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British Multinational Banking, 1830-1990$

Geoffrey Jones

Print publication date: 1995

Print ISBN-13: 9780198206026

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198206026.001.0001

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(p.391) Appendix 1 British Multinational Banks: Total Assets, Market Capitalization, and Foreign Branches and Affiliates

(p.391) Appendix 1 British Multinational Banks: Total Assets, Market Capitalization, and Foreign Branches and Affiliates

Source:
British Multinational Banking, 1830-1990
Publisher:
Oxford University Press

This appendix lists British‐owned multinational banks active at the bench‐mark dates of 1860, 1890, 1913, 1928, 1938, 1955, 1970, and 1990. Banks which were born and disappeared between bench‐mark dates are perforce excluded. A considerable number of the short‐lived banks created during nineteenth‐century banking manias are therefore missed in the lists, but they do include a very high percentage of those banks which reached the stage of creating and staffing an overseas branch and opening for business. A brief biography of each bank listed at the bench‐mark dates is given in Appendix 2. As these tables provide the basis for many of the generalizations given in the text, it is necessary to be explicit about the criterion for inclusion and exclusion.

The primary grounds for inclusion are that a bank should be owned by United Kingdom nationals, ultimately controlled from the United Kingdom, and engage in foreign direct investment, i.e. own and control at least one branch or affiliate outside the United Kingdom. The latter criterion is the most clear‐cut. It excludes British banks which engaged in international banking solely through their British offices, or through foreign partnerships or correspondent networks. It also excludes banks whose overseas presence was confined to representative offices. It includes as branches wholly owned agencies’ which performed some banking functions but not others. Except in the special cases noted below, banks locally incorporated in the British Empire and with their head offices in the colonies are excluded. The tables also exclude the considerable number of British‐registered and London‐based banks which were affiliates of foreign banks. An early example of such a bank was the German Bank of London, a British‐registered bank established in 1871 and largely owned by the Deutsche Bank and other German banks.

The main definitional problem has arisen in the cases of certain banks which were registered outside the United Kingdom but contained a substantial ‘British’ element. Such banks are given in the tables in italics. The most important of these institutions was the Hongkong Bank, which, for reasons made clear in the text, it would be absurd to exclude from the category of a British bank. The foreign‐registered subsidiaries of British clearing banks have also been included in this category up to 1970. They were distinctive banks from their parents, and clearly British‐controlled. The National Bank of Egypt and the National Bank of Turkey are also included. Although the former was a quasi‐state bank before the Second World War, it had a substantial British private shareholding, and British nationals provided most of its management. Moreover, between its foundation in 1898 and 1940 the bank had three resident directors in London and a powerful London (p.392) Committee with influence over important strategic matters. Similarly, the National Bank of Turkey appears in the 1913 list as this bank had a London Committee with substantial influence as well as considerable British equity.

A number of banks were considered for inclusion in the tables but ultimately excluded. The Bank of New Zealand was established in 1862 as an explicitly locally owned and operated bank in New Zealand, but between 1890 and 1894 its head office moved to London. Its inclusion in the 1890 list would have placed it—with total assets of nearly £11.5 million—among the ten largest overseas banks. But it was never truly a ‘British’ bank except, briefly, in a technical sense.

There was a substantial ‘British’ influence in the banking system of British India, beyond the Exchange banks included in these lists. At least two Indian‐registered domestic banks in the nineteenth century—the Allahabad and the Alliance Bank of Simla—were widely regarded as ‘British’. Their management was in British hands, and probably much of their shareholding was controlled by Europeans resident in India. However, there was no ‘control’ from the United Kingdom, and no element of multinational behaviour as their branch networks were confined to India. As a result, they have been excluded from the lists, although the Allahabad Bank makes an entry as an affiliate following its acquisition by the P & O Banking Corporation in 1920. Similar considerations led to the exclusion of the Presidency banks and their successor, the Imperial Bank of India. The Banks of Bengal, Bombay, and Madras were private sector institutions after 1876, although they retained their quasi‐government bank functions. Their directors were largely drawn from British business interests active in India; their managers were recruited in the United Kingdom; and resident Europeans probably formed much of their shareholding. However, although these banks had an overwhelmingly British character, there was no control from the United Kingdom. Moreover, as their branches were confined to India, they were not multinational banks. A full account of the Presidency banks is available in A. K. Bagchi's book, The Presidency Banks and the Indian Economy, 1876–1914.

