Banknotes of Wales
The Bank of Wales (Banc Cymru) was a bank based in Cardiff, Wales , founded by Sir Julian Hodge in 1971 the company provided commercial banking services to small and medium-sized businesses in Wales. From the outset Sir Julian Hodge wanted the company to be called the Bank of Wales, but the compromise title Commercial Bank of Wales (Banc Masnachol Cymru) was adopted following objections from the Bank of England, who claimed that the proposed name would imply a central bank. |
The Board of Trade imposed numerous restrictions on the denominations permitted, Williams's use of the term "£G" (meaning "Welsh pound", suggesting a separate currency) and his use of the Prince of Wales's feathers in the designs. Williams was eventually declared bankrupt by Bangor Crown Court in 1978. The Board of Trade was uncomfortable with his use of the Welsh word for "treasury" in the name of his company. Williams was forced to change the name of his company in 1969 and he selected Cwmni y Ddafad Ddu Gymreig Cyfyngedig ("Welsh Black Sheep Company Limited"), recalling the banknotes which had been issued for over 150 years by the Aberystwyth and Tregaron Bank and used to feature an illustration of black sheep.
The company was eventually officially renamed Bank of Wales in December 1986. By the year 2000 it had seven
regional offices assets of over £460 million and by the year ending October 31, 2004 was £570 million. The bank was taken over by the Bank of Scotland (now part of HBOS ) in 1988 and Ceased trading under the Welsh brand in 2002. In 2009, Geraint Talfan Davies, chairman of the Institute of Welsh affairs, said that the banking crisis showed the need for the revival of the brand.
The company was eventually officially renamed Bank of Wales in December 1986. By the year 2000 it had seven
regional offices assets of over £460 million and by the year ending October 31, 2004 was £570 million. The bank was taken over by the Bank of Scotland (now part of HBOS ) in 1988 and Ceased trading under the Welsh brand in 2002. In 2009, Geraint Talfan Davies, chairman of the Institute of Welsh affairs, said that the banking crisis showed the need for the revival of the brand.
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e-mail [email protected] Copyright Nick Hedley