Hoare's Bank
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C. Hoare & Co., also known as Hoares, is a British
private bank Private banks are banks owned by either the individual or a general partner(s) with limited partner(s). Private banks are not incorporated. In any such case, creditors can look to both the "entirety of the bank's assets" as well as the entire ...
, founded in 1672 by Sir Richard Hoare; it is a twelfth generation family business and is owned by eight of Sir Richard's direct descendants. It is the oldest privately-owned bank in the
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...
and reputedly the fourth oldest in the world. C. Hoare & Co. provides
private banking Private banking is a general description for banking, investment and other financial services provided by banks and financial institutions primarily serving high-net-worth individuals (HNWIs) – those with very high income or substantial asset ...
services that include loans, mortgages and savings accounts. Over the years, its clients have included
Samuel Pepys Samuel Pepys ( ; 23 February 1633 – 26 May 1703) was an English writer and Tories (British political party), Tory politician. He served as an official in the Navy Board and Member of Parliament (England), Member of Parliament, but is most r ...
,
John Dryden John Dryden (; – ) was an English poet, literary critic, translator, and playwright who in 1668 was appointed England's first Poet Laureate of the United Kingdom, Poet Laureate. He is seen as dominating the literary life of Restoration (En ...
,
Jane Austen Jane Austen ( ; 16 December 1775 – 18 July 1817) was an English novelist known primarily for #List of works, her six novels, which implicitly interpret, critique, and comment on the English landed gentry at the end of the 18th century ...
and numerous members of the aristocracy; today, they are primarily high-net-worth individuals and families. The bank has two branches in London, 37
Fleet Street Fleet Street is a street in Central London, England. It runs west to east from Temple Bar, London, Temple Bar at the boundary of the City of London, Cities of London and City of Westminster, Westminster to Ludgate Circus at the site of the Lo ...
and 32 Lowndes Street.


History


17th century

After finishing his apprenticeship, Sir Richard Hoare was granted the Freedom of the
Goldsmiths' Company The Worshipful Company of Goldsmiths (commonly known as ''The Goldsmiths' Company'' and formally styled ''The Wardens and Commonalty of the Mystery of Goldsmiths of the City of London''), is one of the Great Twelve Livery Companies of the City ...
on 5 July 1672, which marks the foundation of Hoare's Bank. Richard established his business at the sign of the Golden Bottle in
Cheapside Cheapside is a street in the City of London, the historic and modern financial centre of London, England, which forms part of the A40 road, A40 London to Fishguard road. It links St Martin's Le Grand with Poultry, London, Poultry. Near its eas ...
,
London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...
; since street numbering was unknown in those days, signs were used to distinguish one business from another. In 1690, the business moved to
Fleet Street Fleet Street is a street in Central London, England. It runs west to east from Temple Bar, London, Temple Bar at the boundary of the City of London, Cities of London and City of Westminster, Westminster to Ludgate Circus at the site of the Lo ...
, still within the
City of London The City of London, also known as ''the City'', is a Ceremonial counties of England, ceremonial county and Districts of England, local government district with City status in the United Kingdom, city status in England. It is the Old town, his ...
but on the main thoroughfare to the
City of Westminster The City of Westminster is a London borough with City status in the United Kingdom, city status in Greater London, England. It is the site of the United Kingdom's Houses of Parliament and much of the British government. It contains a large par ...
. Goldsmiths were often used to safeguard cash and valuables, putting them in a unique position to evolve a system of banking. By 1677, some 58 goldsmiths kept "running cashes" and started to lend their customers' money for interest.


