National Bank of India
| Industry | Banking |
|---|---|
| Fate | Taken over by Australia and New Zealand Banking Group in 1984 |
| Founded | 1828 in London, United kingdom |
| Founder | Robert Melville Grindlay |
The National Bank of India was formed in 1863 and became one of the larger London overseas banks operating not only in the Indian sub-continent but in communities around the Indian Ocean. In 1948 it purchased the very much smaller Grindlays Bank, renaming itself National and Grindlays some ten years later. Following further acquisitions, its name was shortened to Grindlays Bank in 1974. Grindlays was taken over by Australia and New Zealand Banking Group in 1984 and renamed ANZ Grindlays Bank.Standard Chartered Bank acquired ANZ Grindlays in 2000. After the merger the Grindlays name fell out of use.
The Calcutta City Banking Corporation was formed in 1863 as an Indian registered bank, changing its name to the National Bank of India (NBI) a few months later. Offices in London and Bombay followed in 1864 and 1865. Crucial to the Bank’s future, its head office was transferred to London in 1866 and the Company was registered under the UK Companies Act, giving it much greater international potential, but it was a move that was fiercely contested for many years.
NBI remained with these three offices until 1870 when it sought to exploit opportunities in China with a branch in Hong Kong and, later, in Shanghai. Substantial losses threatened the Bank and the Chinese operations were eventually closed. Without neglecting its domestic market, NBI began to expand around the fringes of the Indian Ocean, particularly Aden and East Africa; by 1900 NBI had 19 branches and £10m of assets.
Steady expansion continued through the early 1900s and by the outbreak of World War I NBI was the seventh largest of the London-registered overseas banks. Growth continued during the War and by 1918 the Bank’s assets were £33m with record profits of over £400,000. Around that time, detailed discussions took place with Lloyds Bank and agreement was reached in principle for Lloyds to acquire NBI but, according to the Bank’s official history, the proposal was vetoed by "the authorities".
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Wikipedia