| Code | NA13 |
| Corporate Name | British Overseas Bank |
| Dates | 1919 - 1954 |
| Activity | The British Overseas Bank (BOB) was formed in 1919 by the Prudential Assurance Co and eight British banks to promote British trade in Europe. By 1924 its controlling shareholders were Williams Deacons, the Union Bank of Scotland and the Prudential. In 1930 it took over the foreign business of H S Lefevre and in 1936 absorbed Frederick Huth & Co. Heavy commitments in Hungary, Germany and Spain led in the 1930s to the need for support. This was provided in the form of 'deferred' or subordinated deposits from the Bank, William Deacons and the Union Bank of Scotland. Control of the company was vested in two trustees. In 1940 BOB took on the management of the Anglo-International Bank, which itself was in the throes of an orderly run-down. In June 1944, BOB's commodity business, inherited from Huths, was sold to Matheson & Co, its banking business transferred to Glyn Mills and the remainder of its assets, all frozen, placed under the management and direction of the Continental Assets Realisation Trust (CART), 70% owned by Securities Trust, which was established in 1939 to take over the frozen assets of the London Merchant Bank. CART's realisation efforts bore fruit enabling distributions to be made. In 1954, when CART's management contract was due to expire a final distribution was made, the few remaining assets being sold to CART and BOB finally wound up, a dummy company being formed to protect its name. These papers are concentrated around the attempt in 1938 by Governor Norman and the Principal of the Discount Office, A C Bull, to mount the support operation, the problem of placing redundant staff - some came to the Bank, notably Barnes (to Dealers) and Berkley (to the Discount Office), the winding-up in 1944 and the realisation programme thereafter. |
| Source | Orbell & Turton, 'British banking. A guide to historical records'. |
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