18th century

During the 18th century, the bank prospered; Richard Hoare was knighted by Queen Anne in 1702 and became
Lord Mayor of London The Lord Mayor of London is the Mayors in England, mayor of the City of London, England, and the Leader of the council, leader of the City of London Corporation. Within the City, the Lord Mayor is accorded Order of precedence, precedence over a ...
in 1712. After his death, the business was continued by two of his sons,
Henry Henry may refer to: People and fictional characters * Henry (given name), including lists of people and fictional characters * Henry (surname) * Henry, a stage name of François-Louis Henry (1786–1855), French baritone Arts and entertainmen ...
and Benjamin. They were both members of the
Society for the Propagation of Christian Knowledge The Society for Promoting Christian Knowledge (SPCK) is a UK-based Christian charity. Founded in 1698 by Thomas Bray, it has worked for over 300 years to increase awareness of the Christian faith in the UK and worldwide. The SPCK is the oldes ...
, which opened an account with Hoares in 1711. Many of those who held the first individual accounts with Hoare's were also connected to the Society, including
Lady Elizabeth Hastings Lady Elizabeth Hastings (19 April 1682 – 21 December 1739), also known as Lady Betty, was an English philanthropist, religious devotee and supporter of women's education. She was an intelligent and energetic woman, with a wide circle of conn ...
,
Mary Astell Mary Astell (12 November 1666 – 11 May 1731) was an English protofeminist author, philosopher, and rhetorician who advocated for equal educational opportunities for women. Astell is primarily remembered as one of England's inaugural advocate ...
and
Joseph Smith Joseph Smith Jr. (December 23, 1805June 27, 1844) was an American religious and political leader and the founder of Mormonism and the Latter Day Saint movement. Publishing the Book of Mormon at the age of 24, Smith attracted tens of thou ...
. Henry's son
Henry Hoare Henry Hoare II (1705–1785), known as Henry the Magnificent, was an English banker and garden owner-designer. Family Henry's grandfather, Richard Hoare, was a goldsmith-banker and Lord Mayor of London. His father, Henry Hoare I, bought th ...
, was a partner in the bank for nearly 60 years and dominated the family through his wealth and personal charisma. His nickname "The Magnificent" derived from his generosity as a patron of the arts and his expenditure on
Stourhead Stourhead () is a 1,072-hectare (2,650-acre) estate at the source of the River Stour in the southwest of the English county of Wiltshire, extending into Somerset. The estate is about northwest of the town of Mere and includes a Grade I list ...
in
Wiltshire Wiltshire (; abbreviated to Wilts) is a ceremonial county in South West England. It borders Gloucestershire to the north, Oxfordshire to the north-east, Berkshire to the east, Hampshire to the south-east, Dorset to the south, and Somerset to ...
, a
country house image:Blenheim - Blenheim Palace - 20210417125239.jpg, 300px, Blenheim Palace - Oxfordshire An English country house is a large house or mansion in the English countryside. Such houses were often owned by individuals who also owned a Townhou ...
and estate bought by his father. Under his guidance, the bank introduced many innovations, such as printed cheques.


19th century

The bank was well known for its discretion; in 1825, William Christmas
embezzled Embezzlement (from Anglo-Norman language, Anglo-Norman, from Old French ''besillier'' ("to torment, etc."), of unknown origin) is a type of financial crime, usually involving theft of money from a business or employer. It often involves a trus ...
£1,000 from the bank to fund his affair with actress
Louisa Chatterley Louisa Chatterley or Louisa Place born Louisa Simeon (1797 – 4 November 1866) was a British actress. She was involved in an embezzlement case, and later married a noted social reformer with fifteen children. Life Louisa Simeon was born in Piccad ...
. He was sentenced to be transported to Australia for 14 years, and his father was obliged to honour the £1,000 fidelity bond he had posted when his son joined the bank. In 1829, the premises at Fleet Street were rebuilt; the new banking house was designed to accommodate the business and a private house. Following the
Bank Charter Act 1844 The Bank Charter Act 1844 ( 7 & 8 Vict. c. 32), sometimes referred to as the Peel Banking Act of 1844, was an Act of the Parliament of the United Kingdom, passed under the government of Robert Peel, which restricted the powers of British bank ...
, many of the 4,000 or so private banks disappeared but Hoares remained, led by Charles Hoare, the last senior partner to continue the practice of having the bank named after him. After his departure, the bank was almost ruined through unsuccessful speculation and poor management by the senior partners, Henry and Peter Richard. Both were deeply religious but with differing views, and took it in turns to run the bank, each being in charge for a six-month period. Their sons, including Charles Arthur Richard Hoare, also became partners and proved financially unreliable, placing the future of the bank in peril.


20th century

A revival of fortunes for the bank took place in the 20th century, with the early years seeing its credibility restored. After the
First World War World War I or the First World War (28 July 1914 – 11 November 1918), also known as the Great War, was a World war, global conflict between two coalitions: the Allies of World War I, Allies (or Entente) and the Central Powers. Fighting to ...
, most of the remaining private banks were absorbed by larger banks, leaving Hoares as the only surviving independent. It was a partnership until 1929 when the partners formed a private unlimited liability company, in which they were the sole shareholders. During the
Second World War World War II or the Second World War (1 September 1939 – 2 September 1945) was a World war, global conflict between two coalitions: the Allies of World War II, Allies and the Axis powers. World War II by country, Nearly all of the wo ...
, the bank's employees evacuated their offices, including the headquarters at 37 Fleet Street. A fire broke out during an air raid, but thanks to some employees' actions, the historic building was saved. According to Alexander Hoare, his grandfather Bertram, the Fleet Street air warden at the time, was credited with saving the bank from burning down.


