Bank of London and Montreal: Difference between revisions
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Acad Ronin (talk | contribs) ←Created page with '*1958 Bank of London and South America (Bolsa), a subsidiary of Lloyds Bank, and Bank of Montreal (BoM) established Bank of London and Montreal (Bol...' |
Acad Ronin (talk | contribs) m Typo and additional history |
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*[[1960]] Bolam established a branch in [[Port of Spain]], [[Trinidad]]. |
*[[1960]] Bolam established a branch in [[Port of Spain]], [[Trinidad]]. |
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*[[1964]] [[Barclays Bank (DCO)]] acquired one third of the shares of Bolam. |
*[[1964]] [[Barclays Bank (DCO)]] acquired one third of the shares of Bolam. |
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*[[1965]] [[Mellon National Bank]] acquired 15% of the shares in Bolam. Lloyds’ share fell to 24%. Bolam closed its offices in Venezuela and became a large shareholder in [[Banco La Guiara |
*[[1965]] [[Mellon National Bank]] acquired 15% of the shares in Bolam. Lloyds’ share fell to 24%. Bolam closed its offices in Venezuela and became a large shareholder in [[Banco La Guiara Internacional]], which had offices in [[Caracas]] and [[La Guiara]]. (In [[1970]] Venezuela forced foreign banks to reduce their ownership in local banks to 20% or less; at some point in the 1980s, Banco La Guaira Internacional apparently failed.) |
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*[[1968]] The Bank of England allowed Mellon to increase its shareholding to 25%. |
*[[1968]] The Bank of England allowed Mellon to increase its shareholding to 25%. |
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*[[1970]] Bolsa fully acquired Bolam. In the divorce, Bolsa took back its branches. Bank of Montreal got the Bahamian and Jamaican branches, and sold the branch and operations in Trinidad and Tobago to the government there, which used the acquisition as the foundation for a new bank, National Commercial Bank. This is now [[First Citizens Bank]]. On April 17, [[1970]] BoM incorporated the branches it took over as Bank of Montreal (Bahamas & Caribbean), and in 1983 changed the name to Bank of Montreal Bahamas. In [[1988]] Bank of Montreal wanted to close the Bahamian operations so the Government of the Bahamas stepped in to keep them going. The Government of The Bahamas created a 51-49 joint venture with [[Euro Canadian Bank]], which took over the new bank and renamed it Bank of The Bahamas. This is now [[Bank of Bahamas International]]. At the time Bolam had 28 branches throughout Latin America and the Caribbean. |
*[[1970]] Bolsa fully acquired Bolam. In the divorce, Bolsa took back its branches. Bank of Montreal got the Bahamian and Jamaican branches, and sold the branch and operations in Trinidad and Tobago to the government there, which used the acquisition as the foundation for a new bank, National Commercial Bank. This is now [[First Citizens Bank]]. On April 17, [[1970]] BoM incorporated the branches it took over as Bank of Montreal (Bahamas & Caribbean), and in 1983 changed the name to Bank of Montreal Bahamas. In [[1988]] Bank of Montreal wanted to close the Bahamian operations so the Government of the Bahamas stepped in to keep them going. The Government of The Bahamas created a 51-49 joint venture with [[Euro Canadian Bank]], which took over the new bank and renamed it Bank of The Bahamas. This is now [[Bank of Bahamas International]]. At the time Bolam had 28 branches throughout Latin America and the Caribbean. |
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Revision as of 21:38, 3 April 2007
- 1958 Bank of London and South America (Bolsa), a subsidiary of Lloyds Bank, and Bank of Montreal (BoM) established Bank of London and Montreal (Bolam) as a 50-50 JV with headquarters in Nassau in the Bahamas. Bolsa contributed its branches in the West Indies and northern South America, and Bank of Montreal contributed capital.
- 1960 Bolam established a branch in Port of Spain, Trinidad.
- 1964 Barclays Bank (DCO) acquired one third of the shares of Bolam.
- 1965 Mellon National Bank acquired 15% of the shares in Bolam. Lloyds’ share fell to 24%. Bolam closed its offices in Venezuela and became a large shareholder in Banco La Guiara Internacional, which had offices in Caracas and La Guiara. (In 1970 Venezuela forced foreign banks to reduce their ownership in local banks to 20% or less; at some point in the 1980s, Banco La Guaira Internacional apparently failed.)
- 1968 The Bank of England allowed Mellon to increase its shareholding to 25%.
- 1970 Bolsa fully acquired Bolam. In the divorce, Bolsa took back its branches. Bank of Montreal got the Bahamian and Jamaican branches, and sold the branch and operations in Trinidad and Tobago to the government there, which used the acquisition as the foundation for a new bank, National Commercial Bank. This is now First Citizens Bank. On April 17, 1970 BoM incorporated the branches it took over as Bank of Montreal (Bahamas & Caribbean), and in 1983 changed the name to Bank of Montreal Bahamas. In 1988 Bank of Montreal wanted to close the Bahamian operations so the Government of the Bahamas stepped in to keep them going. The Government of The Bahamas created a 51-49 joint venture with Euro Canadian Bank, which took over the new bank and renamed it Bank of The Bahamas. This is now Bank of Bahamas International. At the time Bolam had 28 branches throughout Latin America and the Caribbean.
- 1971 Lloyds combined Lloyds Bank Europe and Bolam as subsidiaries of a new bank, Lloyds and Bolsa International Bank, of which Lloyds owned 55% and Mellon Bank 13%. Within two years, Lloyds bought out Mellon Bank and the other minority shareholders. It then renamed the bank Lloyds Bank International (LBI). In 1984 Lloyds merged in LBI.