National Bank of India

National Bank of India

The Calcutta City Banking Corporation was established in 1863 as an Indian registered bank with 4 Indian and 3 European directors on the Board.

In 1866 it was incorporated in London as the National Bank of India (NBI) with no Indian directors on the Board at all. An office in Bombay was opened the same year and the Indo-Egyptian & London Bank was acquired. In 1870 NBI sought to exploit opportunities in China with a branch in Hong Kong and later, in Shanghai.

Substantial losses threatened the Bank and the Chinese operations were eventually closed. NBI now began to expand around the fringes of the Indian Ocean, particularly Aden and East Africa. By 1900, NBI had a total of 19 branches and assets of £10 million.

Steady expansion continued in the early part of the 20th century and by 1914 NBI was the seventh largest of the London-registered overseas banks. Growth stalled after the First World War, however Grindlays Bank was acquired in 1948.

In 1958 the business of the two banks was merged under the title of National Overseas & Grindlays Bank, renamed National & Grindlays Bank (NGB) in 1959.

In 1984 the Bank was acquired by the Australia & New Zealand Banking Group, who changed its name to ANZ Grindlays Bank in 1989. In 2000 the Bank was acquired by Standard Chartered.

The company used hanstamped initials only overprints, mostly encountered on Foreign Bill stamps.

Back