Grindlays Bank - Revision history

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← Older revision		Revision as of 05:07, 14 August 2023
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	== See also ==		== See also ==
	~~{{Portal\|Banks}}~~

	* [[Minerva House]], Grindlay's London headquarters from 1983		* [[Minerva House]], Grindlay's London headquarters from 1983

UpdateBot at 18:51, 8 May 2022

2022-05-08T18:51:37Z

← Older revision		Revision as of 00:21, 9 May 2022
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			{{short description\|Historic British bank}}
	{{Use dmy dates\|date=November 2015}}		{{Use dmy dates\|date=November 2015}}
	{{Use Indian English\|date=November 2015}}		{{Use Indian English\|date=November 2015}}
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	\| logo_alt =		\| logo_alt =
	\| logo_caption =		\| logo_caption =
	\| image = ~~Grindlay_~~&~~_Co_Headquarters~~.jpg		\| image = Grindlay & Co Headquarters.jpg
	\| image_size =		\| image_size =
	\| image_alt = Parliament Street Headquarters		\| image_alt = Parliament Street Headquarters
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	\| successor = <!-- or: \| successors = -->		\| successor = <!-- or: \| successors = -->
	\| founded = {{start date\|df=yes\|1828}} in [[London]], [[United Kingdom]]		\| founded = {{start date\|df=yes\|1828}} in [[London]], [[United Kingdom]]
	\| founder = Robert Melville Grindlay		\| founder = [[Robert Melville Grindlay]]
	\| defunct = <!-- {{end date\|df=yes\|YYYY\|MM\|DD}} -->		\| defunct = <!-- {{end date\|df=yes\|YYYY\|MM\|DD}} -->
	\| hq_location =		\| hq_location =
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	===Grindlays===		===Grindlays===

	~~'''~~Captain Robert Melville Grindlay~~'''~~ (1786 - 1877)<ref name="Chatterjee">{{cite web \|last1=Chatterjee \|first1=Arup K. \|title=Robert Melville: The artist, Indophile and imperialist who founded Grindlays Bank \|url=https://scroll.in/magazine/866960/robert-melville-the-artist-indophile-and-imperialist-who-founded-grindlays-bank \|website=Scroll.in \|access-date=1 October 2020}}</ref> established a firm, Leslie & Grindlay, in [[London]] in 1828, to arrange passage to and from India for customers and their baggage. In time, the firm added private banking activities to its menu of services. Changes in partners caused the firm to change its name to '''Grindlay, Christian & Matthews''' in 1839 and '''Grindlay & Co.''' from 1843. Capt. R M Grindlay retired in 1852. The firm remained based solely in London until 1854 when offices were opened at [[Calcutta]] in 1864<ref>{{cite book\|title=Shankar's Weekly\|date=1974\|pages=2, 3\|url=https://books.google.com/books?id=L6IcAQAAMAAJ&q=grindlays+bank+first+branch+in+calcutta+opened+in+year~~&dq=grindlays+bank+first+branch+in+calcutta+opened+in+year&hl=en&sa=X&ved=0ahUKEwjNutWug_DVAhWBP48KHYxLB04Q6AEIJTAA~~\|access-date=24 August 2017\|language=en}}</ref> and then [[Bombay]] in 1865. These offices were largely autonomous, administered from London, until the local partners interests were bought out in 1908. Additional branches were opened in [[Shimla\|Simla]] (1912), [[Delhi]] (1923), [[Lahore]] (1924) and [[Peshawar]] (1926).<ref name="Tyson" />		[[Captain (British Army and Royal Marines)\|Captain]] [[Robert Melville Grindlay]] (1786 - 1877)<ref name="Chatterjee">{{cite web \|last1=Chatterjee \|first1=Arup K. \|title=Robert Melville: The artist, Indophile and imperialist who founded Grindlays Bank \|url=https://scroll.in/magazine/866960/robert-melville-the-artist-indophile-and-imperialist-who-founded-grindlays-bank \|website=Scroll.in \|access-date=1 October 2020}}</ref> established a firm, Leslie & Grindlay, in [[London]] in 1828, to arrange passage to and from India for customers and their baggage. In time, the firm added private banking activities to its menu of services. Changes in partners caused the firm to change its name to '''Grindlay, Christian & Matthews''' in 1839 and '''Grindlay & Co.''' from 1843. Capt. R M Grindlay retired in 1852. The firm remained based solely in London until 1854 when offices were opened at [[Calcutta]] in 1864<ref>{{cite book\|title=Shankar's Weekly\|date=1974\|pages=2, 3\|url=https://books.google.com/books?id=L6IcAQAAMAAJ&q=grindlays+bank+first+branch+in+calcutta+opened+in+year\|access-date=24 August 2017\|language=en}}</ref> and then [[Bombay]] in 1865. These offices were largely autonomous, administered from London, until the local partners interests were bought out in 1908. Additional branches were opened in [[Shimla\|Simla]] (1912), [[Delhi]] (1923), [[Lahore]] (1924) and [[Peshawar]] (1926).<ref name="Tyson" />

