What Is The Banking History Of England And USA?
During the era of King Charles James II (1660-1685), the Whigs, a political group in Great Britain identified with industrialist. Non-conformists and reforming interests, who next become liberal party under Gladstone, established a finance company that carried out bank business. The King Charles, compelled by economic distress, seized its all assets including gold and silver.
Consequently, the group established another sandbank named, Bank of England in 1697 to financially help bail out King Charles III (1689-1702).Later, it become the central bank of England, and in 1946 it be nationalized. The bank has played tremendous role in the nouns of the modern banking.n mid-twenties a great many banks be formed in the U.K, which were merged into four big banks. Popularly call Big four. They are:
National Westminster Bank
In addition to the Big Four the U.K. had smaller Banks"
Royal Bank of Scotland
National Giro Bank
Trustee Savings Bank
Banking History of the USA.
In the U.S in 1791 Alexander Hamilton founded Bank of United States that be wound up I811. The Bank was revived in 1816 only for 20 years.
According to a survey, near were fifteen thousand commercial banks working in the US, of which around ten thousand be state banks functioning under respective sate laws.
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