21st century

Alexander S. Hoare, the former chief executive of the bank, represents the eleventh generation to manage C. Hoare & Co. He was replaced by the first non-family member in an executive position: Jeremy Marshall, former head of Credit Suisse Private Bank. Marshall stepped down and was replaced by deputy chief executive David Green in 2016. In 2021, Diana Brightmore-Armour, a veteran of Lloyds Corporate Banking and
Coca-Cola Coca-Cola, or Coke, is a cola soft drink manufactured by the Coca-Cola Company. In 2013, Coke products were sold in over 200 countries and territories worldwide, with consumers drinking more than 1.8 billion company beverage servings ...
, stepped in as CEO. In October 2016, Hoare sold its Wealth Management business to Cazenove Capital Management, owned by
Schroders Schroders plc is a British multinational asset management company headquartered in London, England. Founded in 1804, it employs over 6,000 people worldwide in 38 locations around Europe, America, Asia, Africa and the Middle East. It is traded on ...
. This was followed in March 2017 by disposing of its investment dealing and custody business to Canaccord Genuity Wealth Management. In 2018 Rennie Hoare, previously the head of
philanthropy Philanthropy is a form of altruism that consists of "private initiatives for the Public good (economics), public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private goo ...
, was appointed a shareholding partner in an effort to bring “
millennial Millennials, also known as Generation Y or Gen Y, are the demographic cohort following Generation X and preceding Generation Z. Researchers and popular media use the early 1980s as starting birth years and the mid-1990s to early 2000s as ...
thinking” into the bank.


In popular culture

In
Georgette Heyer Georgette Heyer (; 16 August 1902 – 4 July 1974) was an English novelist and short-story writer, in both the Regency romance and detective fiction genres. Her writing career began in 1921, when she turned a story conceived for her ail ...
's 1965
Regency Romance Regency romances are a subgenre of romance novels set during the period of the British Regency (1811–1820) or early 19th century. Rather than simply being versions of contemporary romance stories transported to a historical setting, Regency r ...
novel '' The Grand Sophy'', Sir Horace Stanton-Lacy, father of the heroine Sophy, banked with Hoare's. "My bankers are Hoares" is one of
Jack Aubrey John "Jack" Aubrey , is a fictional character in the Aubrey–Maturin series of novels by Patrick O'Brian. The series of novels portrays his rise from lieutenant to rear admiral in the Royal Navy during the Napoleonic Wars. The twenty (and o ...
's favourite puns in several of the books from the Aubrey-Maturin series by
Patrick O'Brian Patrick O'Brian (12 December 1914 – 2 January 2000), born Richard Patrick Russ, was an English novelist and translator, best known for his Aubrey–Maturin series. These sea novels are set in the Royal Navy during the Napoleonic Wars and ...
. In
Tahir Shah Tahir Shah (, ; ''né'' Sayyid Tahir al-Hashimi (Arabic: سيد طاهر الهاشمي); born 16 November 1966) is a British author, journalist and documentary maker of Afghan-Indian descent. Family Tahir Shah was born into the '' saadat'' ...
's 2012 historical novel ''
Timbuctoo ''Timbuctoo'' is a series of 25 children's books, written and illustrated by Roger Hargreaves, better known for his ''Mr. Men'' and ''Little Miss'' series. It was published from 1978 to 1979, with selected reprints in 1993 and 1999. The books ...
'', based on the 1816 memoir '' The Narrative of Robert Adams'', C. Hoare & Co. were the bankers to The Royal African Committee (cf
Royal African Company The Royal African Company (RAC) was an English trading company established in 1660 by the House of Stuart and City of London merchants to trade along the West African coast. It was overseen by the Duke of York, the brother of Charles II of Eng ...
). Several scenes take place at Hoare's Bank on Fleet Street.


References


Sources

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External links

* * * * {{DEFAULTSORT:C. Hoare and Co Private banks Banks based in the City of London Luxury brands History of banking Banks established in 1672 1672 establishments in England Hoare family Henokiens companies Family-owned companies of the United Kingdom