International Westminster Bank
Encyclopedia
International Westminster Bank Ltd was a subsidiary of the 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 multi billion 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 adminsistered commercial loans to corporate clients and sovereign governments.
In 1961 the bank was granted a limited deposit licence enabling it to start trading in the Eurodollar market. In 1979 its London deposit dealing desk was merged with the National Westminster Bank's foreign exchange dealing desk to form a combined trading operation named World Money Centre. This was located at 52-53 Threadneedle Street.
The London Branch of International Westminster Bank, at 41 Threadneeedle 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 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, creating Deutsche Westminster Bank AG.
In 1988, International Westminster Bank's branches in France and Monaco were incorporated into National Westminster Bank SA.
By now, the only remaining branch was the London office. Due to changes in international bank taxation arrangements, its ongoing existence no longer offered any commercial advantage. In 1989, International Westminster Bank Ltd was merged with National Westminster Bank PLC by a Private Act of Parliament
.
National Westminster Bank
National Westminster Bank Plc, commonly known as NatWest, is the largest retail and commercial bank in the United Kingdom and has been part of The Royal Bank of Scotland Group Plc since 2000. The Royal Bank of Scotland Group is ranked as the second largest bank in the world by assets...
and its predecessors from 1913 to 1989, with branches in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
, Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
and West Germany
West Germany
West Germany is the common English, but not official, name for the Federal Republic of Germany or FRG in the period between its creation in May 1949 to German reunification on 3 October 1990....
. At the peak of its operations during the 1980s, the bank had a multi billion 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 adminsistered commercial loans to corporate clients and sovereign governments.
History
The bank was formed in 1913. Its original name was London County & Westminster Bank (Paris) Ltd. Subsequently, it was to be renamed London County Westminster & Parr's Foreign Bank Ltd in 1920 and Westminster Foreign Bank Ltd in 1923, before assuming its final identity as International Westminster Bank Ltd in 1973.In 1961 the bank was granted a limited deposit licence enabling it to start trading in the Eurodollar market. In 1979 its London deposit dealing desk was merged with the National Westminster Bank's foreign exchange dealing desk to form a combined trading operation named World Money Centre. This was located at 52-53 Threadneedle Street.
The London Branch of International Westminster Bank, at 41 Threadneeedle 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 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, creating Deutsche Westminster Bank AG.
In 1988, International Westminster Bank's branches in France and Monaco were incorporated into National Westminster Bank SA.
By now, the only remaining branch was the London office. Due to changes in international bank taxation arrangements, its ongoing existence no longer offered any commercial advantage. In 1989, International Westminster Bank Ltd was merged with National Westminster Bank PLC by a Private Act of Parliament
Local and Personal Acts of Parliament in the United Kingdom
Local and Personal Acts of Parliament are laws in the United Kingdom which apply to a particular individual or group of individuals, or corporate entity. This contrasts with a Public General Act of Parliament which applies to the entire community...
.
Branches
The bank opened the following branches between its formation in 1913 and its closure in 1989:- London (1913)
- Paris (1913)
- Bordeaux (1917)
- Lyons (1918)
- Marseilles (1918)
- Nantes (1919)
- Madrid (1917)
- Barcelona (1917)
- Antwerp (1919)
- Brussels (1919)
- Bilbao (1919)
- Valencia (1920)
- Nice (1970)
- Frankfurt (1972)