Commercial Bank of Scotland
Encyclopedia
The Commercial Bank of Scotland Ltd. was a Scottish
commercial bank
. It was founded in Edinburgh
in 1810, and obtained a royal charter
in 1831. It grew substantially through the 19th and early 20th centuries, until 1959, when it merged with the National Bank of Scotland
to become the National Commercial Bank of Scotland
. Ten years later the National Commercial Bank merged with the Royal Bank of Scotland
.
The Commercial Banking Company of Scotland was established as a joint-stock enterprise, with 16 directors, the most notable being the lawyer Henry Cockburn. Rapid growth saw the bank acquire the Caithness
Banking Company in 1825 and the Arbroath
Banking Company in 1844. By 1840 there were 45 branches across Scotland, and in 1847 a new headquarters building was opened in George Street, Edinburgh
. Designed by architect David Rhind
, the building now houses The Dome
. A London office followed in 1883. David Rhind was succeeded as the bank's regular architect by Sydney Mitchell
, in 1884.
Growth continued into the 20th century, when the bank became the second-largest in Scotland, in terms of its liabilities and deposits, the largest being the Bank of Scotland
. At the time of the merger with the National Bank, the Commercial Bank had 292 operating branches in Scotland and England. Throughout its history, the Commercial Bank issued its own banknotes.
Scotland
Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
. It was founded in Edinburgh
Edinburgh
Edinburgh is the capital city of Scotland, the second largest city in Scotland, and the eighth most populous in the United Kingdom. The City of Edinburgh Council governs one of Scotland's 32 local government council areas. The council area includes urban Edinburgh and a rural area...
in 1810, and obtained a royal charter
Royal Charter
A royal charter is a formal document issued by a monarch as letters patent, granting a right or power to an individual or a body corporate. They were, and are still, used to establish significant organizations such as cities or universities. Charters should be distinguished from warrants and...
in 1831. It grew substantially through the 19th and early 20th centuries, until 1959, when it merged with the National Bank of Scotland
National Bank of Scotland
The National Bank of Scotland Ltd. was a Scottish commercial bank. It was founded in 1825, and obtained a royal charter in 1831. It became the first Scottish bank to open a London office, in 1864...
to become the National Commercial Bank of Scotland
National Commercial Bank of Scotland
The National Commercial Bank of Scotland Ltd. was a Scottish commercial bank. It was established in 1959 through a merger of the National Bank of Scotland with the Commercial Bank of Scotland . Ten years later it merged with the Royal Bank of Scotland, to become the largest clearing bank in Scotland...
. Ten years later the National Commercial Bank merged with the Royal Bank of Scotland
Royal Bank of Scotland
The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...
.
The Commercial Banking Company of Scotland was established as a joint-stock enterprise, with 16 directors, the most notable being the lawyer Henry Cockburn. Rapid growth saw the bank acquire the Caithness
Caithness
Caithness is a registration county, lieutenancy area and historic local government area of Scotland. The name was used also for the earldom of Caithness and the Caithness constituency of the Parliament of the United Kingdom . Boundaries are not identical in all contexts, but the Caithness area is...
Banking Company in 1825 and the Arbroath
Arbroath
Arbroath or Aberbrothock is a former royal burgh and the largest town in the council area of Angus in Scotland, and has a population of 22,785...
Banking Company in 1844. By 1840 there were 45 branches across Scotland, and in 1847 a new headquarters building was opened in George Street, Edinburgh
George Street, Edinburgh
Situated to the north of Princes Street, George Street is a major street in the centre of Edinburgh, the capital of Scotland. Laid out from 1767 as part of James Craig's plan for the New Town, George Street was named in honour of King George III.-Geography:...
. Designed by architect David Rhind
David Rhind
David Rhind was a Scottish architect, born in Edinburgh in 1808 to parents John Rhind and his wife Marion Anderson. David Rhind was married twice, to Emily Shoubridge in 1840, then Mary Jane Sackville-Pearson in 1845...
, the building now houses The Dome
The Dome, Edinburgh
The Dome is a building on George Street in the New Town of Edinburgh, Scotland. It currently functions as a bar, restaurant and nightclub, although it was first built as the headquarters of the Commercial Bank of Scotland in 1847. The building was designed by David Rhind in a Graeco-Roman style...
. A London office followed in 1883. David Rhind was succeeded as the bank's regular architect by Sydney Mitchell
Sydney Mitchell
Arthur George Sydney Mitchell was a Scottish architect. He designed a large number of bank branches, country houses, churches and church halls...
, in 1884.
Growth continued into the 20th century, when the bank became the second-largest in Scotland, in terms of its liabilities and deposits, the largest being the Bank of Scotland
Bank of Scotland
The Bank of Scotland plc is a commercial and clearing bank based in Edinburgh, Scotland. With a history dating to the 17th century, it is the second oldest surviving bank in what is now the United Kingdom, and is the only commercial institution created by the Parliament of Scotland to...
. At the time of the merger with the National Bank, the Commercial Bank had 292 operating branches in Scotland and England. Throughout its history, the Commercial Bank issued its own banknotes.
External links
- Commercial Bank of Scotland, design for £20 note, British MuseumBritish MuseumThe British Museum is a museum of human history and culture in London. Its collections, which number more than seven million objects, are amongst the largest and most comprehensive in the world and originate from all continents, illustrating and documenting the story of human culture from its...
- The Commercial Bank of Scotland, bankingletters.co.uk