Bank Mendes Gans (BMG) is a Dutch bank specialising in international cash management services. Founded in 1883 and located in the centre of

Amsterdam Amsterdam ( , , , lit. ''The Dam on the River Amstel'') is the Capital of the Netherlands, capital and Municipalities of the Netherlands, most populous city of the Netherlands, with The Hague being the seat of government. It has a population ...

, the

Netherlands ) , anthem = ( en, "William of Nassau") , image_map = , map_caption = , subdivision_type = Sovereign state , subdivision_name = Kingdom of the Netherlands , established_title = Before independence , established_date = Spanish Netherl ...

, BMG is an independently operated subsidiary of the

ING Group The ING Group ( nl, ING Groep) is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale bankin ...

(as part of Wholesale Banking).

Activity

Bank Mendes Gans is a worldwide renowned

niche Niche may refer to: Science *Developmental niche, a concept for understanding the cultural context of child development *Ecological niche, a term describing the relational position of an organism's species *Niche differentiation, in ecology, the ...

player in the area of liquidity and information management for large multinationals. The company is one of the most important cash management specialists in the world. BMG's core activity is cash management (

netting In law, set-off or netting are legal techniques applied between persons or businesses with mutual rights and liabilities, replacing gross positions with net positions. It permits the rights to be used to discharge the liabilities where cross cla ...

). Bank Mendes Gans has about 250 clients, half of them in the USA.

McDonald's McDonald's Corporation is an American Multinational corporation, multinational fast food chain store, chain, founded in 1940 as a restaurant operated by Richard and Maurice McDonald, in San Bernardino, California, United States. They rechri ...

is a client of the bank, as well as China International Marine Containers.

History

At the time the

born Julius Gans founded his

broker A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be confu ...

age firm Gans & Co. in 1883, he mainly traded in foreign

stock In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...

, drafts and

coupons In marketing, a coupon is a ticket or document that can be redeemed for a financial discount or rebate when purchasing a product. Customarily, coupons are issued by manufacturers of consumer packaged goods or by retailers, to be used in r ...

. Six years later, on May 23, 1889, Isaak Mendes (from Jewish Portuguese descent) joined the firm as his partner. Consequently, the name of the brokerage firm changed to Mendes Gans & Co. In 1911, Mendes Gans & Co. changed into a licensed bank (under supervision of, and licensed by, the

Dutch Central Bank De Nederlandsche Bank NV (DNB) is the central bank of the Netherlands. Founded by William I of the Netherlands, King William I in 1814, it is part of the European System of Central Banks (ESCB). De Nederlandsche Bank is a public limited company ...

"''

De Nederlandsche Bank De Nederlandsche Bank NV (DNB) is the central bank of the Netherlands. Founded by King William I in 1814, it is part of the European System of Central Banks (ESCB). De Nederlandsche Bank is a public limited company (Dutch: '' naamloze vennoots ...

''"). In those days, the company was mainly involved in managing the investment portfolio of wealthy Dutch individuals. After

World War I World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...

, the bank relocated to

Herengracht The Herengracht () is the second of four Amsterdam canals belonging to the canal belt and lies between the Singel and the Keizersgracht. The Gouden Bocht (Golden Bend) in particular is known for its large and beautiful canal houses. History Th ...

619, a stately residence built in 1667 by order of Jan Six (1618), former mayor of Amsterdam. The building is designed by architect

Adriaan Dortsman Adriaan Dortsman (1635, Vlissingen – 1682, Amsterdam), was a Dutch Golden Age architect of Amsterdam. Biography According to the RKD he moved to Amsterdam in 1667 and is known for drawings and architectural designs.Dow Chemical The Dow Chemical Company, officially Dow Inc., is an American multinational chemical corporation headquartered in Midland, Michigan, United States. The company is among the three largest chemical producers in the world. Dow manufactures plastics ...

, Mendes Gans focused on cash management in the sixties. This, consequently after divesting the brokerage business to ING, led to the further specialization as a cash management bank. As result of the

Nazi Nazism ( ; german: Nazismus), the common name in English for National Socialism (german: Nationalsozialismus, ), is the far-right totalitarian political ideology and practices associated with Adolf Hitler and the Nazi Party (NSDAP) in ...

occupation of

the Netherlands ) , anthem = ( en, "William of Nassau") , image_map = , map_caption = , subdivision_type = Sovereign state , subdivision_name = Kingdom of the Netherlands , established_title = Before independence , established_date = Spanish Netherl ...

, Isaak Mendes fled during the hectic 'May days' of 1940 to the south of

France France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of Overseas France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pac ...

, where he died in poverty at the age of 70 before the war ended. Partner and co-founder Julius Gans died in 1924 at the age of 65.

Shareholder ING Bank N.V.

ING Bank N.V. gradually purchased 99% of the BMG shares from main shareholders Philips Finance Company, Manufacturers Hanover Trust (currently JP Morgan Chase) and

Dow Chemical The Dow Chemical Company, officially Dow Inc., is an American multinational chemical corporation headquartered in Midland, Michigan, United States. The company is among the three largest chemical producers in the world. Dow manufactures plastics ...

. In early 2000, the decision was made to de-list Bank Mendes Gans N.V. from the

Amsterdam Stock Exchange Euronext Amsterdam is a stock exchange based in Amsterdam, the Netherlands. Formerly known as the Amsterdam Stock Exchange, it merged on 22 September 2000 with the Brussels Stock Exchange and the Paris Stock Exchange to form Euronext. The r ...

(''AEX-Effectenbeurs/Euronext Amsterdam'') on February 1, 2000. By ending the quotation, the Amsterdam Stock Exchange lost one of its oldest listings, as well as one of its most expensive companies by share price (the shares were valued in excess of 20,000

Dutch guilder The guilder ( nl, gulden, ) or florin was the currency of the Netherlands from the 15th century until 2002, when it was replaced by the euro. The Dutch name ''gulden'' was a Middle Dutch adjective meaning "golden", and reflects the fact that, wh ...

s, equivalent to over 9,000 euros). With its own Board of Management, Supervisory Board, banking license and annual report, BMG is an independently operating business unit of ING Wholesale Banking.

Activity

History

Shareholder ING Bank N.V.

References

See also

External links