The origins of Grindlays Bank trace back to 1828 when Captain Robert Grindlay founded Leslie & Grindlay in London. Initially headquartered in Birchin Lane before moving to Parliament Street, the firm established itself as a prominent financial institution primarily serving the British Army and business interests in India.
The bank underwent several significant transformations in its early years. In 1839, a change in partnership led to its first renaming as Grindlay, Christian & Matthews. By the time of Captain Grindlay's retirement in 1842, the institution had earned a prestigious reputation as "the most distinguished bankers and agents to the civil and military officials of the business community and the British Army in India." Following this, in 1843, the firm was renamed Grindlay & Co.
The mid-19th century marked the beginning of the bank's expansionary phase. Starting in 1854, the firm extended its operations beyond its original markets, establishing presence across India, Europe, the Middle East, South-East Asia, and Africa. This expansion significantly enhanced its international footprint and capabilities.
The twentieth century brought major corporate restructuring to the institution. In 1924, the National Provincial Bank acquired the firm, converting it into a company while allowing it to maintain operational independence as Grindlay & Co Ltd. In 1947, the institution was renamed Grindlays Bank Limited. The following year marked another significant change when the National Provincial Bank sold Grindlays to the National Bank of India, though retaining a minor shareholding in the institution.
Allahabad Bank, established in 1865 in Allahabad, stood as one of India's oldest joint stock banks and was among the first financial institutions founded on Indian capital. The bank demonstrated remarkable growth in its early years, expanding its presence across northern India. By the end of the 19th century, it had established branches in major cities including Calcutta, Delhi, Jhansi, Kanpur, Lucknow, Bareilly, Nainital, and Mussoorie.
The early 20th century brought significant changes in ownership. In 1920, P&O Banking Corporation acquired Allahabad Bank at ₹436 per share. This was followed by another change in 1927 when the Chartered Bank of India, Australia and China acquired P&O Bank, though they maintained Allahabad Bank as a separate operational entity.
A pivotal moment in the bank's history came in July 1969 when it was nationalized by the Indian government. The bank achieved a notable milestone when its Moradabad branch became the first nationalized bank outside a metropolitan city to handle foreign exchange business. The following decades saw further expansion, including the acquisition of United Industrial Bank in 1989. In 2002, the bank marked another significant development by issuing equity to the public. However, the bank's independent journey came to an end in 2019 when it merged with Indian Bank and ceased to exist as a separate entity.
The Calcutta City Banking Corporation was formed in 1863 as an Indian registered bank. The bank changed its name to the National Bank of India (NBI) and moved its registered office to London. Other than London and Calcutta it had a branch in Bombay.
The bank had a unsuccessful stint in China but prospered in East Africa. It benefited from Zanzibar’s free port status and was a key player in construction of railway line from Mombasa to Lake Victoria.
In the early decades of 1900s, it was the seventh largest of the London-registered overseas banks. In 1948 NBI purchased Grindlays Bank a much smaller rival and operated under the name National Overseas and Grindlays Bank. In 1961, Lloyds Bank took a 25 per cent share in the bank and in 1969 Citibank took a 40 per cent stake. In 1975 the suffix National was dropped and the bank started to operate as Grindlays Bank.
In 1984 Citibank and Lloyds sold Grindlays to the Australia and New Zealand Banking Group and was rechristened ANZ Grindlays in 1989. In 2000, ANZ sold ANZ Grindlays subsidiary to Standard Chartered, which in-turn merged it with its existing banking operations.
In 1868, ‘Shaw Jamieson & Co’ was founded in Calcutta by David Shaw and W. Jamieson. The Company become ‘Shaw Finlayson & Co’ in 1873-74, when Francis Finlayson became a partner on Jamieson’s death. In 1874 Charles William Wallace joined the firm’s London Agents. The business in Calcutta expanded into the Indian produce business, built a railway and developed enterprises in coal, timber and oil. The firm made an unsuccessful attempt to float the ‘Assam Railways and Trading Company’. Charles William Wallace worked in Calcutta from 1884-86 whilst R.Gordon Shaw, a relation of David Shaw, returned to London. The firm Shaw Wallace & Company (SWC) was created in 1886.
Throughout its long and rich journey, SWC has had many a first to its credit.
· In 1891, it became an agent of Burmah Oil Company.
· In 1909, it became an agent of Orenstein & Koppel for supply all types of light railway materials.
· It was the managing agent for following tea gardens: Assam Frontier Tea with tea gardens at Hilika, Talap, Dangori and Longsaol in the Tinsukia District; Hapjan Parabat and Balimara in the Dibrugarh District; and Budla Beta Tea Co Ltd with tea gardens at Bokpara, Pengaree, Kanjikoah and Kharjan in the Dibrugarh District.
· It was one of the first importers of motor cars in India during the beginning of the 20th century.
· It was also the first agent in India of a wireless company- Marconi's Wireless Telegraph.
· In 1926, it became an agent of the airline, the Imperial Airways.
· In 1944, it started its liquor business
Wallace established the Charles Wallace India Trust, which today provides scholarships for mid-career Indians to spend time in the United Kingdom.
SWC restructured its business in 1999, and sold Calcutta Chemicals Ltd and Detergents India Ltd to Henkel SPIC. In mid-2005, SWC's spirits business was acquired by United Breweries and was merged with United Spirits in 2008. Its breweries and beer business was acquired by SABMiller. Its whiskey brand Officers Choice was acquired by Allied Blenders and Distillers Limited. Allied got listed on exchanges in 2024.
Hotz family (Mrs. F.E. Hotz & Robert Hotz) was not only the first family to own luxury hotels in India, but also, they were the first ones to have a hotel chain in the country. Mrs. F.E. Hotz was the primary force behind the hotel chain.
