How did the first bank become the world’s largest in 18 months?
In January 1882, the first major bank was established in London by British bankers, and it was the first of many banks to open in the UK, following the Great Crash of 1873.
In its first two years, London’s first branch opened in January 1885 and the Bank of England opened its first branch in December 1885.
By the 1890s, the Bank had grown to have more than 400 branches in more than 140 countries.
In 1896, the British government established the Bankers’ Insurance Company, a private firm that insured and promoted financial services.
By 1899, the company had invested more than $20 million in the London branch of the Bank.
In 1900, the City of London was officially known as “London”.
Today, the bank has more than 10 million members.
The first branch of Bank of London opened in 1885 in London’s City of Westminster.
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