Philip Wilkinson (banker)
Encyclopedia
Sir Philip William Wilkinson (8 May 1927 - 23 August 2007) was a British
bank
er. He worked for NatWest all his life, rising to CEO during NatWest's period of greatest prosperity in the 1980s.
. His father worked for the Metropolitan Water Board.
Wilkinson started his working life as a clerk for the Westminster Bank in 1943, aged 16. He was called up for the Royal Navy
shortly before the end of World War II
and commissioned as sub-lieutenant. He served at Londonderry in Loch-class destroyers on anti-submarine duty.
Returning to the bank in 1948, he rose through the clerical ranks and became secretary to the chief general manager in 1963. He was appointed branch manager for High Wycombe
from 1966 to 1968 (when Westminster Bank merged with National Provincial to form NatWest), and was then seconded for three years to Orion Bank, a consortium of NatWest and international shareholders.
In 1975 he became managing director of the group's leasing arm, Lombard North Central, and in 1978 he was placed in charge of all NatWest's subsidiaries.
He became deputy chief executive in 1980 and chief executive in 1983. In 1986, NatWest became the first British bank with annual profits over £1 billion. In 1987, Wilkinson became a deputy chairman.
Later that year he took up the position of chair of investment banking. This included the merchant bank County NatWest, which in August 1987 became manager and lead underwriter for the public offering of Blue Arrow
, an employment agency, which collapsed in a scandal. When the share issue closed in late September, only 38% of the shares had been subscribed; in order to declare the issue successful, County NatWest and stockbrokers Philips & Drew concealed another 13% in their own books, and were left holding the shares when the market crashed in October.
Wilkinson was asked to produce an internal report. The report was critical, but was later found by the Department of Trade and Industry and the Bank of England
to have underplayed the seriousness of the actions, and calls rose for his resignation (although it was not suggested at any time that he had been involved in the scandal). He resigned as chairman of what was by then NatWest Investment Bank in 1989.
He suffered a heart attack in August 1989. He remained a group deputy chairman until the following year.
In his later years, he also served as a director of British Aerospace
, National Power
and the English National Opera
, a vice-president of the Imperial Cancer Research Fund and chairman of the Wishbone Trust.
He also had six grandchildren
He was knighted in 1988.
British people
The British are citizens of the United Kingdom, of the Isle of Man, any of the Channel Islands, or of any of the British overseas territories, and their descendants...
bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
er. He worked for NatWest all his life, rising to CEO during NatWest's period of greatest prosperity in the 1980s.
Biography
Wilkinson was born in LeytonLeyton
Leyton is an area of north-east London and part of the London Borough of Waltham Forest, located north east of Charing Cross. It borders Walthamstow and Leytonstone; Stratford in Newham; and Homerton and Lower Clapton in the London Borough of Hackney....
. His father worked for the Metropolitan Water Board.
Wilkinson started his working life as a clerk for the Westminster Bank in 1943, aged 16. He was called up for the Royal Navy
Royal Navy
The Royal Navy is the naval warfare service branch of the British Armed Forces. Founded in the 16th century, it is the oldest service branch and is known as the Senior Service...
shortly before the end of World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
and commissioned as sub-lieutenant. He served at Londonderry in Loch-class destroyers on anti-submarine duty.
Returning to the bank in 1948, he rose through the clerical ranks and became secretary to the chief general manager in 1963. He was appointed branch manager for High Wycombe
High Wycombe
High Wycombe , commonly known as Wycombe and formally called Chepping Wycombe or Chipping Wycombe until 1946,is a large town in Buckinghamshire, England. It is west-north-west of Charing Cross in London; this figure is engraved on the Corn Market building in the centre of the town...
from 1966 to 1968 (when Westminster Bank merged with National Provincial to form NatWest), and was then seconded for three years to Orion Bank, a consortium of NatWest and international shareholders.
In 1975 he became managing director of the group's leasing arm, Lombard North Central, and in 1978 he was placed in charge of all NatWest's subsidiaries.
He became deputy chief executive in 1980 and chief executive in 1983. In 1986, NatWest became the first British bank with annual profits over £1 billion. In 1987, Wilkinson became a deputy chairman.
Later that year he took up the position of chair of investment banking. This included the merchant bank County NatWest, which in August 1987 became manager and lead underwriter for the public offering of Blue Arrow
Blue Arrow
Blue Arrow Limited is a United Kingdom based employment and recruitment agency that places individual jobseekers in employment and provides businesses with temporary and/or permanent staff in the industrial sector, catering sector, driving sector, logistics sector and office sector.The head office...
, an employment agency, which collapsed in a scandal. When the share issue closed in late September, only 38% of the shares had been subscribed; in order to declare the issue successful, County NatWest and stockbrokers Philips & Drew concealed another 13% in their own books, and were left holding the shares when the market crashed in October.
Wilkinson was asked to produce an internal report. The report was critical, but was later found by the Department of Trade and Industry and the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
to have underplayed the seriousness of the actions, and calls rose for his resignation (although it was not suggested at any time that he had been involved in the scandal). He resigned as chairman of what was by then NatWest Investment Bank in 1989.
He suffered a heart attack in August 1989. He remained a group deputy chairman until the following year.
In his later years, he also served as a director of British Aerospace
British Aerospace
British Aerospace plc was a UK aircraft, munitions and defence-systems manufacturer. Its head office was in the Warwick House in the Farnborough Aerospace Centre in Farnborough, Hampshire...
, National Power
National Power
- History :National Power was formed following the privatisation of the UK electricity market in 1990. In England and Wales the Central Electricity Generating Board, which was responsible for the generation and transmission of electricity was split into three generating companies Powergen, National...
and the English National Opera
English National Opera
English National Opera is an opera company based in London, resident at the London Coliseum in St. Martin's Lane. It is one of the two principal opera companies in London, along with the Royal Opera, Covent Garden...
, a vice-president of the Imperial Cancer Research Fund and chairman of the Wishbone Trust.
Personal life
He married Eileen Malkin in 1951, who died in 1991. They had a son and two daughters.He also had six grandchildren
He was knighted in 1988.