	Grindlays was regarded as "pre-eminently bankers to the Indian Army" and it did little commercial banking. The failure of army bankers, Macgrigors, in 1922 and then the [[Alliance Bank of Simla]] in 1923, 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.<ref name="Tyson" /> 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.		Grindlays was regarded as "pre-eminently bankers to the Indian Army" and it did little commercial banking. The failure of army bankers, Macgrigors, in 1922 and then the [[Alliance Bank of Simla]] in 1923, 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.<ref name="Tyson" /> 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.
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	===National Bank of India===		===National Bank of India===

	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.<ref name="Tyson"/>		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.<ref name="Tyson"/>

	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<ref name="Tyson"/> and £10m of assets.<ref name="Jones"/>		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<ref name="Tyson"/> and £10m of assets.<ref name="Jones"/>
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	* [[Minerva House]], Grindlay's London headquarters from 1983		* [[Minerva House]], Grindlay's London headquarters from 1983
			*[[Robert Melville Grindlay]], the founder of Grindlays Bank
	* [[Grindlay family]], the wider family into which Captain Robert Melville Grindlay was born		* [[Grindlay family]], the wider family into which Captain Robert Melville Grindlay was born
			* [[List of banking families]]

	== Gallery ==		== Gallery ==

>Filedelinkerbot: Bot: Removing c:File:Coat of Arms of National and Grindlays Bank.jpg (en). Deleted by Ellin Beltz (Copyright violation, see Commons:Commons:Licensing).

2021-05-11T20:25:15Z

Bot: Removing c:File:Coat of Arms of National and Grindlays Bank.jpg (en). Deleted by Ellin Beltz (Copyright violation, see Commons:Commons:Licensing).

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{{Use dmy dates|date=November 2015}}
{{Use Indian English|date=November 2015}}
{{Infobox company
| name = Grindlays Bank
| logo =
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| image = Grindlay_&_Co_Headquarters.jpg
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| image_alt = Parliament Street Headquarters
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| industry = [[Banking]]
| fate = Taken over by [[Australia and New Zealand Banking Group]] in 1984
| predecessor = 
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| founded = {{start date|df=yes|1828}} in [[London]], [[United Kingdom]]
| founder = Robert Melville Grindlay
| defunct = 
| hq_location =
| hq_location_city = London
| hq_location_country = United Kingdom
| num_locations = 183 (1863 - 1963)
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| image_caption = Grindlay & Co, 54 & 55 Parliament Street, Westminster on 22 August 1899
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}}
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'''.<ref name=":0">{{Cite web|url=http://heritagearchives.rbs.com/companies/list/grindlays-bank-ltd.html|title=Royal Bank of Scotland - Heritage Archives}}</ref>

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 purchased the smaller '''Grindlays Bank Ltd''', renaming itself '''National and Grindlays Bank Ltd''' some ten years later.<ref name="Tyson">Geoffrey Tyson, 100 Years of Banking in Asia and Africa, (1963)
</ref> Following further acquisitions, its name was shortened to '''Grindlays Bank''' in 1974. Grindlays was taken over by [[Australia and New Zealand Banking Group]] in 1984 and renamed '''ANZ Grindlays Bank'''.<ref name="Jones">Geoffrey Jones, British Multinational Banking 1830-1990, (1993)</ref> [[Standard Chartered Bank]] acquired ANZ Grindlays in 2000, after which the Grindlays name fell out of use.

==History ==

===Grindlays===

'''Captain Robert Melville Grindlay''' (1786 - 1877)<ref name="Chatterjee">{{cite web |last1=Chatterjee |first1=Arup K. |title=Robert Melville: The artist, Indophile and imperialist who founded Grindlays Bank |url=https://scroll.in/magazine/866960/robert-melville-the-artist-indophile-and-imperialist-who-founded-grindlays-bank |website=Scroll.in |access-date=1 October 2020}}</ref> established a firm, Leslie & Grindlay, in [[London]] in 1828, to arrange passage to and from India for customers and their baggage. In time, the firm added private banking activities to its menu of services. Changes in partners caused the firm to change its name to '''Grindlay, Christian & Matthews''' in 1839 and '''Grindlay & Co.''' from 1843. Capt. R M Grindlay retired in 1852. The firm remained based solely in London until 1854 when offices were opened at [[Calcutta]] in 1864<ref>{{cite book|title=Shankar's Weekly|date=1974|pages=2, 3|url=https://books.google.com/books?id=L6IcAQAAMAAJ&q=grindlays+bank+first+branch+in+calcutta+opened+in+year&dq=grindlays+bank+first+branch+in+calcutta+opened+in+year&hl=en&sa=X&ved=0ahUKEwjNutWug_DVAhWBP48KHYxLB04Q6AEIJTAA|access-date=24 August 2017|language=en}}</ref> and then [[Bombay]] in 1865. These offices were largely autonomous, administered from London, until the local partners interests were bought out in 1908. Additional branches were opened in [[Shimla|Simla]] (1912), [[Delhi]] (1923), [[Lahore]] (1924) and [[Peshawar]] (1926).<ref name="Tyson" />

Grindlays was regarded as "pre-eminently bankers to the Indian Army" and it did little commercial banking. The failure of army bankers, Macgrigors, in 1922 and then the [[Alliance Bank of Simla]] in 1923, 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.<ref name="Tyson" /> 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.

