The Central Bank of London was a British

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

, based in

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

England England is a country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest and the Celtic Sea to the southwest. It is separated from continental Europe b ...

. The bank operated between 1863 and 1891 when it was acquired the Birmingham and Midland Bank.

History

Formation and Operations

The bank was established in 1863 as the 'East London Bank', with its offices located in Cornhill in the

City of London The City of London is a city, ceremonial county and local government district that contains the historic centre and constitutes, alongside Canary Wharf, the primary central business district (CBD) of London. It constituted most of London fr ...

. Its early business was closely related to the East End trades, and so branches were soon opened at

Southwark Southwark ( ) is a district of Central London situated on the south bank of the River Thames, forming the north-western part of the wider modern London Borough of Southwark. The district, which is the oldest part of South London, developed ...

Shoreditch Shoreditch is a district in the East End of London in England, and forms the southern part of the London Borough of Hackney. Neighbouring parts of Tower Hamlets are also perceived as part of the area. In the 16th century, Shoreditch was an impor ...

and

Whitechapel Whitechapel is a district in East London and the future administrative centre of the London Borough of Tower Hamlets. It is a part of the East End of London, east of Charing Cross. Part of the historic county of Middlesex, the area formed ...

. Deposits had reached £495,000 by 1865, and by 1870 the bank was renamed the 'Central Bank of London'. In the mid 1870s further branches opened in

Mile End Mile End is a district of the London Borough of Tower Hamlets in the East End of London, England, east-northeast of Charing Cross. Situated on the London-to-Colchester road, it was one of the earliest suburbs of London. It became part of the m ...

Blackfriars Blackfriars, derived from Black Friars, a common name for the Dominican Order of friars, may refer to: England * Blackfriars, Bristol, a former priory in Bristol * Blackfriars, Canterbury, a former monastery in Kent * Blackfriars, Gloucester, a f ...

Tottenham Court Road Tottenham Court Road (occasionally abbreviated as TCR) is a major road in Central London, almost entirely within the London Borough of Camden. The road runs from Euston Road in the north to St Giles Circus in the south; Tottenham Court Road tub ...

, Newgate Street and

Clerkenwell Clerkenwell () is an area of central London, England. Clerkenwell was an ancient parish from the mediaeval period onwards, and now forms the south-western part of the London Borough of Islington. The well after which it was named was redisco ...

. Deposits grew to £1 million in 1877 and further branches were opened at

Shaftesbury Avenue Shaftesbury Avenue is a major road in the West End of London, named after The 7th Earl of Shaftesbury. It runs north-easterly from Piccadilly Circus to New Oxford Street, crossing Charing Cross Road at Cambridge Circus. From Piccadilly Cir ...

and

Bethnal Green Bethnal Green is an area in the East End of London northeast of Charing Cross. The area emerged from the small settlement which developed around the common land, Green, much of which survives today as Bethnal Green Gardens, beside Cambridge Heat ...

during the 1880s. In 1889 the bank acquired the failing Bethnal Green Bank.

Fate

Still relatively small when compared to other competing London banks, the bank was acquired by the Birmingham and Midland Bank (established in 1836), which was looking for a London operation to serve its expansion. At the point of acquisition the bank's deposits had peaked at £1.6 million, with paid-up capital at £156,000 and ten open branches. The amalgamated bank was renamed the 'London and Midland Bank', occupying the Central Bank's headquarters in Cornhill. This bank eventually became the 'Midland Bank' and then was finally acquired by

HSBC HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tri ...

in 1992.

References

1863 establishments in England 1891 disestablishments in England Banks established in 1863 Banks disestablished in 1891 Defunct banks of the United Kingdom British companies disestablished in 1891 British companies established in 1863 {{UK-corp-stub