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29-737: 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

58-422: A bank or a division of a bank that deals mostly with deposits and loans from corporations or large businesses, as opposed to individual members of the public (retail banking). Typical banking services offered by retail banks include: In some countries, such as the U.S., retail bank services also include more specialised accounts, such as: International Westminster Bank International Westminster Bank

87-543: A division or department of a bank which deals with individual customers. In the U.S., the term commercial bank is used for a normal bank to distinguish it from an investment bank . After the Great Depression , the Glass–Steagall Act restricted normal banks to banking activities, and investment banks to capital market activities. That distinction was repealed in the 1990s. Commercial bank can also refer to

116-591: A dormant registered non-trading company until 4 July 2017 when it was dissolved. The portcullis used by the bank was one of the familiar badges of King Henry VII and derived from the arms of the royal City of Westminster, which also included the fess wavy , signifying the River Thames , derived from the arms of the County of London. The present National Westminster Bank continues to use the portcullis in its common seal (the official seal kept in accordance with section 40 of

145-529: 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

174-402: 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

203-874: 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), Marseilles (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

232-453: The Isle of Man Bank (a 1961 National Provincial acquisition) continued as separate operations. Duncan Stirling, chairman of Westminster Bank, became first chairman of the fifth-largest bank in the world. The statutory process of integration was completed in 1969 and the new company, National Westminster Bank, opened its doors for business on 1 January 1970. The Westminster Bank continued to exist as

261-731: The State Bank of New South Wales (acquired by the Commonwealth Bank in 2000) for an undisclosed amount in 1993. Lombard Bank (Malta) was established in 1969 and divested in stages to the Maltese government from 1975 to 1988. Lombard North Central had been active in Malta since 1955, accepting deposits through agents. Banco NatWest España was formed in 1990 by acquisition of the controlling interest in Banco NatWest March. The Spanish operation

290-589: The British public and banking community. Although the Bank of England had indicated a willingness to allow mergers as part of a rationalisation process, no one had seriously believed it would permit mergers among the largest and most influential banks. The District Bank (a 1962 National Provincial acquisition), National Provincial and Westminster Bank were fully integrated in the new firm's structure, while Coutts & Co . (a 1920 National Provincial acquisition), Ulster Bank and

319-457: The Companies Act). [REDACTED] Media related to Westminster Bank at Wikimedia Commons Retail bank Banking services which are regarded as retail include provision of savings and transactional accounts , mortgages , personal loans , debit cards , and credit cards . Retail banking is also distinguished from investment banking or commercial banking . It may also refer to

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348-407: 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

377-456: The business to grow steadily. The bank continued to expand through acquisition, namely: Paid-up capital rose from £9 million in 1923 to £40.5 million in 1935. By 1939 there were 1,100 branches and at the time of the merger with National Provincial Bank in 1968, Westminster had 1,400 branches in England alone. The merger of Westminster and National Provincial Bank, announced in early 1968, shocked

406-933: 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,

435-407: The late 1920s and early 1930s, the bank kept tight centralised control over the continental branch of the business to avoid the dangers of too rapid an expansion in unfamiliar markets, but this policy stunted Westminster's international operations. It did mean that the bank escaped the bad debts and currency fluctuations that plagued many other banks between the world wars, allowing the domestic side of

464-492: The mid-1980s. In 1980, National Westminster Bank acquired Global Bank AG; two years later, in 1982, International Westminster Bank's Frankfurt branch was merged with Global Bank, to form Deutsche Westminster Bank AG. In 1988, International Westminster Bank's branches in France and Monaco were incorporated into National Westminster Bank S.A. After 80 years, NatWest announced its exit from French retail banking in 1993. Eventually,

493-433: The only remaining branch was the London office. Due to changes in international bank taxation arrangements, the bank's ongoing existence no longer offered any commercial advantage. In 1989, International Westminster Bank was merged into National Westminster Bank by a Private Act of Parliament . The bank opened the following branch offices between its formation in 1913 and its closure in 1989: International Westminster Bank

522-552: The remaining branches was exercised from London, although between 1940 and 1944 contact with them was lost due to the German occupation. Westminster Foreign Bank was granted a limited deposit licence in 1961, enabling it to start trading in the Eurodollar market. Its London deposit dealing desk was merged with National Westminster Bank's foreign exchange dealing desk in 1979, to form a combined trading operation named World Money Centre. This