Hotel Cecil, Delhi, was established in 1904 and was owned by Hotz family. Civil Lines, in Delhi was where all English hotels were located in the first decade of 1900s. The three hotels that stood out were Maidens Hotel, Swiss Hotel and Hotel Cecil. Maidens Hotel was the favourite haunt of Edwin Lutyens, the chief architect of New Delhi. The Cecil was an exclusive hotel with about hundred rooms and a swimming pool. Today, St Xavier’s School stands where it once used to be.
Cecil Hotel, Shimla, stand at the location of erstwhile Tendrils Cottage, a regular abode, of Rudyard Kipling. The cottage was bought by Hotz family in 1902, renovated, and a Tudor-framed structure of Cecil Hotel arose at the site. Cecil, over a period of time was transferred to a newly created company, Associated Hotels of India. The story of how the legendary Mohan Singh Oberoi acquired the hotel thereafter needs no retelling; from a clerk with a salary of Rupees Fifty to acquiring the hotel from the than owner Mr. Clarke for Rupees Twenty-Five Thousand.
Wildflower Hall Hotel was the summer residence of Lord Kitchener of Khartoum. The building got burnt down and thus a new one was constructed. It was a favoured summer residence of Lord Ripon. In 1909, after Lord Kitchener returned to London, it was sold to Hotz family. Mrs. Hotz constructed a beautiful three storey hotel at the site. After independence, Himachal Pradesh Tourism Development Corporation ran the hotel. Another fire led to the destruction of the hotel. It was reconstructed by the Oberoi group. Today, it is a joint venture between Himachal Government and the Oberoi group.
Hotel Gables, Mashobra was a regular summer retreat of Lord Lutton, the Governor General and Viceroy of India (1876 - 1880). Today, Hotel Gables is owned by Gables Group active in hospitality, real estate and construction.
Lauries Hotel, Agra which was where the royalty and British gathered in British India has not kept pace with the times. It is a functional hotel but does not command the awe and respect that it once did.
Lloyd Triestino was an Italian insurance company established in 1833 which metamorphized into an ocean-liner company ferrying passengers across the globe. During World War II it lost 68 ships. In 1993, a Taiwanese company Evergreen Marine Corps entered in a partnership with Lloyd Triestino and eventually acquired them in 1998. It is primarily a container freight company now.
The envelope above travelled from Portuguese India to British India.
The Standard Vacuum Oil Company was established in 1931 as a joint venture between Standard Oil of New Jersey and Socony-Vacuum Oil, which was later known as Mobil. Socony stood for the Standard Oil Company of New York which was formed in 1882. Vacuum Oil was formed in 1866. In 1931, Socony had merged with Vacuum Oil to create Socony-Vacuum Oil.
During the 1950s, disagreements arose between the partners, ultimately leading to their split in 1962. As a result, two companies were formed: Jersey Standard Southeast Asia and Mobil Oil Southeast Asia. Interestingly, in 1999, the two entities reunited, merging to form the now-famous ExxonMobil.
In India, the company started its operations in 1910 as Standard Oil Company of New York and thereafter changed its name in 1931 to Socony-Vacuum Oil. In 1951, the company signed an agreement with Government of India to set up a refinery at Trombay. A new company Standard Vacuum Refining Company of India was incorporated. The company started manufacturing motor gasoline and expanded to LPG, JBO, asphalt, SBP spirit, hexane, naptha, petroleum ether and propane.
In 1954, Socony-Vacuum Oil built the iconic Petroleum House in Bombay and relocated its headquarters there, which was inaugurated by the then Chief Minister, Morarji Desai. The building was notable for its modern and environmentally friendly design, featuring open office spaces. In 1974, the company was nationalized and rebranded as Hindustan Petroleum Corporation Limited (HPCL).
The sender of the letter is Vita Pack Corporation. Not much is known about Vita Pack Corporation, but the company played a significant role in the history of cashew nut exports from India. In the late 1920s, American businessmen from Vita Pack Corporation and General Food Corporation collaborated with Shri Narayan Zantye, a pioneer in the cashew processing industry in Goa. They provided technical and financial assistance to successfully export cashew kernels to the U.S. for the first time in 1928. This partnership marked the beginning of a thriving cashew export industry in Goa.
The Ottoman Bank was founded in 1856 and headquartered in Constantinople. It was called the Imperial Ottoman bank from 1863 to 1925. It was the “state bank” of the Ottoman Empire and one of the largest in the world.
In its heydays, it was the lender to the Ottoman government and had monopoly on issuance of banknotes. The bank at one point had 83 branches including three head offices. In consortium with different banks, it was involved in financing of railways, ports, tobacco company and had investments in South African gold mines.
Post World War I, in 1920 Banque Paribas took control of the bank and renamed it Ottoman Bank. Subsequently, in 1996,on purchase by Garanti Bank it passed into Turkish hands and was renamed Garanti BBVA in 2019.
The envelope above addressed to Ottoman Bank is from National Bank of India. Read here to know more about National Bank of India.
Eastern Bank Limited was founded in 1909 in London to help finance trade with the far-east. Soon it had branches in Bombay and Calcutta.
It expanded fast and established branches in Iraq (Baghdad, Basra, Mosul, Kirkuk etc.), Ceylon, Singapore, Bahrain, India (Karachi, Madras etc.), Malaysia, Qatar, Syria etc.
The 1957 Mundhra scandal in India resulted in huge losses. Over the years Barclays Bank and the Sassoon family had cornered controlling stake (65%) in the Bank. The two sold it to Chartered Bank which in turn merged into Standard Bank of South Africa to form Standard Chartered Bank in 1969.