Some banks had a mixed or fluctuating ownership. The Ottoman Bank has been included in 1860 because at that time it was still a British bank incorporated under Royal Charter. It was reconstituted as the Imperial Ottoman Bank under Ottoman law in 1863, and thereafter it had mixed British, French, and Ottoman shareholding and executive. At some periods there was a substantial British influence, but the bank never really functioned as a British bank, and it is excluded from the tables after 1860. The Anglo‐Austrian Bank was also under fluctuating British control. It was founded in 1863 as a British bank, but by the next bench‐mark date control had passed to Austrian hands. Another period of British control between 1922 and 1926 also fell between bench‐mark dates.

The 1990 list differs substantially from that for earlier years, largely because of the integration of most specialist multinational banks into their domestic banking parents, and because of the proliferation of locally registered subsidiaries. It simply provides, for reference purposes, the assets and market capitalization of the principal British banks engaged in multinational banking in that year.

(p.393)

Table A1.1. British multinational banks: total assets, market capitalization, and non‐UK branches, 1860

Bank

Total assets (£)

Market capitalization (£)

Non‐UKbranches

Oriental Bank Corporation

12,697,538

2,412,500

14

Union Bank of Australia

6,559,102

1,720,000

23

Chartered Mercantile Bank of India

4,489,117

700,000

10

Bank of Australasia

4,449,150

1,636,875

17

Agra and United Service Bank

3,304,702

1,650,000

7

Bank of British North America

2,417,021

1,085,000

12

Colonial Bank

2,361,731

805,000

14

Chartered Bank of India, Australia and China

2,289,477

711,218

5

London Chartered Bank of Australia

2,144,118

892,500

9

English, Scottish & Australian Chartered Bank

1,280,189

381,250

4

Ottoman Bank

1,058,865

475,000

4

Bank of South Australia

1,052,342

484,000

3

Bank of Egypt

503,592

217,500

2

Ionian Bank

n.a.

n.q.

5

London and South African Bank

200,000

n.q.

3

TOTAL all banks

132

Note: n.a. = not available, n.q. = not quoted.

(p.394) (p.395)

Table A1.2. British multinational banks: total assets, market capitalization, and foreign branches and affiliates, 1890

Bank

Total assets (£)

Market capitalization (£)

