| Admin History | The Anglo-French Banking Corporation was established in June 1928 with the support of certain clearers and accepting houses. It ran into difficulties along with many other institutions over commitments in Germany, leading to frozen assets, significant capital loss and sale in 1935 to private owners for tax advantage. The bank had difficulty selling its acceptances in 1931 and the Bank's refusal to take them played a large part in the bank's fortunes. Kenneth Oswald Peppiatt, as Chief Cashier in 1935, aware of the intention to retain the company's name following its sale as a finance company wrote 'an early opportunity should be taken, possibly by amendment of the Companies Act, to safeguard the use of the words, "Bank", "Banking" or "Bankers" in the title of a company"'. He proposed that incorporation of such words should receive the approval of HM Treasury (HMT), in consultation with the Bank, retrospectively and subject to annual review. |