British Bank of Northern Commerce
Encyclopedia
Knut Agathon Wallenberg
of the Stockholms Enskilda Bank
and Emil Glückstadt of Landmansbanken (Copenhagen
) founded the British Bank of Northern Commerce in February 1912, together with several other banks including Centralbanken for Norge (Christiania
), Banque de Commerce de l`Azoff-Don (Petrograd), and Banque de Paris et des Pays Bas (Paris). The purpose of the bank was to facilitate trade between the United Kingdom and northern Europe. The bank financed Finland
after the country achieved its independence from Russia in 1917-18.
In June 1919 the bank offered the chairmanship to John Maynard Keynes
with the assurance that in return for a salary of £2000 the job would only take a morning a week. Keynes had met Wallenberg and Glückstadt during World War I and the offer was attractive. However, Keynes consulted with several bankers in the City and turned the offer down.
In October 1920 British Bank of Northern Commerce merged with C.J. Hambro & Sons, with the combined bank taking the name Hambros Bank of Northern Commerce. In August 1921 the bank shortened its name to Hambros Bank
, in part because it did not want a name that was too limiting.
Knut Agathon Wallenberg
Knut Agathon Wallenberg, , was a Swedish banker and politician, he was also Knight of the Order of the Seraphim. He was son of the banker and politician André Oscar Wallenberg, and his wife Catharina Wilhelmina Andersson. In 1878, he married Alice Nickelsen...
of the Stockholms Enskilda Bank
Stockholms Enskilda Bank
Stockholms Enskilda Bank, sometimes called Enskilda banken or SEB, was a Swedish bank, founded in 1856 by André Oscar Wallenberg as Stockholm's first private bank...
and Emil Glückstadt of Landmansbanken (Copenhagen
Copenhagen
Copenhagen is the capital and largest city of Denmark, with an urban population of 1,199,224 and a metropolitan population of 1,930,260 . With the completion of the transnational Øresund Bridge in 2000, Copenhagen has become the centre of the increasingly integrating Øresund Region...
) founded the British Bank of Northern Commerce in February 1912, together with several other banks including Centralbanken for Norge (Christiania
Oslo
Oslo is a municipality, as well as the capital and most populous city in Norway. As a municipality , it was established on 1 January 1838. Founded around 1048 by King Harald III of Norway, the city was largely destroyed by fire in 1624. The city was moved under the reign of Denmark–Norway's King...
), Banque de Commerce de l`Azoff-Don (Petrograd), and Banque de Paris et des Pays Bas (Paris). The purpose of the bank was to facilitate trade between the United Kingdom and northern Europe. The bank financed Finland
Finland
Finland , officially the Republic of Finland, is a Nordic country situated in the Fennoscandian region of Northern Europe. It is bordered by Sweden in the west, Norway in the north and Russia in the east, while Estonia lies to its south across the Gulf of Finland.Around 5.4 million people reside...
after the country achieved its independence from Russia in 1917-18.
In June 1919 the bank offered the chairmanship to John Maynard Keynes
John Maynard Keynes
John Maynard Keynes, Baron Keynes of Tilton, CB FBA , was a British economist whose ideas have profoundly affected the theory and practice of modern macroeconomics, as well as the economic policies of governments...
with the assurance that in return for a salary of £2000 the job would only take a morning a week. Keynes had met Wallenberg and Glückstadt during World War I and the offer was attractive. However, Keynes consulted with several bankers in the City and turned the offer down.
In October 1920 British Bank of Northern Commerce merged with C.J. Hambro & Sons, with the combined bank taking the name Hambros Bank of Northern Commerce. In August 1921 the bank shortened its name to Hambros Bank
Hambros Bank
Hambros Bank was a British bank based in London. The Hambros bank was a specialist in Anglo-Scandinavian business with expertise in trade finance and investment banking, and was the sole banker to the Scandinavian kingdoms for many years...
, in part because it did not want a name that was too limiting.