Banking is thought to have started in the UK in the 17th century when goldsmiths began to accumulate large amounts of stocks of gold following the dissolution of the English monasteries by Henry VIII. Around 1650 a cloth merchant called Thomas Smith opened the first provincial bank in Nottingham. The Bank of England was founded shortly after in 1694. The bank of Scotland was opened in 1695 and although established soon after the Bank of England was fundamentally different whereas the Bank of England was specifically formed to finance defense spending by the English government, the Bank of Scotland was formed by the Scottish Government to support Scottish business and was prohibited from lending to the government without parliamentary approval.
The Industrial Revolution and England’s dominance in seaborne shipping led to merchant banks being formed to facilitate trade growth and account for London’s early domination in the world of banking. Today London is one of the financial hubs of the world with over 500 different banks in the city alone. The UK is home to some of the top earners in finance and the industry accounts for about one tenth of the Country’s economy. Studies have shown that the continuation of International Banking in London is positively related to the experience in the local market and the size of local operations.
Clearly the UK’s long history and professional reputation attract banking and investment from all over the world.
Chesterfield have a close relationship with several UK banks including the most reputable and long standing High Street banks and are able to arrange onshore and offshore bank accounts at various locations .
If you would like to find out more about opening a business account with a British Bank or any other bank please follow the link below or call us on our offices Telephone Number: 44 20 7097 1385