Glyn, Mills & Co.
| Company type | Private bank |
|---|---|
| Industry | Banking and finance |
| Founded | 1753 in London, England |
| Founder | Joseph Vere, Richard Glyn, Thomas Hallifax |
| Defunct | 1969 |
| Fate | Integrated into the Royal Bank of Scotland; merged into Williams & Glyn's Bank |
| Headquarters | London , England |
| Products | Banking services (private banking, commercial banking) |
Glyn, Mills & Company was a private bank established in London in 1753, which continued its operations until 1969 when it was integrated into the Royal Bank of Scotland.
Early history
Originally named Vere, Glyn & Hallifax, the bank was founded by Joseph Vere, a seasoned banker and member of the Goldsmiths Company; Richard Glyn, a notable London drysalter with broad commercial links; and Thomas Hallifax, who had previously served as chief clerk at Martins Bank. Unlike many contemporary private banks in London that primarily catered to affluent individuals, Glyn, Mills focused on serving commercial enterprises such as railway corporations, Sun Insurance, and the Hudson's Bay Company.
Following Vere's passing in 1766, Glyn and Hallifax maintained the business until the financial crisis of 1772 compelled the bank to temporarily halt payments. Emergency capital was provided by Sir John Salter on the condition that his son-in-law William Mills joined as a partner. The institution reopened under the name Glyn, Hallifax and Mills, expanding its workforce from seven employees in 1790 to fifty-one by 1830. After the last Hallifax partner died in 1850, the bank adopted the name Glyn, Mills & Co..
Acquisition of Currie's
In 1864, to strengthen its financial foundation, Glyn, Mills purchased the London private bank Currie's, adopting the title Glyn, Mills, Currie & Co, which it retained until 1923. Ownership was distributed among families: Glyn and Mills each controlled two-fifths of shares, while Currie held one-fifth. In 1866, Scottish banks intended to acquire half of Glyn Mills to gain entry into the London Bankers' Clearing House, but this plan was derailed by the collapse of Overend Gurney.
By 1885, Glyn, Mills distinguished itself as one of the earliest private banks to publish semi-annual balance sheets, demonstrating a scale comparable only to major joint-stock banks. The bank’s reputation was notably affirmed during the 1890 Barings Bank collapse, when Bertrand Currie led an investigation supported by the Bank of England and became one of the principal external contributors (£500,000) to Barings' rescue fund alongside Rothschilds.
Acquisition of Holt's and Child's
Facing increased competition from the “big five” banks after the First World War, Glyn Mills pursued growth through acquisitions: acquiring Holt & Co. in 1923 (briefly renamed Glyn, Mills Currie Holt & Co) followed by Child & Co. in 1924, after which it reverted to Glyn Mills & Co. Holt's, founded in 1809 by William Kirkland, specialized as army agents and had absorbed Woodhead and Co., a Navy agency, in 1915. Child's Bank, established before the Bank of England and owned by the Earl of Jersey for over a century, was sold to Glyn’s following Lord Jersey’s death because the Bank of England opposed its acquisition by any of the Big Five banks. As the largest private bank and sole private member of the Clearing House, Glyn’s was regarded as an ideal purchaser.
Purchased by Royal Bank of Scotland
As pressures mounted approaching the Second World War, including losses from casualties and death duties impacting capital reserves, partners at Glyn Mills agreed in 1939 to sell to the Royal Bank of Scotland. Despite this acquisition, Glyn Mills continued operating autonomously and expanded by acquiring British Overseas Bank and Anglo-International Bank in 1944 and A Ruffer & Sons in 1946. In 1969, Royal Bank of Scotland reorganized its English and Welsh operations by merging its subsidiaries—Glyn, Mills & Co., Williams Deacon's Bank, and branches of The National Bank—into Williams & Glyn's Bank.