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The Banking System
of the United
Kingdom
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The development history
of the England Bank
17th Century Around 1650, a cloth merchant, Thomas Smith
opened the first provincial bank in Nottingham. During 1694 the Bank
of England was founded
18th century services offered by banks increased
.19th century On 23 October 1826 a new joint stock bank
formed
20th century With the outbreak of war banking flourished
and the so called Big Five commenced a series of
takeovers and mergers. These banks, Westminster, National
Provincial, Barclays, Lloyds and Midland were eventually reined in
by government control
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Bank organizational
structure
Central bank
Retail
Accepting
Merchant
Discount
Foreign Other financial
Banks
Houses
Banks
Banks
institutions
onstruction Indust
FinancingNational Savings
company
Bank
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171
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