Non‐UK branches

Foreign affiliates

Hongkong Banka

25,571,439

5,480,000

22

Bank of Australasia

19,251,209

4,000,000

149

Union Bank of Australia

19,174,585

4,020,000

90

Chartered Bank of India, Australia and China

15,923,197

1,080,000

17

Standard Bank of South Africa

13,608,196

2,080,000

71

London and River Plate Bank

12,361,335

1,800,000

4

London and Brazilian Bank

12,119,225

1,250,000

14

English Bank of the River Plate

10,983,039

1,050,000

5

Chartered Mercantile Bank

10,593,188

750,000

13

New Oriental Bank Corporation

10,573,541

575,000

20

English Bank of Rio de Janeiro

10,410,555

650,000

9

London Chartered Bank of Australia

8,999,346

1,475,000

61

English, Scottish & Australian Chartered Bank

8,680,098

1,575,000

92

Agra Bank

6,992,789

900,000

8

National Bank of India

6,858,295

466,500

8

Bank of British North America

5,168,351

1,520,000

18

Colonial Bank

4,865,415

1,080,000

14

Bank of South Australia

4,758,182

800,000

27

Bank of Africa

3,368,230

360,000

19

Bank of British Columbia

3,208,695

1,140,000

9

National Bank of New Zealand

2,690,122

175,000

31

Anglo‐Egyptian Bank

2,573,135

400,000

5

Anglo‐Californian Bank

2,215,644

464,535

1

Imperial Bank of Persia

1,789,427

1,100,000

5

Delhi and London Bank

1,683,037

146,867

5

London, Paris and American Bank

1,598,870

600,000

1

London and San Francisco Bank

1,560,275

420,000

3

London Bank of Mexico and South America

1 ,513.314

350,000

1

1

Bank of Tarapaca and London

1,205,865

550,000

3

Ionian Bank

1,149,096

239,780

5

Anglo‐Argentine Bank

922,178

200,000

2

Union Bank of Spain and England

905,896

174,825

5

Bank of Egypt

844,280

370,000

2

TOTAL UK‐registered

717

1

TOTAL all banks

739

1

Notes: Banks listed in italics were registered outside the United Kingdom but contained a substantial ‘British’ element.

(a) Hongkong Bank total assets were $HK149,686,477 and capitalization $HK32,078,049.

(p.396) (p.397)

Table A1.3. British multinational banks: total assets, market capitalization, and foreign branches and affiliates, 1913

Bank

Total assets (£)

Market Capitalization (£)

Non‐UK branches

Foreign affiliates

London and River Plate Bank

39,829,819

5,880,000

30

Hongkong Banka

39,466,404

9,640,000

32

Standard Bank of South Africa

29,626,461

3,484,181

218

Chartered Bank of India, Australia and China

27,243,396

3,570,000

36

Union Bank of Australia

27,228,975

3,360,000

182

Bank of Australasia

25,916,790

5,850,000

204

London and Brazilian Bank

22,312,586

3,625,000

16

National Bank of India

19,817,803

3,200,000

25

British Bank of South America

19,449,679

2,400,000

13

Anglo‐South American Bank

19,017,495

4,106,250

21

Bank of British North America

12,872,238

1,480,000

98

National Bank of Egypt

12,153,229

4,725,000

20

2

English, Scottish & Australian Bank

10,146,153

582,593

133

Mercantile Bank of India

8,187,487

975,000

17

London Bank of Australia

7,332,891

492,338

91

National Bank of New Zealand

6,976,044

1,500,000

50

African Banking Corporation

6,612,795

480,000

45

Anglo‐Egyptian Bank

5,467,877

1,175,000

11

Cox & Co.

4,673,327

n.q.

6

Colonial Bank

3,578,878

600,000

20

Eastern Bank

3,299,295

525,000

3

Imperial Bank of Persia

3,305,029

712,500

17

Bank of British West Africa

3,150,842

675,000

61

Ionian Bank

3,062,842

388,464

25

Delhi and London Bank

2,281,342

229,585

7

Lloyds Bank (France)

1,558,921b

n.q.

1

National Bank of Turkey

1,050,340

n.q.

1

Bank of Mauritius

599,298

169,493

2

Commercial Bank of Spanish America

394,853

n.q.

9

Grindlay and Company

n.a.

n.q.

3

London, County and Westminster Bank (Paris)

n.a.

n.q.

1

TOTAL UK‐registered

1334

TOTAL all banks

1387

2

Notes: Banks listed in italics were registered outside the United Kingdom but contained a substantial ‘British’ element; n.a. = not available, n.q. = not quoted.

(a) Hongkong Bank total assets were $HK408,554,906 and capitalization $HK98,757,764.

(b) Estimated.

