg banking dynasty, co-owners of Berenberg Bank and part of Hamburg's ruling class of Hanseaten.
Elisabeth Berenberg was a Hamburg heiress, merchant banker and a member of the Berenberg family. She was the last male line member of the Flemish-origined Hanseatic Berenberg banking family in Hamburg, and ancestral mother of the von Berenberg-Gossler family, the current owners of Berenberg Bank. She is also noted as the only woman ever to serve as a partner and take an active leadership role (1790–1800) at Berenberg Bank since the company was established in 1590 by her family.
The Amsterdam banking crisis of 1763 in the Netherlands followed the end of the Seven Years' War. At this time prices of grain and other commodities were falling sharply, and the supply of credit dried up due to the decreased value of collateral goods. Many of the banks based in Amsterdam were over-leveraged and were interlinked by complex financial instruments, making them vulnerable to a sudden tightening of credit availability. The crisis was marked by the failure of one large bank - that of De Neufville - and many smaller financial enterprises. The extent of the crisis was mitigated by the provision of additional liquidity by the Bank of Amsterdam, the Dutch central bank. Similarities have been identified between these events and the financial crisis of 2007–2008.
Henriette Wegner, née Henriette Seyler, was a Norwegian businesswoman and philanthropist, a member of the Hanseatic Berenberg banking dynasty of Hamburg and the wife of the Norwegian industrialist Benjamin Wegner. She was briefly a co-owner of Berenberg Bank, and was also noted for her work for the homeless in Norway. During her life she was a citizen of the city-republic of Hamburg, of France during the Napoleonic Wars, and finally of Norway from 1824.
The Gossler family, including the Berenberg-Gossler branch, is a Hanseatic and partially noble banking family from Hamburg.
Mary Lindemann is an American historian and professor emerita of history at the University of Miami. She was president of the American Historical Association during the term 2020 and president of the German Studies Association during the term 2017–2018. She is a leading expert on the history of early modern Europe, the history of Germany and the history of medicine, especially early modern German, Dutch, and Flemish history. She is co-editor-in-chief of the journal Early Modern Women: An Interdisciplinary Journal.
