Midland Bank


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Midland Bank

 

Great Britain’s fourth largest joint-stock commercial bank. Established in 1836 in Birmingham under the name Birmingham and Midland Bank.

In the late 19th century the Midland Bank absorbed practically all the provincial banks of central England, Wales, and eastern England, as well as several London banks, whereupon its board of directors was transferred to London. In the early 20th century its influence spread to Northern Ireland and Scotland. The bank acquired its current name in 1923. By the late 1960’s the Midland Bank had become full owner of the Clydesdale Bank in Glasgow, the Northern Bank in Belfast, and 17 financial companies in Great Britain and Northern Ireland.

The Midland Bank is closely associated with aviation and electrical engineering monopolies, the Dunlop rubber monopoly, investment trusts, and insurance companies. It participates in Midland Citibank Factors (50 percent ownership), the Industrial and Commercial Finance Company (50 percent ownership), Scottish Computer Services, Ltd. (55 percent ownership), and others. The Midland Bank pioneered in the creation of multinational banking groups for the extension of medium-term credits (longer than five years), and held 45 percent ownership in Midland and International Banks, Ltd., established in 1964 as the first bank of this type. Other such groups of which the Midland Bank is a member are the European Credit Bank (Brussels, 14 percent ownership), the European-American Banking Corporation (New York, 14 percent ownership), the Euro-Pacific Finance Corporation (Sydney, 17 percent ownership), and the Malta Banking Corporation (Valletta, 13 percent ownership).

The Midland Bank is third in the country in number of branch banks, with a total of 2,658 in 1972. The bank has an agency in the United States that is authorized to receive deposits. The bank’s total balance in early 1973 was £5,897 million, with attracted capital of £5,546 million and paid capital of £97 million.

E. D. ZOLOTARENKO

References in periodicals archive ?
Photographed on this day 35 years ago, this grand old branch of Midland Bank on the corner of Mosley Street and the Cloth Market was facing closure.
Midland Bank and Mosley Street, 1964 (Newcastle Libraries)
Financial services provider HSBC has ruled out reviving its original brand name of Midland Bank and will be rebranded as HSBC UK, The Guardian newspaper reported on Thursday
THE famous old Midland Bank name will NOT be revived on the high street after finance giant HSBC decided against restoring the brand.
But the New Street branch is a continuation of a recent trend in Birmingham of banks being reincarnated as pubs, cafes or restaurants, after the likes of Cosy Club at the Midland Bank building and Nosh and Quaff on Colmore Row.
In addition, Midland's subsidiary state member bank, Midland States Bank ("Midland Bank"), Effingham, Illinois, has requested the Board's approval to merge with Heartland Bank pursuant to section 18(c) of the Federal Deposit Insurance Act ("Bank Merger Act"), with Midland Bank as the surviving entity (the "Merger").
THE original branch of the Midland Bank will be turned into a coffee shop and bar after a deal was struck with the building's owners.
DHL, the world's leading logistics company has recently signed an agreement with one of the newest commercial banks in the country, Midland Bank Limited, to provide international express delivery to the bank and its customers.
It was founded in 1827 and flourished until 1897,when it was taken over by the London &Midland Bank Ltd, which in 1898 became the London City & Midland Bank Ltd.
Midland Bank building, Middlesbrough IT is rewarding to find that not all the old prominent buildings in Middlesbrough have been demolished.
The six new banks are Union Bank, Modhumati Bank, Farmers Bank, Meghna Bank, Midland Bank and South Bangla Agriculture and Commerce Bank," it said.
The staff of the Midland Bank branch in Mosley Street, Newcastle, prepare for redeployment as the branch is to close after nearly a century as a bank, but in what year?