Hill Samuel
Encyclopedia
Hill Samuel is a wholly owned subsidiary
of Lloyds TSB
's Offshore Private Banking
unit. It was formerly a leading British
merchant bank
and financial services
firm before the takeover
by TSB Group Plc.
in 1987, which itself merged with Lloyds Bank
to become Lloyds TSB
in 1995.
to import
goods from the Far East
. M. Samuel & Co. was successful in the importing business, so by the middle of the 19th century it expanded to the re-exporting business, importing goods worldwide and re-exporting them to Europe
and North America
.
Recognising the opportunities offered by the emerging rise of the oil
industry, in the 1880s Marcus shipped case oil
from Russia
n oil fields to Japan
such that by 1888 that he was able to commission his own ships for bulk oil transportation. His first ship, the 'Murex', was the first tanker to pass through the Suez Canal
in 1892 and this division of the company exists today as the Royal Dutch Shell Company
; originally named the Shell Transport and Trading Company after the popular imports of sea shells
of the time.
By the 20th century, Hill Samuel & Co. Limited was created in 1965 by the merger of M. Samuel & Co. and Philip Hill, Higginson, Erlanger’s Limited. On the 10 December 1969, Hill Samuel Australia Limited opened its doors in Sydney
with a staff of three executives. Offering a range of financial services and products with the expertise and fame of its parent company, Hill Samuel Australia began to win significant mandates. Following a proposal to the Australian Federal Government in 1985, Macquarie Bank Limited was established in February of that year as part of the restructure of Hill Samuel Australia as an independent trading bank. These small steps have lead Macquarie Bank to be one of the most successful diversified provider of financial
products originating in Australia
.
Before the merger with TSB Group Plc.
, Hill Samuel's 1987 Pre-tax profits were primarily of consisted of merchant banking (50%); as well as investment management services (27%); employee benefit services (13%); and insurance
(6%).
In 1987, Hill Samuel had suspended trading in its shares on the London Stock Exchange amid signs that it would accept a merger bid from the Union Bank of Switzerland
, as the two groups began takeover talks in July. However, by October of that year a final successful takeover
bid was made by the TSB Group Plc.
, one of the United Kingdom
's largest retail banks at the time.
By 1995, the merger of TSB Group Plc.
and Lloyds Bank
merged, led Hill Samuel to become a subsidiary
of Lloyds TSB
.
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
of Lloyds TSB
Lloyds TSB
Lloyds TSB Bank Plc is a retail bank in the United Kingdom. It was established in 1995 by the merger of Lloyds Bank, established in Birmingham, England in 1765 and traditionally considered one of the Big Four clearing banks, with the TSB Group which traces its origins to 1810...
's Offshore Private Banking
Offshore bank
An offshore bank is a bank located outside the country of residence of the depositor, typically in a low tax jurisdiction that provides financial and legal advantages. These advantages typically include:...
unit. It was formerly a leading British
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
merchant bank
Merchant bank
A merchant bank is a financial institution which provides capital to companies in the form of share ownership instead of loans. A merchant bank also provides advisory on corporate matters to the firms they lend to....
and financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
firm before the takeover
Takeover
In business, a takeover is the purchase of one company by another . In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to the acquisition of a private company.- Friendly takeovers :Before a bidder makes an offer for another...
by TSB Group Plc.
Trustee Savings Bank
The Trustee Savings Bank was a British financial institution which specialised in accepting savings deposits from the poor. They did not trade their shares on the stock market and, unlike mutually held building societies, depositors had no voting rights nor the ability to direct the financial and...
in 1987, which itself merged with Lloyds Bank
Lloyds Bank
Lloyds Bank Plc was a British retail bank which operated in England and Wales from 1765 until its merger into Lloyds TSB in 1995; it remains a registered company but is currently dormant. It expanded during the nineteenth and twentieth centuries and took over a number of smaller banking companies...
to become Lloyds TSB
Lloyds TSB
Lloyds TSB Bank Plc is a retail bank in the United Kingdom. It was established in 1995 by the merger of Lloyds Bank, established in Birmingham, England in 1765 and traditionally considered one of the Big Four clearing banks, with the TSB Group which traces its origins to 1810...
in 1995.
History
In 1832, Marcus Samuel founded a company near the Tower of LondonTower of London
Her Majesty's Royal Palace and Fortress, more commonly known as the Tower of London, is a historic castle on the north bank of the River Thames in central London, England. It lies within the London Borough of Tower Hamlets, separated from the eastern edge of the City of London by the open space...
to import
Import
The term import is derived from the conceptual meaning as to bring in the goods and services into the port of a country. The buyer of such goods and services is referred to an "importer" who is based in the country of import whereas the overseas based seller is referred to as an "exporter". Thus...
goods from the Far East
Far East
The Far East is an English term mostly describing East Asia and Southeast Asia, with South Asia sometimes also included for economic and cultural reasons.The term came into use in European geopolitical discourse in the 19th century,...
