Lombard Banking
1946 New Credit Corporation Ltd was incorporated in Bournemouth as successor to Acceptance Credit Corporation, which had been incorporated in 1938 but never traded.
1947 the company name was changed to Lombard Banking Ltd. Branches were later established in Croydon, Brighton, Canterbury and Guildford.
1950 the company's head office moved to London.
1951 Lombard acquired a hire purchase company called London & Provincial Motor & Tractor Co Ltd (est. 1946), changing its name to Lombank Ltd in 1953.
1953 Lombard Marcroft Ltd was established as a joint hire purchase venture (later wholly owned) with Marcroft Wagons Ltd. All the company’s hire purchase and credit finance activities were hived off to the Lombank subsidiary.
From 1957 Lombard Banking operated solely as a bank. Lombank, specialising in credit finance and leasing facilities for commerce, the motor trade, industry and agriculture, also flourished and in 1959 moved to Croydon.
Lombard acquired Equity Credit Corporation Ltd; an interest in Devon House Finance Co Ltd of Ewell in 1956; Awley Finance Co Ltd of Manchester in 1958, one of the country's largest domestic equipment and appliance finance companies; and a 51% interest in Tricity Finance Corporation Ltd in 1959, which provided retail credit facilities largely for Thorn Electrical's household and leisure products.
1950s Lombard Bank established a number of overseas subsidiaries
1964 Lombard Bank Ireland Ltd was established in Dublin.
By 1965 the company had over 80 branches throughout the UK and had become one of the UK’s largest finance houses.
1970 Acquired by National Westminster Bank
1971 North Central Wagon and Finance Co was merged with Lombard Banking to form Lombard North Central Ltd.[1]
See Also
Sources of Information
- ↑ North Central Finance Ltd. by Mark Matlach 24/04/2011
- [1] Nat West heritage