Grindlays Bank
Encyclopedia
The Grindlays Bank was a major British
overseas bank established in 1828.
It operated mainly in British colonies, especially British India. After decolonization
, it was a major foreign bank in India
, Pakistan
and other West Asian countries. As ANZ Grindlays Bank, it was for a while the largest foreign bank operating in India, with 56 branches in that country. Standard Chartered Bank
acquired ANZ Grindlays in 2000. After the merger the Grindlays name fell out of use.
in 1828, to arrange passage to and from India for customers and their baggage. In time, the firm added private banking activities to its menu of services. Changes in partners caused the firm to change its name to Grindlay, Christian & Matthews in 1839 and Grindlay & Co. from 1843. R.M. Grindlay retired in 1852. Branch firms were opened at Calcutta in 1854 and at Bombay in 1865. These firms became branches, administered from London, in 1908. Additional branches were opened in Simla
(1912), Delhi
(1923), Lahore
(1924) and Peshawar
(1926).
In 1923, National Provincial Bank
acquired Grindlay & Co. and converted it to a limited liability company which would operate separately. By 1928, its balance sheet totalled almost £3 million. When National Provincial decided to exit overseas banking in 1948, it sold Grindlays to the National Bank of India (NBI), in which it took a small share position. NBI and Grindlays finally merged in 1958 under the name National Overseas and Grindlays Bank, renamed National and Grindlays Bank (NGB) in 1959, National Provincial Bank's shareholding being converted into a 9% holding in this new concern. Three years later, in 1961, NGB exchanged a 25 per cent share in NGB for Lloyds Bank
’s Eastern Division. In 1968 National Provincial Bank sold its shareholding to Lloyds Bank and in 1969, Citi took a 40 per cent stake in NGB.
Also in 1969, the Ottoman Bank
sold its branches in London, Cyprus, Sudan, Jordan, Qatar, East Africa, the Emirates and Rhodesia to the National and Grindlays Bank, which dropped the National prefix in 1975. Grindlays Bank later bought the Ottoman Bank's separate operations in France and Geneva, Banque Ottomane, and renamed them Grindlays Bank - France.
In 1984 Citi and Lloyds sold Grindlays to the Australia and New Zealand Banking Group. In 1989, five years after it acquired Grindlays, ANZ changed Grindlays' name to ANZ Grindlays Bank and transferred its domicile (requiring an Act of Parliament) to Australia in 1995. In 1993, ANZ Grindlays sold its African operations to Standard Bank Investment Corporation (Stanbic), which was the holding company for Standard Bank of South Africa
's operations outside South Africa
. Standard Chartered Bank
had sold its shares in Standard Bank of South Africa
to the bank's existing shareholders in 1987 to escape anti-apartheid sanctions against South Africa
.
In 2000, ANZ sold its Grindlays subsidiary to Standard Chartered Plc which merged it with its existing banking operations.
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...
overseas bank established in 1828.
It operated mainly in British colonies, especially British India. After decolonization
Decolonization
Decolonization refers to the undoing of colonialism, the unequal relation of polities whereby one people or nation establishes and maintains dependent Territory over another...
, it was a major foreign bank in India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
, Pakistan
Pakistan
Pakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan...
and other West Asian countries. As ANZ Grindlays Bank, it was for a while the largest foreign bank operating in India, with 56 branches in that country. Standard Chartered Bank
Standard Chartered Bank
Standard Chartered PLC is a multinational financial services company headquartered in London, United Kingdom with operations in more than seventy countries...
acquired ANZ Grindlays in 2000. After the merger the Grindlays name fell out of use.
Early history
Robert Melville Grindlay established a firm, Leslie & Grindlay, in LondonLondon
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
in 1828, to arrange passage to and from India for customers and their baggage. In time, the firm added private banking activities to its menu of services. Changes in partners caused the firm to change its name to Grindlay, Christian & Matthews in 1839 and Grindlay & Co. from 1843. R.M. Grindlay retired in 1852. Branch firms were opened at Calcutta in 1854 and at Bombay in 1865. These firms became branches, administered from London, in 1908. Additional branches were opened in Simla
Shimla
Shimla , formerly known as Simla, is the capital city of Himachal Pradesh. In 1864, Shimla was declared the summer capital of the British Raj in India. A popular tourist destination, Shimla is often referred to as the "Queen of Hills," a term coined by the British...
