African Banking Corporation
Encyclopedia
African Banking Corporation was a British Overseas Bank, that is, it had a headquarters in London but all its branches were overseas. Unusually, it was a consortium bank (i.e., other banks jointly owned it), rather than being owned by individuals. It operated primarily in South Africa
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In 1920 the bank was bought out and merged with Standard Bank of South Africa
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South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
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In 1920 the bank was bought out and merged with Standard Bank of South Africa
Standard Bank (historic)
The Standard Bank was a British overseas bank, which operated mainly in Africa from 1863 to 1969. It merged with the Chartered Bank in 1969 to form Standard Chartered.-History:...
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History
- In 1890 Lloyds BankLloyds BankLloyds 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...
, National Provincial, WestminsterWestminster BankWestminster Bank was a British retail bank which operated in England and Wales from 1834 until its merger into the National Westminster Bank in 1970; it remains a registered company but is dormant...
, and Standard Bank of South AfricaStandard Bank (historic)The Standard Bank was a British overseas bank, which operated mainly in Africa from 1863 to 1969. It merged with the Chartered Bank in 1969 to form Standard Chartered.-History:...
established the African Banking Corporation (ABC). ABC began its operations with a branch in LagosLagosLagos is a port and the most populous conurbation in Nigeria. With a population of 7,937,932, it is currently the third most populous city in Africa after Cairo and Kinshasa, and currently estimated to be the second fastest growing city in Africa...
, NigeriaNigeriaNigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
. - In 1891 ABC acquired a number of banks in South Africa : Western Province Bank (est. 1847), Kaffrarian Colonial Bank (est. 1862), and Worcester Commercial Bank (est. 1850). That same year, it also established a branch in TangierTangierTangier, also Tangiers is a city in northern Morocco with a population of about 700,000 . It lies on the North African coast at the western entrance to the Strait of Gibraltar where the Mediterranean meets the Atlantic Ocean off Cape Spartel...
. - In 1892 ABC took over the banking operations in Lagos, Nigeria of shipping company Elder Dempster. George Neville of Elder Dempster became the branch manager, but within a year ABC wished to withdraw from Lagos.
- In 1893 ABC sold its branch in Lagos to the newly-created Bank of British West AfricaBank of British West AfricaBank of British West Africa was a British Overseas bank that was important in introducing modern banking into the countries that emerged from the UK's West African colonies...
(BBWA), established by A.L. Jones and Elder Dempster. - In 1894 ABC transferred the branches in Lagos and Tangier to BBWA.
- In 1900, or possibly shortly thereafter, ABC established an agency in New York.
- In 1915 ABC established a branch in Lüderitzbucht, South West AfricaSouth West AfricaSouth-West Africa was the name that was used for the modern day Republic of Namibia during the earlier eras when the territory was controlled by the German Empire and later by South Africa....
, as South Africa took over German South West Africa, but closed it the next year. - In 1920 ABC opened a branch in WindhoekWindhoekWindhoek is the capital and largest city of the Republic of Namibia. It is located in central Namibia in the Khomas Highland plateau area, at around above sea level. The 2001 census determined Windhoek's population was 233,529...
, South West Africa, but later that year Standard Bank of South Africa acquired ABC.