Williams & Glyn's Bank
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| Subsidiary undertaking | |
| Industry | Financial Services |
| Fate | Merger with parent |
| Successor | Royal Bank of Scotland Plc |
| Founded | 1970 (1753 as Glyn, Mills) |
| Defunct | 1985 (still files accounts with Companies House) |
| Headquarters | 1 Princes Street, London EC2R 8PB |
| Products | Banking and Insurance |
| Parent | The Royal Bank of Scotland Group |
Williams & Glyn's Bank Limited was established in London in 1970, when the Royal Bank of Scotland merged its two subsidiaries in England and Wales, Williams Deacon's Bank Ltd. and Glyn, Mills & Co. In 1985, Williams & Glyn's was fully absorbed into the Royal Bank of Scotland and ceased to trade separately.
The London private bank of Williams Deacon & Co can date its history back to 1771 when the partnership of Raymond, Williams, Vere, Lowe and Fletcher was first recorded. It ceased payment in 1825 and was reconstituted with different shareholders as Williams, Deacon, Labouchere & Co, before finally becoming Williams Deacon in 1882. It was acquired by the Manchester & Salford Bank in 1890.
The Manchester & Salford Bank was founded in 1836 as a joint stock bank and became a substantial force in Lancashire banking and by 1890 it had over 45 branches. In that year it acquired Williams Deacon, primarily to obtain the latter’s seat on the London Clearing House. The registered office was moved to London but the head office remained in Manchester. The bank also changed its name to Williams Deacon & Manchester & Salford Bank, shortened to Williams Deacon’s Bank in 1901.
The enlarged bank continued to expand but its commitment to the declining cotton industry after World War I, exacerbated by the effects of the Great Depression, stretched its own finances and, encouraged by the Bank of England, Williams Deacon’s was acquired by the Royal Bank of Scotland in 1930.
Glyn, Mills & Co. was founded as the private bank, Vere, Glyn & Hallifax, in the City of London in 1753 by Joseph Vere, Richard Glyn and Thomas Hallifax. The Vere family interest ended in 1766; William Mills joined in 1772; and when the last of the Hallifaxes departed in 1851 the Bank became known as Glyn, Mills & Company.
Acquisitions included Currie's in 1864, Holt & Co. in 1923 and Child & Co. in 1924. Child & Company, founded in the 1580s, remains part of RBS Group Wealth Management today. In 1923, it also acquired the private military bank Holt & Co. founded in 1809, which continued to trade separately until merged into the Drummonds Bank business in 1992.
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