Williams & Glyn's Bank
Encyclopedia
Williams & Glyn's Bank Limited was established in London in 1970, when the Royal Bank of Scotland
merged its two subsidiaries in England and Wales, Williams Deacon's Bank Ltd. and Glyn, Mills & Co. In 1985, Williams & Glyn's was fully absorbed into the Royal Bank of Scotland Plc and ceased to trade separately.
was founded as the joint-stock Manchester & Salford Bank in 1836, becoming a limited liability company in 1881. Williams, Deacon, Labouchere, Thornton & Co., established in 1771 as Raymond, Vere, Lowe & Fletcher, were appointed as London agent and later acquired by the bank in 1890. The renamed Williams Deacon and Manchester & Salford Bank Limited moved their head office from Manchester
to London in order to retain Williams, Deacon & Company's membership of the clearing house.
The name was shortened to Williams Deacon's Bank in 1901. In 1930, the bank was purchased by the Royal Bank of Scotland as the basis for its expansion into England.
in 1753 by Joseph Vere, Richard Glyn
and Thomas Hallifax . It first became known as Glyn, Mills & Company in 1851 and later, in 1924, the bank acquired Child & Co. from the 8th Earl of Jersey
. Child & Company, founded in the 1580s, remains part of RBS Group Wealth Management today. In 1923, it also acquired the private military bank Holt & Company, founded in 1809, which continued to trade separately until merged into the Drummonds Bank
business in 1992.
In 1939, the bank was purchased by Royal Bank of Scotland, which became known as the Three Banks Group.
as National Bank of Ireland in 1966. The remaining branches in England and Wales were acquired by National Commercial Bank of Scotland
(itself formed by the 1959 merger of National Bank of Scotland
and Commercial Bank of Scotland
), although they continued to trade separately.
In 1969, National Commercial Bank merged with the Royal Bank of Scotland and, in 1970, the National Bank branches became part of the newly formed Williams & Glyn's Bank, consolidating their interests south of the border. In 1972, Williams & Glyn's and five other banks formed the Inter-Alpha Group of Banks
, of which RBS Group remains a member, to exploit opportunities in the then European Economic Community
.
in a hostile takeover. In 2009, it was announced that all 311 Royal Bank branches in England and Wales together with the seven Scottish branches of NatWest were to be divested by the troubled Group, possibly under the dormant Williams & Glyn's brand, to comply with European Union
state aid requirements. The process was expected to take up to four years to complete.
In March 2010, it was reported that the Group had issued a sales memorandum for the business, which would include 318 branches and around £20bn of loans provided to small businesses and households. Following the deadline for initial bids passing on 7 April, Banco Santander, Virgin Money
, National Australia Bank
, BBVA and the private equity firm JC Flowers
were all confirmed to have submitted bids for consideration. It was announced on 3 August, that the Spanish Grupo Santander will pay about £1.65bn for the branches, expected to be rebranded Santander UK
, in a deal set to be completed by December 2011.
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...
merged its two subsidiaries in England and Wales, Williams Deacon's Bank Ltd. and Glyn, Mills & Co. In 1985, Williams & Glyn's was fully absorbed into the Royal Bank of Scotland Plc and ceased to trade separately.
Williams Deacon's Bank
Williams Deacon'sWilliams Deacon's Bank
Williams Deacon's Bank is now part of the Royal Bank of Scotland. It was acquired in 1930, and had a large network of branches in the north-west of England...
was founded as the joint-stock Manchester & Salford Bank in 1836, becoming a limited liability company in 1881. Williams, Deacon, Labouchere, Thornton & Co., established in 1771 as Raymond, Vere, Lowe & Fletcher, were appointed as London agent and later acquired by the bank in 1890. The renamed Williams Deacon and Manchester & Salford Bank Limited moved their head office from Manchester
Manchester
Manchester is a city and metropolitan borough in Greater Manchester, England. According to the Office for National Statistics, the 2010 mid-year population estimate for Manchester was 498,800. Manchester lies within one of the UK's largest metropolitan areas, the metropolitan county of Greater...
to London in order to retain Williams, Deacon & Company's membership of the clearing house.
The name was shortened to Williams Deacon's Bank in 1901. In 1930, the bank was purchased by the Royal Bank of Scotland as the basis for its expansion into England.
Glyn, Mills & Co.
