Word: banke
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Dates: during 1960-1969
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...Teen-agers are not only getting department store and local bank credit cards [Feb. 2], but many fathers are giving sons and daughters travel and entertainment cards too. They find this not only gives children the equivalent of emergency cash for airline tickets and service-station expenses, but also gives them facilities to eat, lodge and shop. There are few cases of overspending-and the rare ones that do occur are easily controlled when the parent gets his monthly bill...
Prestigious, 274-year-old Barclays Bank Ltd. (deposits: $5.96 billion) has long been No. 1 in British banking. But two weeks ago, it looked as if Barclays was about to lose the title. Westminster Bank, the country's fourth largest, agreed to merge with National Provincial, the fifth largest, into a combine with total deposits of $8.3 billion (TIME, Feb. 9). Last week Barclays bid to stay on top by arranging a get-together of its own-the biggest in the history of British banking...
Barclays' prospective partners are Lloyds Bank, the country's third largest, and smaller, Liverpool-based Martins Bank. With total deposits of $11.66 billion, the new bank would not only be Britain's biggest but would rank No. 4 worldwide, behind the U.S.'s Bank of America ($19 billion), Chase Manhattan ($15.76 billion) and First National City ($15.2). And it shapes up as an even more formidable financial force when the subsidiary operations of the three partners are included; Barclays Bank, for example, holds a 51% interest in far-flung Barclays Bank D.C.O. (for Dominion, Colonial & Overseas...
Though more bank mergers had been expected, the decision of Barclays and Lloyds to join forces came as something of a surprise. For weeks, the two banks had been negotiating independently to take over Martins, with the most recent speculation in London's financial community favoring Lloyds. But at a time when British banking is trying to streamline itself to meet the international competition of U.S. banks, the larger, three-way merger made obvious economic sense. The prospective partners said in their announcement that pooling their resources would facilitate conversion to fully computerized banking as well as the elimination...
Ledgers by Hand. The board is certainly right about branches. All over Britain, little towns of 3,000 often have five banks, some with so little business that they open only two or three days a week. At 1,140 of National Provincial Bank's 1,640 branches, clerks still post ledgers by hand. By merging, both National Provincial and Westminster expect to reduce the heavy but inevitable cost of converting to fully computerized accounting. The two banks should make a good fit. Westminster, headed by Chairman Duncan Stirling and Chief General Manager Ralph Elliott, has concentrated on personal...