Bank of London and South America
Encyclopedia
The Bank of London and South America or BOLSA was a British
bank which operated in South America between 1923 and 1986.
. It soon opened branches elsewhere in Argentina
, and changed its name to the London and River Plate Bank in 1865. The Bank expanded over the years to have operations in Uruguay
, Brazil
and Chile
. In 1918 it was acquired by Lloyds Bank
.
In 1923 Lloyds Bank brought about a merger with the separately owned London and Brazilian Bank, to prevent the two banks being in direct competition with each other. The merged bank was renamed Bank of London and South America. Lloyds retained a major interest in BOLSA throughout its subsequent history.
, which had gone into liquidation. The acquisitions included Banco A. Edwards, one of the largest banks in Chile.
In 1958 the bank formed a joint venture with the Bank of Montreal
, known as the Bank of London and Montreal
, headquartered in Nassau, Bahamas
. BOLSA contributed its branches in Central and northern South America to the joint venture. In 1970 BOLSA bought out its joint venture partners, and regained its branches in Central America, Colombia, Ecuador and Peru, but not its branches in Venezuela
, which BOLAM had closed in 1965.
In 1971, Lloyds Bank bought the controlling interest in BOLSA and merged it with Lloyds Bank Europe to form Lloyds and Bolsa International Bank. This became Lloyds Bank International in 1974 and was merged into Lloyds Bank in 1986. Banco Edwards was sold in 1987 to Midland Bank
, part of HSBC
since 1992, and merged into Banco de Chile
in 2001.
, designed by Argentine architect Clorindo Testa
. It is one of the best examples of brutalism in Argentine architecture.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
bank which operated in South America between 1923 and 1986.
Origins
The bank was incorporated in England on 27 September 1862 as the London, Buenos Ayres, and River Plate Bank, originally to operate in Buenos AiresBuenos Aires
Buenos Aires is the capital and largest city of Argentina, and the second-largest metropolitan area in South America, after São Paulo. It is located on the western shore of the estuary of the Río de la Plata, on the southeastern coast of the South American continent...
. It soon opened branches elsewhere in Argentina
Argentina
Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...
, and changed its name to the London and River Plate Bank in 1865. The Bank expanded over the years to have operations in Uruguay
Uruguay
Uruguay ,officially the Oriental Republic of Uruguay,sometimes the Eastern Republic of Uruguay; ) is a country in the southeastern part of South America. It is home to some 3.5 million people, of whom 1.8 million live in the capital Montevideo and its metropolitan area...
, Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
and Chile
Chile
Chile ,officially the Republic of Chile , is a country in South America occupying a long, narrow coastal strip between the Andes mountains to the east and the Pacific Ocean to the west. It borders Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage in the far...
. In 1918 it was acquired by Lloyds Bank
Lloyds Bank
Lloyds 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...
.
In 1923 Lloyds Bank brought about a merger with the separately owned London and Brazilian Bank, to prevent the two banks being in direct competition with each other. The merged bank was renamed Bank of London and South America. Lloyds retained a major interest in BOLSA throughout its subsequent history.
History
In 1936 BOLSA took over many of the operations of its chief rival, the Anglo-South American BankAnglo-South American Bank
The Anglo-South American Bank was a British and Argentine bank established with the acquisition of the Anglo-Argentine Bank in 1900 by the Bank of Tarapacá and London...
, which had gone into liquidation. The acquisitions included Banco A. Edwards, one of the largest banks in Chile.
In 1958 the bank formed a joint venture with the Bank of Montreal
Bank of Montreal
The Bank of Montreal , , or BMO Financial Group, is the fourth largest bank in Canada by deposits. The Bank of Montreal was founded on June 23, 1817 by John Richardson and eight merchants in a rented house in Montreal, Quebec. On May 19, 1817 the Articles of Association were adopted, making it...
, known as the Bank of London and Montreal
Bank of London and Montreal
The Bank of London and Montreal was a joint venture between Bank of London and South America , an affiliate of Lloyds Bank, and Bank of Montreal...
, headquartered in Nassau, Bahamas
Nassau, Bahamas
Nassau is the capital, largest city, and commercial centre of the Commonwealth of the Bahamas. The city has a population of 248,948 , 70 percent of the entire population of The Bahamas...
. BOLSA contributed its branches in Central and northern South America to the joint venture. In 1970 BOLSA bought out its joint venture partners, and regained its branches in Central America, Colombia, Ecuador and Peru, but not its branches in Venezuela
Venezuela
Venezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...
, which BOLAM had closed in 1965.
In 1971, Lloyds Bank bought the controlling interest in BOLSA and merged it with Lloyds Bank Europe to form Lloyds and Bolsa International Bank. This became Lloyds Bank International in 1974 and was merged into Lloyds Bank in 1986. Banco Edwards was sold in 1987 to Midland Bank
Midland Bank
Midland Bank Plc was one of the Big Four banking groups in the United Kingdom for most of the 20th century. It is now part of HSBC. The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham, England in August 1836...
, part of HSBC
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
since 1992, and merged into Banco de Chile
Banco de Chile
Banco de Chile , is the second biggest banking group of Chile, behind Banco Santander-Chile and ahead of BBVA Chile...
in 2001.
Buenos Aires headquarters
In 1966 the bank opened a new local headquarters in downtown Buenos AiresBuenos Aires
Buenos Aires is the capital and largest city of Argentina, and the second-largest metropolitan area in South America, after São Paulo. It is located on the western shore of the estuary of the Río de la Plata, on the southeastern coast of the South American continent...
, designed by Argentine architect Clorindo Testa
Clorindo Testa
Clorindo Manuel José Testa is an Italian-Argentine architect and artist. He graduated from the School of Architecture at the Universidad de Buenos Aires in 1948....
. It is one of the best examples of brutalism in Argentine architecture.