(p.398) (p.399)

Table A1.4. British multinational banks: total assets, market capitalization, and foreign branches and affiliates, 1928

Bank

Total assets (£)

Market capitalization (£)

Non‐UK branches

Foreign affiliates

Anglo‐South American Banka

76,449,705

6,823,953

39

3

Hongkong Bankb

71,791,858

22,480,000

40

Barclays Bank (DCO)

71,680,929

7,353,994

455

Standard Bank of South Africa

67,356,854

7,625,000

310

Bank of London and South America

65,144,927

7,699,500

55

Chartered Bank of India, Australia and China

60,991,370

13,200,000

47

Bank of Australasia

47,618,928

12,937,500

237

Union Bank of Australia

47,144,289

12,300,000

214

National Bank of Egypt

45,027,709

10,800,000

35

1

English, Scottish & Australian Bank

7,687,500

451

National Bank of India

41,639,338

8,400,000

29

Mercantile Bank of India

18,989,409

2,940,000

23

National Bank of New Zealand

18,809,388

5,850,000

95

P & O Banking Corporation

14,979,222

2,399,598

9

1

Westminster Foreign Bank

13,396,955

n.q.

7

Imperial Bank of Persia

13,103,068

1,100,000

30

Lloyds and National Provincial Foreign Bank

12,981,650

n.q.

20

Eastern Bank

11,601,892

1,387,500

12

British Bank of South America3

11,601,339

n.q.

7

Anglo‐International Bank

10,402,499

1,715,007

3

Bank of British West Africa

10,378,153

1,425,000

54

Barclays Bank (France)

9,103,915

n.q.

15

British Italian Banking Corporation

8,863,772

n.q.

1

Ionian Bank

6,028,832

960,000

45

Grindlay and Company

2,936,596

n.q.

5

Commercial Bank of Spanish America3

582,506

n.q.

Barclays Bank SAI

n.a.

n.q.

2

TOTAL UK‐registeredc

2,176

4

TOTAL all banks

2,253

6

Notes: Banks listed in italics were registered outside the United Kingdom but contained a substantial ‘British’ element; n.a. = not available, n.q. = not quoted.

(a) The Anglo‐South American Bank owned almost 100 per cent of the British Bank of South America and the Commercial Bank of Spanish America. Their accounts were not consolidated into the parent bank.

(b) Hongkong Bank total assets were $HK7110,810,474 and capitalization $HK222,574,257.

(c) This includes the 13 South Asian branches owned by Lloyds Bank and managed by their Eastern department.

(p.400)

Table A1.5. British multinational banks: total assets, market capitalization, and foreign branches and affiliates, 1938

Bank

Total assets (£)

Market capitalization (£)

Non‐UK branches affiliates

Foreign affiliates

Barclays Bank (DCO)

112,873,412

9,841,175

506

Standard Bank of South Africa

86,120,38l

7,625,000

384

Hongkong Banka

77,738,160

12,720,000

40

Bank of London and South America

76,361,018

3,838,000

76

1

Chartered Bank of India, Australia and China

60,552,110

5,550,000

42

Bank of Australasia

54,801,223

6,525,000

248

Union Bank of Australia

47,658,188

4,600,000

231

English, Scottish & Australian Bank

46,643,085

4,375,000

406

National Bank of India

33,395,019

5,280,000

29

National Bank of Egypt

31,557,160

9,150,000

45

Mercantile Bank of India

18,400,660

2,295,000

24

National Bank of New Zealand

18,275,130

1,200,000

90

P & O Banking Corporationb

17,018,614

2,594,160

10

1

Lloyds and National Provincial Foreign Bank

15,189,264

n.q.

12

Westminster Foreign Bank

12,753,123

n.q.

7

Eastern Bank

11,521,445

1,250,000

12

Bank of British West Africa

9,860,306

1,200,000

37

Imperial Bank of Iran

7,735,514

1,200,000

15

Barclays Bank (France)

7,042,935

n.q.

15

E. D. Sassoon Banking Company

5,814,081

n.q.

2

Ionian Bank

4,989,845

195,000

51

Grindlay and Company

4,138,537

n.q.

12

Barclays Bank SAI

n.a.

n.q.

1

Barclays Bank of Canadac

2,600,000

n.q.

2

TOTAL UK‐registeredd

2,225

2

TOTAL all banks

2,315

2

Notes: Banks listed in italics were registered outside the United Kingdom but contained a substantial ‘British’ element; n.a. = not available, n.q. = not quoted.

