Área de identidad
Código de referencia
Título
Fecha(s)
- 1920-1939 (Creación)
Nivel de descripción
Volumen y soporte
0.07 linear metres
Área de contexto
Nombre del productor
Historia biográfica
The P & O Banking Corporation Limited was established in 1920 by James MacKay (later Lord Inchcape) to develop the private banking business of the P & O Company. Under MacKay's stewardship (as Managing Director from 1914 and Chairman from 1915) the P & O had expanded rapidly, acquiring the British India Company amongst many others, and the bank was to be both a commercial venture and a device to manage the financial interests of the business.
On its establishment the Corporation acquired Allahabad Bank in India and opened offices in Colombo, Shanghai, Hong Kong, Singapore and Canton (now Guangzhou). Allahabad Bank was always operated as a subsidiary, and wasn’t absorbed into the central organisation of the P & O Banking Corporation. The Corporation later expanded further in India under its own name, in Calicut (now Kozhikode in Kerala), Bombay and Madras (and the surrounding region). Lloyds and National Provincial bought shares in the new Corporation, reflecting the expectancy that a bank backed by the P & O would be a success.
In 1927 the Chartered Bank of India, China and Asia acquired seventy five percent of the Corporation's shares, effectively rendering the P & O Banking Corporation a subsidiary. In 1928 Chartered took over most of the remaining shareholding, and many of its Directors were elected to the Board of the Corporation in the subsequent years.
The P & O continued as a subsidiary company of the Chartered Bank for a further decade, though the Chartered Bank became dissatisfied with its performance. While the P & O had some merits as an institution (especially the business that came from the associated companies of the wider P & O group, and the success of Allahabad Bank in northern India), as a latecomer in international banking it often had to take on clients that existing institutions had refused. Furthermore many of the Corporation’s branches existed in locations (such as Shanghai, Hong Kong and Bombay) that were served by other banks, including the Chartered Bank. With the down turn of the world economy in the 1930s the P & O was operating in a reduced market place as a direct competitor to the branches of its parent company for considerably reduced profit, an untenable position for the Corporation and its owner.
The Chartered Bank of India, China and Australia took the decision to liquidate The P & O Banking Corporation in 1938. The liquidation date was set for 31 January 1939, when the bank's branches closed and the liquid assets were transferred to the Chartered Bank (it appears that they were transferred to the nearest branch of the Chartered Bank in many cases).
The Corporation's headquarters in Leadenhall Street, London, remained open as a branch of Chartered, and appears to have handled the final breaking up of the bank's assets, and the longer term issues around the dissolution of the Corporation.
P & O Banking Corporation Nominees (the subsidiary that handled the shares owned by the Bank) continued in name until the late 1960s. Allahabad Bank continued to be run separately as a subsidiary of Chartered Bank, as the nature of its business kept it as a viable business in its own right. It was nationalised by the Indian Government in 1969, and still exists as a private body.
Geographical range:
India, Sri Lanka, China and Singapore
Institución archivística
Historia archivística
GB 0074 CLC/B/207/PC06 1920-1939 sub fonds 0.07 linear metres P & O Banking Corporation Limited
The P & O Banking Corporation Limited was established in 1920 by James MacKay (later Lord Inchcape) to develop the private banking business of the P & O Company. Under MacKay's stewardship (as Managing Director from 1914 and Chairman from 1915) the P & O had expanded rapidly, acquiring the British India Company amongst many others, and the bank was to be both a commercial venture and a device to manage the financial interests of the business.
On its establishment the Corporation acquired Allahabad Bank in India and opened offices in Colombo, Shanghai, Hong Kong, Singapore and Canton (now Guangzhou). Allahabad Bank was always operated as a subsidiary, and wasn’t absorbed into the central organisation of the P & O Banking Corporation. The Corporation later expanded further in India under its own name, in Calicut (now Kozhikode in Kerala), Bombay and Madras (and the surrounding region). Lloyds and National Provincial bought shares in the new Corporation, reflecting the expectancy that a bank backed by the P & O would be a success.
In 1927 the Chartered Bank of India, China and Asia acquired seventy five percent of the Corporation's shares, effectively rendering the P & O Banking Corporation a subsidiary. In 1928 Chartered took over most of the remaining shareholding, and many of its Directors were elected to the Board of the Corporation in the subsequent years.