. M. Samuel & Co. was successful in the importing business, so by the middle of the 19th century it expanded to the re-exporting business, importing goods worldwide and re-exporting them to Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
and North America
North America
North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
.
Recognising the opportunities offered by the emerging rise of the oil
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
industry, in the 1880s Marcus shipped case oil
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
from Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
n oil fields to Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
such that by 1888 that he was able to commission his own ships for bulk oil transportation. His first ship, the 'Murex', was the first tanker to pass through the Suez Canal
Suez Canal
The Suez Canal , also known by the nickname "The Highway to India", is an artificial sea-level waterway in Egypt, connecting the Mediterranean Sea and the Red Sea. Opened in November 1869 after 10 years of construction work, it allows water transportation between Europe and Asia without navigation...
in 1892 and this division of the company exists today as the Royal Dutch Shell Company
Royal Dutch Shell
Royal Dutch Shell plc , commonly known as Shell, is a global oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the fifth-largest company in the world according to a composite measure by Forbes magazine and one of the six...
; originally named the Shell Transport and Trading Company after the popular imports of sea shells
Sea Shells
Sea Shells is a 1957 album by Peggy Lee, recorded in early 1955.The album was possibly thought by her record company to be too esoteric, hence its later release. It was her last recording for Decca Records. The album is considered one of Miss Lee's more personal records, featuring a mix of love...
of the time.
By the 20th century, Hill Samuel & Co. Limited was created in 1965 by the merger of M. Samuel & Co. and Philip Hill, Higginson, Erlanger’s Limited. On the 10 December 1969, Hill Samuel Australia Limited opened its doors in Sydney
Sydney
Sydney is the most populous city in Australia and the state capital of New South Wales. Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people...
with a staff of three executives. Offering a range of financial services and products with the expertise and fame of its parent company, Hill Samuel Australia began to win significant mandates. Following a proposal to the Australian Federal Government in 1985, Macquarie Bank Limited was established in February of that year as part of the restructure of Hill Samuel Australia as an independent trading bank. These small steps have lead Macquarie Bank to be one of the most successful diversified provider of financial
FINANCIAL
FINANCIAL is the weekly English-language newspaper with offices in Tbilisi, Georgia and Kiev, Ukraine. Published by Intelligence Group LLC, FINANCIAL is focused on opinion leaders and top business decision-makers; It's about world’s largest companies, investing, careers, and small business. It is...
products originating in Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
.
Before the merger with TSB Group Plc.
Trustee Savings Bank
The Trustee Savings Bank was a British financial institution which specialised in accepting savings deposits from the poor. They did not trade their shares on the stock market and, unlike mutually held building societies, depositors had no voting rights nor the ability to direct the financial and...
, Hill Samuel's 1987 Pre-tax profits were primarily of consisted of merchant banking (50%); as well as investment management services (27%); employee benefit services (13%); and insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
(6%).
In 1987, Hill Samuel had suspended trading in its shares on the London Stock Exchange amid signs that it would accept a merger bid from the Union Bank of Switzerland
Union Bank of Switzerland
Union Bank of Switzerland was a large integrated financial services company located in Switzerland. The bank, which at the time was the second largest bank in Switzerland, merged with Swiss Bank Corporation in 1998, to become UBS to form what was then the largest bank in Europe and the second...
, as the two groups began takeover talks in July. However, by October of that year a final successful takeover
Takeover
In business, a takeover is the purchase of one company by another . In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to the acquisition of a private company.- Friendly takeovers :Before a bidder makes an offer for another...
bid was made by the TSB Group Plc.
Trustee Savings Bank
The Trustee Savings Bank was a British financial institution which specialised in accepting savings deposits from the poor. They did not trade their shares on the stock market and, unlike mutually held building societies, depositors had no voting rights nor the ability to direct the financial and...
, one of the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
's largest retail banks at the time.
By 1995, the merger of TSB Group Plc.
Trustee Savings Bank
The Trustee Savings Bank was a British financial institution which specialised in accepting savings deposits from the poor. They did not trade their shares on the stock market and, unlike mutually held building societies, depositors had no voting rights nor the ability to direct the financial and...
and Lloyds Bank
Lloyds Bank
Lloyds Bank Plc was a British retail bank which operated in England and Wales from 1765 until its merger into Lloyds TSB in 1995; it remains a registered company but is currently dormant. It expanded during the nineteenth and twentieth centuries and took over a number of smaller banking companies...
merged, led Hill Samuel to become a subsidiary
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
of Lloyds TSB
Lloyds TSB
Lloyds TSB Bank Plc is a retail bank in the United Kingdom. It was established in 1995 by the merger of Lloyds Bank, established in Birmingham, England in 1765 and traditionally considered one of the Big Four clearing banks, with the TSB Group which traces its origins to 1810...
.