National Westminster Bank


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The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

National Westminster Bank

 

one of the largest British commercial banks. It was formed in London in July 1968 through a merger of the Westminster Bank and the National Provincial Bank, both of which belonged to the “Big Five” of British banking. Among the largest banks in the world and ranking seventh as of 1973 in total assets, the new bank began actual operations on Jan. 1, 1970.

The National Westminster Bank has an extensive network of 3,500 branches and seven regional offices. It has full ownership of a number of other banks and financial institutions, the largest of which is the Lombard North Central, with a total balance at the end of 1972 of about £400 million. The National Westminster Bank is also part owner of a number of banks and financial institutions. For example, it controls 50 percent of the Diners Club, 40 percent of the Yorkshire Bank, and 38 percent of Bankers’ Clearing House. Its foreign transactions are carried out through the International Westminster Bank, which has six branches in France, three in Belgium, and one in the Federal Republic of Germany.

The National Westminster Bank also participates in various international associations of private banks, including the Orion Bank, the Orion Termbank, and the Roy West Banking Corporation. Through a system of interlocking directors the National Westminster Bank is linked to large industrial concerns such as Imperial Chemical Industries, Vickers, the United Steel Company, and the British Match Corporation. At the end of 1973 the total assets of the bank, including subsidiary banks, equaled £11.927 billion. Attracted capital totaled £10.737 billion, loans £8.58 billion, and paid-up capital and reserves £910 million.

E. D. ZOLOTARENKO

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
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