The P & O continued as a subsidiary company of the Chartered Bank for a further decade, though the Chartered Bank became dissatisfied with its performance. While the P & O had some merits as an institution (especially the business that came from the associated companies of the wider P & O group, and the success of Allahabad Bank in northern India), as a latecomer in international banking it often had to take on clients that existing institutions had refused. Furthermore many of the Corporation’s branches existed in locations (such as Shanghai, Hong Kong and Bombay) that were served by other banks, including the Chartered Bank. With the down turn of the world economy in the 1930s the P & O was operating in a reduced market place as a direct competitor to the branches of its parent company for considerably reduced profit, an untenable position for the Corporation and its owner.
The Chartered Bank of India, China and Australia took the decision to liquidate The P & O Banking Corporation in 1938. The liquidation date was set for 31 January 1939, when the bank's branches closed and the liquid assets were transferred to the Chartered Bank (it appears that they were transferred to the nearest branch of the Chartered Bank in many cases).
The Corporation's headquarters in Leadenhall Street, London, remained open as a branch of Chartered, and appears to have handled the final breaking up of the bank's assets, and the longer term issues around the dissolution of the Corporation.
P & O Banking Corporation Nominees (the subsidiary that handled the shares owned by the Bank) continued in name until the late 1960s. Allahabad Bank continued to be run separately as a subsidiary of Chartered Bank, as the nature of its business kept it as a viable business in its own right. It was nationalised by the Indian Government in 1969, and still exists as a private body.
Geographical range:
India, Sri Lanka, China and Singapore
Deposited in 1989.
Records of P & O Banking Corporation including regulations and legal agreements. These contain no information on individual staff except signatures (apart from R Douglas Butterfield's file).
Arranged as follows:
CLC/B/207/PC06/01 - Rulebooks
CLC/B/207/PC06/02 - Personal files
CLC/B/207/PC06/03 - Staff agreements
These records are available for public inspection, although records containing personal information are subject to access restrictions under the UK Data Protection Act, 1998.
48 hours notice required for access.
Copyright is held by the depositor.
English
Please see online catalogues at: http://search.lma.gov.uk/opac_lma/index.htm
Compiled in compliance with General International Standard Archival Description, ISAD(G), second edition, 2000; National Council on Archives Rules for the Construction of Personal, Place and Corporate Names, 1997.
Added January 2014 Maharashtra Salsette Island Mumbai South East Asia Singapore South Asia Sri Lanka Colombo P & O Banking Corporation Limited Finance Financial institutions Banks Overseas banks India Guangzhou Guangdong China East Asia Shanghai Shanghai Shi Madras Kerala Hong Kong
Origen del ingreso o transferencia
Deposited in 1989.
Área de contenido y estructura
Alcance y contenido
Records of P & O Banking Corporation including regulations and legal agreements. These contain no information on individual staff except signatures (apart from R Douglas Butterfield's file).
Valorización, destrucción y programación
Acumulaciones
Sistema de arreglo
Arranged as follows:
CLC/B/207/PC06/01 - Rulebooks
CLC/B/207/PC06/02 - Personal files
CLC/B/207/PC06/03 - Staff agreements
Área de condiciones de acceso y uso
Condiciones de acceso
These records are available for public inspection, although records containing personal information are subject to access restrictions under the UK Data Protection Act, 1998.
48 hours notice required for access.
Condiciones
Copyright is held by the depositor.
Idioma del material
- inglés
Escritura del material
- latín
Notas sobre las lenguas y escrituras
English
Características físicas y requisitos técnicos
Instrumentos de descripción
Please see online catalogues at: http://search.lma.gov.uk/opac_lma/index.htm
Área de materiales relacionados
Existencia y localización de originales
Existencia y localización de copias
Unidades de descripción relacionadas
Área de notas
Identificador/es alternativo(os)
Puntos de acceso
Puntos de acceso por materia
Puntos de acceso por lugar
Puntos de acceso por autoridad
Tipo de puntos de acceso
Área de control de la descripción
Identificador de la descripción
Identificador de la institución
Reglas y/o convenciones usadas
Compiled in compliance with General International Standard Archival Description, ISAD(G), second edition, 2000; National Council on Archives Rules for the Construction of Personal, Place and Corporate Names, 1997.
Estado de elaboración
Nivel de detalle
Fechas de creación revisión eliminación
Idioma(s)
- inglés