Glasgow and Ship Bank (1836-1843)
Glasgow and Ship Bank £1 note, 1836
The Glasgow and Ship Bank was formed as a result of a merger in 1836 between the Ship Bank (established 1749) and the Glasgow Banking Company (established 1809).
The Glasgow and Ship Bank was initially set up as a private bank. The four remaining partners of the Ship Bank and 24 partners of the Glasgow Banking Company, became partners in the new firm.
Discussions took place about conversion to joint-stock form following the merger, but uncertainty about government plans for legislation prevented decisive action. By the time a firm proposal was issued to the partners in 1843, unfavourable rumours about the bank's circumstances were circulating. Deposits were being lost and one of the tellers had defrauded the bank. Hence when the Union Bank of Scotland offered to acquire the business in 1843, the offer was accepted.
Further information
• 'The history of the Union Bank of Scotland' by Robert Rait (John Smith & Son, 1930), chapter 10.
• Some archival material relating to the Glasgow and Ship Bank is held by HBOS Group Archives.
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