===National Bank of India===

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.<ref name="Tyson"/>

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<ref name="Tyson"/> and £10m of assets.<ref name="Jones"/>

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.<ref name="Jones"/> Around that time, detailed discussions took place with [[Lloyds Bank (historic)|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".<ref name="Tyson"/>

The inter-war years saw NBI stagnate; only two new branches were opened<ref name="Tyson"/> and there was no growth in the Bank's assets.<ref name="Jones"/> 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]]; Grindlays then had deposits of around £20m compared with over £70m for NBI.<ref name="Tyson"/>

===National and Grindlays===

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 (historic)|Lloyds Bank]]’s Eastern Division, an operation which included the celebrated [[Cox & Kings|Cox’s Bank]], "''par excellence'' bankers to the British Army".<ref name="Tyson"/> 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.<ref>''[http://www.obarsiv.com/english/history.html History of the Bank] {{webarchive|url=https://web.archive.org/web/20120413230240/http://www.obarsiv.com/english/history.html |date=13 April 2012 }}'', from the [[Ottoman Bank]]'s [http://www.obarsiv.com/english/welcome.html Archives and Research Centre] {{Webarchive|url=https://web.archive.org/web/20080116051107/http://www.obarsiv.com/english/welcome.html |date=16 January 2008 }}. Retrieved 2 February 2008.</ref>

[[File:Minerva House, Southwark, London, c1985.png|thumb|[[Minerva House]], overlooking the Thames. Headquarters from 1983]]
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)<ref>{{cite web | title=Australia and New Zealand Banking Group Act 1996 | url=http://www.opsi.gov.uk/acts/localact1996/ukla_19960002_en_1 | work=[[Office of Public Sector Information]], [[The National Archives]] | access-date=2009-04-12 }}</ref> to Australia in 1995. In 1993, ANZ Grindlays sold its African operations to [[Stanbic Bank|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$1.3 (A$2.2) billion in cash,<ref>{{Cite news|last=Journal|first=Sara WebbStaff Reporter of The Wall Street|date=2000-04-28|title=Standard Chartered to Acquire Grindlays in $1.34 Billion Deal|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/SB956821379729244271|access-date=2020-06-11|issn=0099-9660}}</ref> which merged it with its existing banking operations.

== See also ==
{{Portal|Banks}}

* [[Minerva House]], Grindlay's London headquarters from 1983
* [[Grindlay family]], the wider family into which Captain Robert Melville Grindlay was born

== Gallery ==
<gallery heights="200" widths="220">
File:Buildings, Whitehall, London SW1 - geograph.org.uk - 1419082.jpg|Frontage of the historic Grindlays Bank in 2009
File:Grindlay & Co headquarters, Parliament street (2017).jpg|Facade of Grindlay & Co headquarters, 54 and 55 Parliament Street, London (2017)
File:Grindlay & Co lettering (2017).jpg|'Grindlay & Co' lettering can still be seen on the railings outside 54 and 55 Parliament Street (2017)
File:Grindlay & Co lettering (Grindlays Bank).jpg|Railings outside 54 and 55 Parliament Street (2017)
</gallery>

==References==
{{Reflist}}

== External links ==
* {{Commons category-inline|Grindlays Bank}}
* Extract from 100 Years of Banking in Asia and Africa (1963), Robert Melville Grindlay - http://www.manfamily.org/PDFs/GrindlaySBank.pdf
* An example of one of the Grindlay Club's around the world - http://grindlaysclubsrilanka.com
* Documentary about Grindlays Bank in Sri Lanka - https://www.youtube.com/watch?v=D_2BBR4yBIQ
* Advert produced by ANZ Grindlays Bank (Going Away) - https://www.youtube.com/watch?v=-3axwVCi0ks
* Advert produced by ANZ Grindlays Bank (Lunch Bill) - https://www.youtube.com/watch?v=nSchTnDVJyg
*Harry Potter fan fiction stating that Grindlay's Bank is the "muggle outlet" of [[Gringotts Bank]] - https://www.fanfiction.net/s/12758302/1/The-Boy-Who-Walked-Away

{{Australia and New Zealand Banking Group}}
{{Banking in India}}
{{Standard Chartered}}
{{Royal Bank of Scotland Group}}
{{Authority control}}

[[Category:Standard Chartered]]
[[Category:NatWest Group]]
[[Category:Banks established in 1828]]
[[Category:Defunct banks of the United Kingdom]]
[[Category:Defunct banks of India]]
[[Category:British overseas banks]]
[[Category:Australia and New Zealand Banking Group]]
[[Category:Indian subsidiaries of foreign companies]]