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The African Banking Corporation was a British overseas bank; its headquarters were 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
The African Banking Corporation was a British overseas bank; its headquarters were 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
South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. It is bounded to the south by of coastline that stretch along the Atlantic Ocean, South Atlantic and Indian Oceans; to the ...
. In 1920 the bank was bought out and merged with Standard Bank of South Africa.
History
* In 1890Lloyds Bank
Lloyds Bank plc is a British retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the " Big Four" clearing banks. Lloyds Bank is the largest retail bank in Britain, and has an exte ...
, National Provincial, Westminster
Westminster is an area of Central London, part of the wider City of Westminster.
The area, which extends from the River Thames to Oxford Street, has many visitor attractions and historic landmarks, including the Palace of Westminster, B ...
, and Standard Bank of South Africa established the African Banking Corporation (ABC). ABC began its operations with a branch in Lagos
Lagos (Nigerian English: ; ) is the largest city in Nigeria and the second most populous city in Africa, with a population of 15.4 million as of 2015 within the city proper. Lagos was the national capital of Nigeria until December 1991 fo ...
, Nigeria
Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...
.
* 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 Tangier
Tangier ( ; ; ar, طنجة, Ṭanja) is a city in northwestern Morocco. It is on the Moroccan coast at the western entrance to the Strait of Gibraltar, where the Mediterranean Sea meets the Atlantic Ocean off Cape Spartel. The town is the capi ...
.
* In 1892 ABC took over the banking operations in Lagos, Nigeria of shipping company Elder Dempster
Elder Dempster Lines was a UK shipping company that traded from 1932 to 2000, but had its origins in the mid-19th century.
Founders
Alexander Elder
Alexander Elder was born in Glasgow in 1834. He was the son of David Elder, who for many y ...
. 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 Africa
Bank of British West Africa (BBWA) was a British Overseas bank that was important in introducing modern banking into the countries that emerged from the UK's West African colonies. In 1957 it changed its name to Bank of West Africa, and in 1965 wa ...
(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 Lüderitz Bay, South-West Africa, as South Africa took over German South-West Africa
German South West Africa (german: Deutsch-Südwestafrika) was a colony of the German Empire from 1884 until 1915, though Germany did not officially recognise its loss of this territory until the 1919 Treaty of Versailles. With a total area of ...
, but closed it the next year.
* In 1920 ABC opened a branch in Windhoek
Windhoek (, , ) is the capital and largest city of Namibia. It is located in central Namibia in the Khomas Highland plateau area, at around above sea level, almost exactly at the country's geographical centre. The population of Windhoek in 202 ...
, South-West Africa, but later that year Standard Bank of South Africa acquired ABC.Terry, Carolyn. 1978. ''The Desert Bankers: The Story of the Standard Bank in South West Africa.'' Cape Town: W.J. Flesch & Partners.
References
{{Banks of South Africa Defunct banks of South Africa British overseas banks Banks established in 1890 Banks disestablished in 1920 History of Lagos British companies disestablished in 1920 British companies established in 1890 Trading companies disestablished in the 20th century Trading companies established in the 19th century Trading companies of the United Kingdom