Search results
Results from the WOW.Com Content Network
A merchant bank is historically a bank dealing in commercial loans and investment. In modern British usage, it is the same as an investment bank. Merchant banks were the first modern banks and evolved from medieval merchants who traded in commodities, particularly cloth merchants. Historically, merchant banks' purpose was to facilitate or ...
International Banking in the 19th and 20th Centuries (St Martin's, 1983) online; Lane, Nicholas. "The Fathers of English Banking" History Today (Mar 1953) 3#3 pp 190-199; Michie, Ranald C. British Banking: Continuity and Change from 1694 to the Present (Oxford UP, 2016) 334 pp. online review
In 1809, Frederick Huth (1777–1864), a lutheran German-born British merchant, established the London merchant bank "Frederick Huth & Co". [2] Huth started speculating on his own account and acted as agent for other merchants. The business grew rapidly, specialising in trade with Germany, Spain and South America. Soon, Huth provided credits ...
Barings Bank was a British merchant bank based in London, and one of England's oldest merchant banks after Berenberg Bank, Barings' close collaborator and German representative. It was founded in 1762 by Francis Baring , a British-born member of the German–British Baring family of merchants and bankers.
Morgan, Grenfell & Co. was a leading London-based investment bank regarded as one of the oldest and once most influential British merchant banks. It had its origins in a merchant banking business commenced by George Peabody. Junius Spencer Morgan became a partner in 1854. After Peabody retired the business was styled J. S. Morgan & Co.
In 1967, the Midland Bank acquired a share in Montagu Trust, and so became the first British clearing bank to control a London merchant bank. Samuel Montagu & Co. became a wholly owned subsidiary in 1974, [3] and on completion of the acquisition Midland also gained a majority share in Guyerzeller Bank AG in Switzerland. Michael Samuel Rosenberg ...
The history of banking began with the first prototype banks, that is, the merchants of the world, who gave grain loans to farmers and traders who carried goods between cities. This was around 2000 BCE in Assyria , India and Sumer .
Thomas Smith (1631–99), was a mercer, and local alderman; as with many merchants his trade led to the safe keeping of funds and hence to banking. Premises that he used for his merchant and banking business were purchased in 1658, the year used to indicate the approximate formation of the bank.