(a) Hongkong Bank total assets were $HK1,254m. and capitalization $HK872m.

(b) 1937 figures.

(c) 1934 figures: Barclays Bank of Canada total assets were $C13m. in that year.

(d) This includes the 18 South Asian branches owned by Lloyds Bank and managed by their Eastern department.

(p.401)

Table A1.6. British multinational banks: total assets, market capitalization, and foreign branches and affiliates, 1955

Bank

Total assets (£)

Market capitalization (£)

Non‐UK branches

Foreign affiliates

Barclays Bank (DCO)

574,398,931

21,661,519

997

Standard Bank of South Africa

340,392,541

16,875,000

680

Australia and New Zealand Bank

339,227,987

17,850,000

854

1

Chartered Bank of India, Australia and China

223,968,987

7,437,500

65

1

Hongkong Banka

214,199,992

19,300,000

40

1

National Bank of India

168,653,013

4,790,625

61

Bank of London and South America

140,219,664

5,176,250

60

1

English, Scottish & Australian Bank

121,113,121

6,125,000

467

1

Bank of British West Africa

85,827,019

4,312,500

69

British Bank of the Middle East

72,423,492

2,587,500

23

Mercantile Bank of India

72,065,153

2,6l0,000

28

National Bank of New Zealand

65,015,121

3,480,000

140

Eastern Bank

43,558,711

1,650,000

23

Lloyds Bank (Foreign)

27,654,951

n.q.

8

Grindlays Bank

26,378,449

n.q.

20

Westminster Foreign Bank

19,815,089

n.q.

7

Ionian Bank

16,695,546

720,000

38

Barclays Bank (France)b

15,000,000

n.q.

12

TOTAL UK‐registeredc

3,572

4

TOTAL all banks

3,612

5

Notes: Banks listed in italics were registered outside the United Kingdom but contained a substantial ‘British’ element; n.q. = not quoted.

(a) Hongkong Bank total assets were $HK3,428m. and capitalization $HK309m.

(b) This is an estimated figure. The nearest surviving balance sheet is for Barclays Bank (France) for 1951, when the subsidiary had total assets of £12,334,271.

(c) This includes the 20 South Asian branches owned by Lloyds Bank and managed by their Eastern department.

(p.402)

Table A1.7. British multinational banks: total assets, market capitalization, and foreign branches and affiliates, 1970

Bank

Total assets (£000)

Market capitalization (£000)

Non‐UK branches

Foreign affiliates

Standard and Chartered Banking Group

2,524,509

105,432

400

9

Barclays Bank (DCO)

2,405,503

106,000

1,312

6

Hongkong Banka

1,809,056

160,685

118

4

Australia and New Zealand Banking Group

1,773,902

82,333

1,549

2

Bank of London and South America

932,227

50,076

86

1

Westminster Foreign Bank

906,907

n.q

9

National and Grindlays

869,333

29,672

117

3

Lloyds Bank Europe

612,585

n.q.

17

National Bank of New Zealand

174,089

n.q.

218

TOTAL UK‐registered

3,708

21

TOTAL all banks

3,826

25

Notes: Banks listed in italics were registered outside the United Kingdom but contained a substantial ‘British’ element; n.q. = not quoted.

(a) Hongkong Bank total assets were HK$26,294m. and capitalization HK$2,335m.

Table A1.8. Principal British commercial banks: total assets and market capitalization, 1990

Bank

Total assets (£m.)

Market capitalization (£m.)

Barclays Bank

134,887

5,709.6

National Westminster Bank

121,100

4,341.7

Hongkong Banka

77,372

2,023.5

Midland Bank

59,636

1,521.0

Lloyds Bank

55,202

3,698.2

Royal Bank of Scotland

24,864

1,202.0

Standard Chartered

22,141

607.1

Bank of Scotland

18,395

858.8

Notes: Banks listed in italics were registered outside the United Kingdom but contained a substantial ‘British’ element.

(a) Hongkong Bank total assets were $HK1,158,256m. and capitalization $HK30,352.5m.