(1912), Delhi
Delhi
Delhi , officially National Capital Territory of Delhi , is the largest metropolis by area and the second-largest by population in India, next to Mumbai. It is the eighth largest metropolis in the world by population with 16,753,265 inhabitants in the Territory at the 2011 Census...
(1923), Lahore
Lahore
Lahore is the capital of the Pakistani province of Punjab and the second largest city in the country. With a rich and fabulous history dating back to over a thousand years ago, Lahore is no doubt Pakistan's cultural capital. One of the most densely populated cities in the world, Lahore remains a...
(1924) and Peshawar
Peshawar
Peshawar is the capital of Khyber-Pakhtunkhwa and the administrative center and central economic hub for the Federally Administered Tribal Areas of Pakistan....
(1926).
In 1923, National Provincial Bank
National Provincial Bank
National Provincial Bank was a British retail bank which operated in England and Wales from 1833 until its merger into the National Westminster Bank in 1970; it remains a registered company but is dormant...
acquired Grindlay & Co. and converted it to a limited liability company which would operate separately. By 1928, its balance sheet totalled almost £3 million. When National Provincial decided to exit overseas banking in 1948, it sold Grindlays to the National Bank of India (NBI), in which it took a small share position. NBI and Grindlays finally merged in 1958 under the name National Overseas and Grindlays Bank, renamed National and Grindlays Bank (NGB) in 1959, National Provincial Bank's shareholding being converted into a 9% holding in this new concern. Three years later, in 1961, NGB exchanged a 25 per cent share in NGB for 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...
’s Eastern Division. In 1968 National Provincial Bank sold its shareholding to Lloyds Bank and in 1969, Citi took a 40 per cent stake in NGB.
Also in 1969, the Ottoman Bank
Ottoman Bank
The Ottoman Bank was founded in 1856 in the Galata business section of İstanbul, the capital of the Ottoman Empire, as a joint venture between British interests, the Banque de Paris et des Pays-Bas of France, and the Ottoman government.The opening capital of the Bank consisted of 135,000 shares,...
sold its branches in London, Cyprus, Sudan, Jordan, Qatar, East Africa, the Emirates and Rhodesia to the National and Grindlays Bank, which dropped the National prefix in 1975. Grindlays Bank later bought the Ottoman Bank's separate operations in France and Geneva, Banque Ottomane, and renamed them Grindlays Bank - France.
In 1984 Citi and Lloyds sold Grindlays to the Australia and New Zealand Banking Group. In 1989, five years after it acquired Grindlays, ANZ changed Grindlays' name to ANZ Grindlays Bank and transferred its domicile (requiring an Act of Parliament) to Australia in 1995. In 1993, ANZ Grindlays sold its African operations to Standard Bank Investment Corporation (Stanbic), which was the holding company for Standard Bank of South Africa
Standard Bank of South Africa
The Standard Bank of South Africa Limited is one of South Africa's largest financial services groups. It operates in 30 countries around the world, including 17 in Africa.-History:...
's operations outside South Africa
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...
. Standard Chartered Bank
Standard Chartered Bank
Standard Chartered PLC is a multinational financial services company headquartered in London, United Kingdom with operations in more than seventy countries...
had sold its shares in Standard Bank of South Africa
Standard Bank of South Africa
The Standard Bank of South Africa Limited is one of South Africa's largest financial services groups. It operates in 30 countries around the world, including 17 in Africa.-History:...
to the bank's existing shareholders in 1987 to escape anti-apartheid sanctions against South Africa
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...
.
In 2000, ANZ sold its Grindlays subsidiary to Standard Chartered Plc which merged it with its existing banking operations.