African Banking Corporation
| Company type | Consortium bank |
|---|---|
| Industry | Banking |
| Founded | 1890 |
| Founder | Lloyds Bank, National Provincial Bank, Westminster Bank, Standard Bank of South Africa |
| Defunct | 1920 |
| Fate | Purchased by and merged into Standard Bank of South Africa |
| Headquarters | London , United Kingdom |
Area served | British colonies in Africa |
| Products | Commercial banking services |
The African Banking Corporation was a consortium bank based in London, United Kingdom, with its main operations focused in South Africa. It was created in 1890 through the collaboration of Lloyds Bank, National Provincial Bank, Westminster Bank, and Standard Bank of South Africa. The corporation concentrated on providing commercial banking services throughout the British colonies in Africa. In 1920, it was purchased by and merged into Standard Bank of South Africa.
History
- ABC was established in 1890 by its founding banks, commencing business with a branch located in Lagos, Nigeria.
- The following year, 1891, ABC expanded its reach by acquiring several South African financial institutions: Western Province Bank (founded 1847), Kaffrarian Colonial Bank (founded 1862), and Worcester Commercial Bank (founded 1850). Additionally, it inaugurated a branch in Tangier.
- By 1892, ABC had taken over the banking operations in Lagos from the shipping enterprise Elder Dempster but intended to withdraw from this market within twelve months.
- During 1893–1894, ABC divested its branches in Lagos and Tangier, transferring them to the newly established Bank of British West Africa (BBWA).
- Near the turn of the century, around 1900, ABC set up an agency in New York City to facilitate its international banking activities.
- In 1915, following South Africa’s acquisition of the territory, ABC opened a branch in Lüderitz Bay, South-West Africa, although this location was closed just a year later in 1916.
- The year 1920 saw ABC launch a branch in Windhoek, South-West Africa; later that same year, it was absorbed by Standard Bank of South Africa, which strengthened its regional footprint.
Categories:
- Articles with short description
- Defunct banks of South Africa
- British overseas banks
- Banks established in 1890
- Banks disestablished in 1920
- History of Lagos
- British companies disestablished in 1920
- British companies established in 1890
- Trading companies disestablished in the 20th century
- Trading companies established in the 19th century
- Trading companies of the United Kingdom