551-465: The subsidiaries were amalgamated into NatWest Bank, N.A. The Bancorp business was sold to Fleet Financial Group in 1996. National Westminster Bank of Canada was formed in 1982, providing domestic and international banking services through its branches in Montreal , Toronto , Calgary and Vancouver . The Canadian operation was sold to HSBC Bank Canada in 1998. National Westminster (Hong Kong) Limited

580-837: Was a wholly-owned subsidiary of National Westminster Bank and its predecessors from 1913 to 1989, with branches in London , France, Spain and West Germany . At the peak of its operations during the 1980s, the bank had a multibillion-pound deposit base, principally through its London office, which administered the commercial loan and deposit book on behalf of National Westminster Bank's International Division. As such, it engaged in wholesale fixed-term deposits with other banks, corporates and some individual private customers; it accepted short term and medium deposits (up to 12 months) against issuance of its own dollar and sterling-denominated certificates of deposit (CDs); and it administered commercial loans to corporate clients and sovereign governments. The bank

609-584: Was acquired by National Westminster Bank in 1975; NatWest International Trust merged with Handelsbank NatWest to form the Coutts Group in 1990. In 1973, National Westminster Bank acquired a minority interest in the Dutch firm F. van Lanschot , Bankiers. From 1990, until it sold its interest in 1994, it was the majority shareholder. From 1973, until it was divested to Credito Emiliano in 1995, Banca Creditwest e dei Comuni Vesuviani (formerly Banca Milanese di Credito)

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638-530: Was an integral part of NatWest Group's international banking division, which also comprised a number of overseas subsidiary and associated undertakings. National Westminster Bank USA was formed in 1983 from the 1978 acquisition of the National Bank of North America. Following the 1988 acquisition of First Jersey National Bank, National Westminster Bancorp was formed as a US holding company for National Westminster Bank USA and National Westminster Bank NJ. In 1995,

667-528: Was formed as London County and Westminster Bank (Paris) Limited in 1913. It was renamed London County Westminster and Parr's Foreign Bank Limited in 1920 and shortened to Westminster Foreign Bank Limited in 1923, before assuming its final identity as International Westminster Bank Limited in 1973, following the merger of Westminster Bank and National Provincial Bank . All the Spanish branches were closed in 1923-4 due to deteriorating economic conditions in Spain and discrimination against foreign banks. Control of

696-704: Was formed in 1974, providing short and medium term loans in Hong Kong dollars and foreign currencies, foreign exchange and deposit taking facilities. The bank's reputation and long-standing involvement in meeting the financial needs of Australian enterprises were factors which led to NatWest Australia Bank obtaining a trading bank licence in 1986. The retail banking assets and liabilities in South Australia and Western Australia were sold to Challenge Bank (acquired by Westpac in 1995) and in Sydney , Melbourne and Brisbane to

725-541: Was located at 52-53 Threadneedle Street. The London branch of International Westminster Bank, at 41 Threadneedle Street, continued to handle the back office settlements for the World Money Centre. In 1982, much of the London branch was relocated to NatWest's Drapers Gardens tower in nearby Throgmorton Avenue. The branch moved to its final location at the Kings Cross House tower block, 200 Pentonville Road , in

754-523: Was lost due to the German occupation. In 1917, bank officials decided to acquire the Ulster Bank (which continued to operate separately), with 170 branches throughout Ireland , and in 1918 bought Parr's Bank , with over 320 offices throughout England . The Parr's name survives in the Bloomsbury , Parr's Branch of National Westminster Bank at 214 High Holborn , London. During the economic difficulties of

783-420: 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

812-719: Was sold to Banco Sabadell in 1996. RoyWest Banking Corporation in Nassau, Bahamas was formed in 1965, to undertake mortgage and international investment banking in the British West Indies . Jointly owned by National Westminster Bank, the Royal Bank of Canada , the Hongkong & Shanghai Banking Corporation and Montreal Trust Company , it became NatWest International Trust when the bank increased its shareholding in 1987. Handelsbank in Zürich

841-540: 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

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