IDENTITY STATEMENT
Reference code(s): GB 0074 CLC/B/207/NCC01
Held at: London Metropolitan Archives
Title: NATIONAL INDUSTRIAL CREDIT CORPORATION: CORPORATE
Date(s): 1937-1968
Level of description: sub-fonds
Extent: 0.15 linear metres
Name of creator(s): National Industrial Credit Corporation
CONTEXT
Administrative/Biographical history:
Formed in 1937 by Edward de Stein, chairman of the Mercantile Credit Company, whilst not being a subsidary of that company the Mercantile shareholders were given preference for shares. On the 15 July 1937 the prospectus for the company was published in 'The Times' stating the purpose was to finance all classes of hire purchase contracts in the Union of South Africa and adjoining territories as the usual period of credit given by a manufacturer is not sufficent for the requirements of hire-purchase selling. The company gave funds to its clients for a defined period under plans specially constructed for each individual trader. The company was based in Johannesburg and established a wholly owned subsidary in Rhodesia.
In 1952 the Mercantile Credit Company proposed to make an offer to acquire the whole of the ordinary capital of the National Industrial Credit Corporation (NICC) and this became a wholly owned subsidary and in turn gave the Mercantile Credit Company an interest in the Rhodesian subsidary company - this latter being taken over completely in 1954 when it was reabsorbed into the main NICC.
In January 1959 The Standard Bank of South Africa Limited bought a 40% share, at a cost of £500,000 of the NICC. Also in 1959 the Standard Bank and the Mercantile Credit Company created a new company, the National Industrial Credit Corporation (East Africa) with Standard holding 40% shares and the Mercantile the remaining 60%. The National Industrial Credit Corporation (East Africa) remained in joint ownership; in the 1980s Standard's share was acquired by Barclays Bank of Kenya who already held a 51% share due to their acquisition of the Mercantile Credit Corporation in the 1970s.
In August 1968 the Standard Bank purchased the whole of the share capital of the National Industrial Credit Corporation, based in Johannesburg and incorporating the Rhodesia business for £1,856,000.
Registered Offices
1937-1940 820 Maritime House, Loveday Street, Johannesburg
1940-1952 Union Castle Building, Loveday Street, Johannesburg
1952-1965 34 Eloff Street
From 1965 National Industrial Credit House, 12 New Street South, Johannesburg
CONTENT
Scope and content/abstract:
Records of the National Industrial Credit Corporation based in Johannesburg, including the memorandum and articles of association, the minutes of the South African Committee based at Johannesburg and the London Committee and the annual reports (with gaps).
ACCESS AND USE
Language/scripts of material: English
System of arrangement:
Records arranged as follows:
CLC/B/207/NCC01/01: FOUNDATION
CLC/B/207/NCC01/02: BOARD AND COMMITTEES
CLC/B/207/NCC01/03: ANNUAL GENERAL MEETING
Conditions governing access:
These records are available for public inspection, although records containing personal information are subject to access restrictions under the UK Data Protection Act, 1998.
48 hours notice required for access.
PLEASE NOTE: Permission for access to records less than 45 years old should be sought from the depositor.
Conditions governing reproduction:
Copyright is held by the depositor.
Finding aids:
Please see online catalogues at: http://search.lma.gov.uk/opac_lma/index.htm
ARCHIVAL INFORMATION
Archival history:
Immediate source of acquisition:
The bank's archives were deposited in the Manuscripts Section of Guildhall Library in 1989 and after. The Guildhall Library Manuscripts Section merged with the London Metropolitan Archives in 2009.
ALLIED MATERIALS
DESCRIPTION NOTES
Date(s) of descriptions: Added January 2014