Records of Bosanquet, Salt & Company relating to the establishment of the private firm, its operation and amalgamation with Lloyds, including:
Foundation
The London-based bank of Bosanquet, Salt & Co. was established in 1867. It was formed as a result of the merger of two much older London firms, Stevenson, Salt & Sons (established 1787) and Bosanquet, Beachcroft & Reeves (1780).
Customer Base
Much of Bosanquet, Beachcroft & Reeves’s early business was concerned with helping to finance merchant traders. It also acted as London agent to a number of country banks. Samuel Bosanquet, one of the original partners, maintained close links with the Admiralty. As a result, many early customers were high-ranking members of the Royal Navy. However, this patronage declined with the end of the Napoleonic Wars, in 1815.
Takeover
In 1867, the bank merged with local rival, Stevenson, Salt & Sons. This merger not only achieved a larger customer base, but it also brought the bank its first link with Lloyds, for whom Stevenson, Salt & Sons acted as London agent.The merger was a success. In the years to come, however, the bank’s small size meant that it found it difficult to compete with the larger joint-stock banks. Bosanquet, Salt & Co. was taken over by Lloyds Banking Company in 1884. The Bosanquet name did appear briefly alongside that of Lloyds in the Bank’s title – Lloyds Bank was known as Lloyds, Barnetts & Bosanquets until 1889.
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