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E D SASSOON BANKING COMPANY LIMITED: ADMINISTRATION

Identity Statement

Reference code(s): GB 0074 CLC/B/207/ED03
Held at: London Metropolitan Archives
  Click here to find out how to view this collection at https://www.cityoflondon.gov.uk/things-to-do/london-metropolitan-archives/Pages/ ›
Full title: E D SASSOON BANKING COMPANY LIMITED: ADMINISTRATION
Date(s): 1921-1971
Level of description: sub fonds
Extent: 0.12 linear metres
Name of creator(s): E D Sassoon Banking Company Limited | E D Sassoon and Company Limited xx Wallace Brothers Sassoon Bank Limited xx D K Investments (Crosby Square) Limited

Context

Administrative/Biographical history:

E D Sassoon Banking Company Limited was established as a subsidiary of E D Sassoon and Company Limited. It was first incorporated in Hong Kong in 1928 to coordinate the trading interests of the Sassoon family, In March 1930 E D Sassoon and Company Limited's new headquarters were opened at Sassoon House, Shanghai. In order to facilitate the investment of Bombay assets into Shanghai, E D Sassoon Banking Company Limited, was registered in 1930 (however the parent company had been handling private banking functions since 1921). The head office of the new company was in Hong Kong with branches in the City of London and Manchester. The firm continued to invest in property, choosing to purchase large hotels and office blocks. Despite successful production rates, the firm decided to dispose of the mills in Bombay after the Second World War, fearing problems as foreign owners once independence was granted. In May 1949, Shanghai and Hong Kong were under control of communist regimes and seemed unhealthy places for the company's head office so it was transferred to Nassau in the Bahamas in 1950. It is thought that Nassau was chosen because there were no forms of personal or corporation tax in place and Sir Victor Sassoon planned to live there, until his death in 1961.

E D Sassoon Banking Company Limited invested in a number of companies which it operated as subsidiaries including Far Eastern Nominees Limited and Arnhold and Company Limited.

In 1967 the structure of the company was enlarged to admit new shareholders with the head office later moving to London. Major Desmond Fitzgerald, a cousin of Sir Victor Sassoon, became chairman. The company offered a full range of banking facilities including current and deposit accounts, loans and overdrafts, acceptance credits, export finance, foreign currency exchange and other financial services and advice. Also in 1967, the Nassau office became a wholly owned subsidiary of E D Sassoon Banking Company Limited under the title of E D Sassoon Banking International Limited, Nassau, Bahamas and offered services such as company management by incorporating Bahamian holding or operating companies and trust administration.

In 1972 E D Sassoon Banking Company Limited merged with Wallace Brothers and Company (Holdings) Limited and the name of the company was changed to Wallace Brothers Sassoon Bank Limited, with registered offices at 4 Crosby Square, City of London. The name was later changed to Wallace Brothers Bank Limited in November 1974, continuing to operate from Crosby Square. E D Sassoon and Company Limited continued to exist as a separate company from 1972 and later became DK Investments (Crosby Square) Limited in 1978.

E D Sassoon Banking Company Limited's registered offices were initially Sassoon House, Hong Kong and Gloucester Building, Victoria, Hong Kong (1930-1950). In 1950 the company was incorporated in the Bahamas and the new registered offices became Fenby House, Shirley Street, Nassau, Island of New Providence, Bahamas (1950-1963) and later 324 Bay Street, Nassau, Island of New Providence, Bahamas (1963-1969).

Most of the company's operations were controlled by the London branch offices. These were based at Stone House, 140 Bishopsgate, London (1930 - 1934), 85 Gracechurch Street, City of London (1934 - 1955), 37 Upper Brook Street, Westminster (1955-1969) and Winchester House, 100 Old Broad Street, City of London (1969-1972). There were also branches at 58 Whitworth Street, Manchester and Holland House, Hong Kong.

The collection contains a pamphlet on the company's background entitled 'A century of service to finance and trade' (CLC/B/207/CH09/01/001) along with an earlier draft by Major Derek Fitzgerald which contains more detailed historical information about the company (CLC/B/207/CH09/01/002).

Geographical range:
London, India and China, Gulf ports, Iraq and Japan

Content

Scope and content/abstract:

Records of E D Sassoon Banking Company Limited including secretary's department and general manager's department correspondence files.

Access & Use

Language/scripts of material:
English

System of arrangement:

Sub-fonds arranged as follows:
CLC/B/207/ED03/01 SECRETARY'S DEPARTEMENT
CLC/B/207/ED03/02 GENERAL MANAGER'S DEPARTMENT

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 to access 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

Related material:

Publication note:

Description Notes

Archivist's note:

Rules or conventions:
Compiled in compliance with General International Standard Archival Description, ISAD(G), second edition, 2000; National Council on Archives Rules for the Construction of Personal, Place and Corporate Names, 1997.

Date(s) of descriptions:
Added January 2014

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