International Westminster Bank
| Subsidiary undertaking | |
| Industry | |
| Fate | Merger with National Westminster Bank |
| Successor | National Westminster Bank |
| Founded | 1913 |
| Defunct | 1989 |
| Headquarters | 41 Threadneedle Street, London EC2 |
| Products | |
|
Number of employees
|
900 (1980) |
| Parent | National Westminster Bank |
International Westminster Bank Plc was a wholly owned subsidiary of National Westminster Bank and its predecessors from 1913 to 1989, with branches in London, France, Spain and West Germany.
At the peak of its operations during the 1980s, the bank had a multi billion pound deposit base, principally through its London office, which administered the commercial loan and deposit book on behalf of National Westminster Bank's International Division. As such, it engaged in wholesale fixed term deposits with other banks, corporates and some individual private customers; it accepted short term and medium deposits (up to 12 months) against issuance of its own dollar and sterling denominated certificates of deposit (CDs); and it adminsistered commercial loans to corporate clients and sovereign governments.
The bank was formed in 1913, as London County and Westminster Bank (Paris) Limited. It was renamed London County Westminster and Parr's Foreign Bank Limited in 1920 and Westminster Foreign Bank Limited in 1923, before assuming its final identity as International Westminster Bank Limited in 1973.
Westminster Foreign Bank was granted a limited deposit licence in 1961, enabling it to start trading in the Eurodollar market. Its London deposit dealing desk was merged with National Westminster Bank's foreign exchange dealing desk in 1979, to form a combined trading operation named World Money Centre. This was located at 52-53 Threadneedle Street.
The London branch of International Westminster Bank, at 41 Threadneeedle Street, continued to handle the back office settlements for the World Money Centre. In 1982, much of the London branch was relocated to NatWest's Drapers Gardens tower in nearby Throgmorton Avenue. The branch moved to its final location at the Kings Cross House tower block, 200 Pentonville Road, in the mid 1980s.
In 1980, National Westminster Bank acquired Global Bank AG; two years later, in 1982, International Westminster Bank's Frankfurt branch was merged with Global Bank, to form Deutsche Westminster Bank AG.
In 1988, International Westminster Bank's branches in France and Monaco were incorporated into National Westminster Bank S.A. After 80 years, NatWest announced its exit from French retail banking in 1993.
Eventually, the only remaining branch was the London office. Due to changes in international bank taxation arrangements, the bank's ongoing existence no longer offered any commercial advantage. In 1989, International Westminster Bank Plc was merged into National Westminster Bank Plc by a Private Act of Parliament.
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