British Bank of Northern Commerce

Knut Agathon Wallenberg of the Stockholms Enskilda Bank and Emil Glückstadt of Landmansbanken (Copenhagen) founded the British Bank of Northern Commerce in February 1912, together with several other banks including Centralbanken for Norge (Christiania), Banque de Commerce de l`Azoff-Don (Petrograd), and Banque de Paris et des Pays Bas (Paris). The purpose of the bank was to facilitate trade between the United Kingdom and northern Europe. The bank financed Finland after the country achieved its independence from Russia in 1917-18.^[1]

In June 1919 the bank offered the chairmanship to John Maynard Keynes with the assurance that in return for a salary of £2000 the job would only take a morning a week. Keynes had met Wallenberg and Glückstadt during World War I and the offer was attractive. However, Keynes consulted with several bankers in the City and turned the offer down.^[2]

In October 1920 British Bank of Northern Commerce merged with C.J. Hambro & Sons, with the combined bank taking the name Hambros Bank of Northern Commerce. In August 1921 the bank shortened its name to Hambros Bank, in part because it did not want a name that was too limiting.

References

• Moggridge, Donal Edward (1995) Maynard Keynes: An Economist's Biography. (Taylor & Francis). ISBN 978-0-415-12711-0
• Wechsberg, Joseph (1966) The merchant bankers. (Little, Brown).