Glyn, Mills & Co. was founded as the private bank, Vere, Glyn & Hallifax, in the City of LondonCity of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
in 1753 by Joseph Vere, Richard Glyn
Sir Richard Glyn, 1st Baronet, of Ewell
Sir Richard Glyn, 1st Baronet was a British banker and politician.Together with Joseph Vere and Thomas Hallifax he founded the bank of Vere, Glyn & Hallifax, which evolved into Williams & Glyn's Bank....
and Thomas Hallifax . It first became known as Glyn, Mills & Company in 1851 and later, in 1924, the bank acquired Child & Co. from the 8th Earl of Jersey
Earl of Jersey
Earl of the Island of Jersey, usually shortened to Earl of Jersey, is a title in the Peerage of England. It was created in 1697 for the statesman Edward Villiers, 1st Viscount Villiers, Ambassador to France from 1698 to 1699 and Secretary of State for the Southern Department from 1699 to 1700...
. Child & Company, founded in the 1580s, remains part of RBS Group Wealth Management today. In 1923, it also acquired the private military bank Holt & Company, founded in 1809, which continued to trade separately until merged into the Drummonds Bank
Drummonds Bank
Messrs. Drummond is an English private banking house founded in 1717 by goldsmith Andrew Drummond . Drummonds Bank was owned by the Drummond family until 1924, when it was taken over by the Royal Bank of Scotland in its first acquisition south of the border.The bank offers a variety of services to...
business in 1992.
In 1939, the bank was purchased by Royal Bank of Scotland, which became known as the Three Banks Group.
National Bank
The National Bank of Ireland was founded in London in 1835, becoming The National Bank Limited in 1859. The bank's core Irish business was divested to the Governor and Company of the Bank of IrelandBank of Ireland
The Bank of Ireland is a commercial bank operation in Ireland, which is one of the 'Big Four' in both parts of the island.Historically the premier banking organisation in Ireland, the Bank occupies a unique position in Irish banking history...
as National Bank of Ireland in 1966. The remaining branches in England and Wales were acquired by 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...
(itself formed by the 1959 merger of 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...
and Commercial Bank of Scotland
Commercial Bank of Scotland
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...
), although they continued to trade separately.
In 1969, National Commercial Bank merged with the Royal Bank of Scotland and, in 1970, the National Bank branches became part of the newly formed Williams & Glyn's Bank, consolidating their interests south of the border. In 1972, Williams & Glyn's and five other banks formed the Inter-Alpha Group of Banks
Inter-Alpha Group of Banks
The Inter-Alpha Group of Banks was created in 1971 by six European Community banks in order to provide a platform for the regular exchange of ideas and to explore areas for cooperation between its member banks...
, of which RBS Group remains a member, to exploit opportunities in the then European Economic Community
European Economic Community
The European Economic Community The European Economic Community (EEC) The European Economic Community (EEC) (also known as the Common Market in the English-speaking world, renamed the European Community (EC) in 1993The information in this article primarily covers the EEC's time as an independent...
.
Future
In 2000, the Royal Bank of Scotland Group acquired National Westminster BankNational 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...
in a hostile takeover. In 2009, it was announced that all 311 Royal Bank branches in England and Wales together with the seven Scottish branches of NatWest were to be divested by the troubled Group, possibly under the dormant Williams & Glyn's brand, to comply with European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
state aid requirements. The process was expected to take up to four years to complete.
In March 2010, it was reported that the Group had issued a sales memorandum for the business, which would include 318 branches and around £20bn of loans provided to small businesses and households. Following the deadline for initial bids passing on 7 April, Banco Santander, Virgin Money
Virgin Money
Virgin Money is a UK-based financial services company owned by the Virgin Group and founded by Sir Richard Branson in March 1995. It was originally known as Virgin Direct, and pioneered index tracking by launching a value Personal Equity Plan into the market. In the 2000s Virgin Money expanded its...
, National Australia Bank
National Australia Bank
National Australia Bank is one of the four largest financial institutions in Australia in terms of market capitalisation and customers. NAB is ranked 17th largest bank in the world measured by market capitalisation...
, BBVA and the private equity firm JC Flowers
JC Flowers
J.C. Flowers & Co. is a private equity investment firm, focused on investments in the financial services sector. The firm, founded in 2001, is based in New York City and run by billionaire J. Christopher Flowers, a former Goldman Sachs partner....
were all confirmed to have submitted bids for consideration. It was announced on 3 August, that the Spanish Grupo Santander will pay about £1.65bn for the branches, expected to be rebranded Santander UK
Santander UK
Santander UK plc is a wholly owned subsidiary of the Spanish Santander Group. Based in the United Kingdom, it operates under the name of Santander. Santander is the third largest bank in the UK in terms of deposits, the second largest in terms of mortgages held, and the fourth largest in terms of...
, in a deal set to be completed by December 2011.