Everything about The British Linen Bank totally explained
The
British Linen Bank was a
commercial bank based in
Edinburgh,
Scotland. It was acquired by the
Bank of Scotland in 1969 and served as the Bank's
merchant bank arm from 1977 until 1999.
History
Foundation
The Bank traces its routes to the creation of the British Linen Company which was formed in
1746 by a
Royal Charter from
King George II. Although a Scottish organisation, the prefix "British" was used instead of Scottish due to the suspicion aroused by all things Scottish after the
Jacobite Rebellion of
1745. The initial aim of the Company was to promote the linen industry, although it soon moved into banking and issued its first notes in
1747. In 1837, the Company acquired the Paisley Banking Company.
Originally based in
Edinburgh, the Company began to expand throughout Scotland, opening 9 branches outside the capital. In 1906 it formally changed its name to the British Linen Bank.
Mergers
In the post
World War I period, a wave of consolidation in the UK banking market so many of the smaller Scottish banks acquired by larger rivals from England. In
1919, the British Linen Bank was acquired by
Barclays Bank based in
London, although it retained a separate board of directors and continued to issue its own bank notes.
In 1969, the
Bank of Scotland agreed a deal with Barclays to acquire the British Linen Bank, with Barclays taking a 35% stake in the enlarged Bank.
Merchant Bank
The merger with the Bank of Scotland was finalised with the Bank of Scotland Order Confirmation Act 1970, confirming the transfer of the assets and liabilities of the British Linen Bank to the Bank of Scotland. The Act allowed British Linen Bank to continue as a separate company, and in
1977 the Bank resumed as the merchant bank arm of the Bank of Scotland.
However in 1999, the Bank of Scotland decided to stop using the British Linen Bank name, renaming its merchant bank activities as Bank of Scotland Treasury Services, later
HBOS Treasury Services following the Bank's merger with
Halifax plc to form
HBOS.
British Linen Advisors
In 2000, the British Linen Advisors was formed by the acquisition of the corporate finance operations from the Bank of Scotland by an independent group of businessmen.
Further Information
Get more info on 'British Linen Bank'.
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