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Description area
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History
Established in Calcutta in 1863 as Calcutta City Banking Corporation, changing name in 1864 to the National Bank of India. The bank was an Indian registered company, promoted by British and Indian businessmen. Its business included discounting bills and notes, dealing in exchange, and lending on security of real and personal property and securities. The bank did much to finance India's external trade in indigo, tea and coffee.
In 1866 its head office was transferred to London (where it had established a branch in 1864) and a British registered company of the same name was incorporated to acquire the business. The Indo-Egyptian Bank, based in Bombay, was acquired in the early 1860s and its office became the bank's Bombay branch. Branches were established in Hong Kong, 1869, Shanghai 1875, Madras 1877, Colombo 1881, Karachi 1884, Rangoon 1886, Zanzibar 1893, Mombasa 1896 and Nairobi 1904. By 1900 the bank had 19 branches and the balance sheet total had grown from £328,736 in 1864 to over £9.5 million. Capital and reserves stood at £850,000 and the staff numbered 800. In 1920 the projected acquisition by Lloyds Bank Limited was disallowed.
The entire share capital of Grindlays Bank Limited (bankers and agents connected with India since 1826) was acquired from National Provincial Bank Limited in 1948. The Eastern branches of Lloyds Bank Limited were absorbed in 1961 and 1965 the bank acquired a two thirds interest in Brandts Limited (merchant bankers), the remaining third being acquired in 1972. This company was subsequently known as Grindlays Brandts Limited. In 1958 Grindlays business was totally absorbed and name changed to National Overseas and Grindlays Bank Limited, then to National and Grindlays Bank Limited in 1959. In 1969 the London group business of the Ottoman Bank was acquired. Name changed to Grindlays Bank Limited in 1975. The bank was acquired by Australia and New Zealand Banking Group Limited in 1984.
From 'Company Archives - The Survey of the Records of 100 of the First Registered Companies in England and Wales', Lesley Richmond and Bridget Stockford.