Alliance Bank of Simla

Source: Wikipedia, the free encyclopedia.

The Alliance Bank of Simla was a British-run though

Umballa. Its board put the United Bank of India in voluntary liquidation on 21 March 1874, and Alliance Bank commenced operations two days later.[1] After 49 years, Alliance Bank failed on 27 April 1923 due to speculation by its management. At the time that it failed it had 36 branches, including ones in Lahore, Lucknow, Peshawar, Rawalpindi, and Rangoon
.

History

Alliance Bank expanded by taking over the operations of other failed banks. By doing so it was able to extend its branch network and reduce the competition that some of its branches faced.

It was the liquidator for

Bombay (16 February 1903) followed.[1]

Alliance Bank, later the Reserve Bank of India, on Council House Street, Kolkata (Calcutta)

Alliance Bank opened its Calcutta branch on 15 October 1889 at 8, Council House Street in Central Kolkata's

Thomas Acquin Martin, built the building, which still exists. After Alliance Bank failed, the Imperial Bank of India took over the building. After the Imperial Bank became the Reserve Bank of India
in 1935, the Reserve Bank took over the premises.

Alliance was appointed the liquidator of

Lloyd's Bank's branch at Darjeeling and opened a branch there on 1 January 1896.[1]

Early In 1913, it acquired some of the assets and liabilities of

Naini Tal, Delhi and Mussoorie.[2]

Then in 1916 Alliance Bank acquired the Indian business and six Indian branches of Delhi and London Bank (est. 1844). Boulton Brothers, of London, acquired the London business of Delhi and London Bank.[3] Alliance and Boulton Brothers had been associated since 1914.[4]

Alliance Bank also acquired in 1916

Jullundar, Karachi, Cantonment [sic], Multan, Naushera (in the North-west Frontier province), Quetta, Peshawar, Sialkot, Simla, and Srinagar
.

In 1917 Alliance Bank acquired the

Madras
in addition to its head office in Rangoon.

In 1922, Alliance Bank moved its headquarters to Calcutta, shortly before the bank's collapse and closure in 1923.

Failure

Boulton Bros. engaged in fraudulent transactions that brought them down, and Alliance Bank as well.[4] When Alliance Bank failed, the Imperial Bank took over its assets. For instance, Imperial Bank took over Alliance Bank's branch in Lahore and promised payment of 50% of the amount owed to creditors.[6]

See also

Citations

  1. ^ a b c The Cyclopedia of India: biographical, historical, administrative, commercial, (1907), Volume 1, p.248.
  2. ^ The Cyclopedia of India: biographical, historical, administrative, commercial, (1907), Volume 2, p.385.
  3. ^ Jones (1995), p.407.
  4. ^ a b Jones (1995), pp.157–158.
  5. ^ George Findlay Shirras (1920) Indian finance and banking. (Macmillan), p.363.
  6. ^ The Register (Adelaide, SA), 2 July 1923, p.12 "INDIAN BANK'S DIFFICULTIES".

References

  • Bagchi, Amiya Kumar. (1987) The evolution of the State Bank of India, the roots, 1806-1876. (Bombay & New York: Oxford University Press).
    ISBN 978-0761996965
  • Jones, Geoffrey (1995) British Multinational Banking, 1830-1990. (Clarendon Press).
    ISBN 978-0198206026
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