 Logo depicting the Marygold motif | |
 The branch at 1Fleet Street in 2019 | |
| Company type | Division |
|---|---|
| Industry | Financial services |
| Founded | 1664; 361 years ago (1664) |
| Founders |
|
| Headquarters | 1Fleet Street,London,EC4, UK (former HQ) |
Number of locations | 0 (2023) |
| Services | Private banking Wealth management |
| Parent | Royal Bank of Scotland |
Child & Co. is a historic private bank in the United Kingdom, later integrated into theRBS division of theNatWest Group.[1] The bank operated from its long-standing premises at 1Fleet Street, on the western edge of theCity of London, near theTemple Bar Memorial and opposite theRoyal Courts of Justice.
In June 2022, the last remaining physical branch closed its doors.[2] Despite this, RBS assured customers that the Child & Co. brand would "remain," with no accounts being closed.[3] Banking services are now provided through digital platforms or other RBS andNatWest branches.
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Child & Co. was thethird-oldest bank in the world and the oldest bank in the UK, predating theBank of England by thirty years.[4]
Child & Co. traced its roots to a Londongoldsmith business in the late 17th century, whose premises were known by the sign of the Marygold.Sir Francis Child established his business as a goldsmith in 1664, when he entered into partnership with Robert Blanchard. Child married Blanchard's stepdaughter and inherited the whole business upon Blanchard's death. Renamed Child & Co., the business thrived and was appointed as "jeweller in ordinary" toKing William III.
Child took over most of the assets of Coggs & Dann, agoldsmith banker "at the sign of the Kings Head in the Strand, over against St. Clement Danes Church",[5] after the bank became insolvent in 1710 due to a massive fraud orchestrated by gentleman fraudsterThomas Brerewood, which became known as the Pitkin Affair.[6]
After Child died in 1713, his three sons ran the business. During this time, the firm transformed from a goldsmith business to a fully fledged bank. It claimed to be the first bank to introduce a pre-printed cheque form, prior to which customers simply wrote a letter to their bank but sent it to their creditor who presented it for payment. Its first bank note was issued in 1729.
By 1782, Child's grandsonRobert Child was the senior partner in the firm. However, when he died in 1782 without any sons to inherit the business, he did not want to leave it to his only daughter,Sarah Anne Child, because he was furious over her elopement withJohn Fane, 10th Earl of Westmorland, earlier in the year. To prevent the Earls of Westmorland from ever acquiring his wealth, he left it in trust to his daughter's second-surviving son or eldest daughter. This turned out to beLady Sarah Sophia Fane, who was born in 1785.
From the death of Robert Child (in 1782) until 1793, the bank was managed by his widow,Sarah Child. Their granddaughter Lady Sarah Sophia Fane marriedGeorge Child-Villiers, 5th Earl of Jersey, in 1804 and upon her majority in 1806, she became the senior partner. She exercised her rights personally until her death in 1867. At that point, the Earl of Jersey andFrederick William Price ofHarringay House were appointed as the two leading partners.[7] Ownership continued in the Child-Villiers family until the 1920s.
George Child-Villiers, 8th Earl of Jersey, sold the firm in 1924 to Glyn, Mills, Currie, Holt & Co., which retained it as a separate business.Glyn, Mills & Co. was in turn acquired byThe Royal Bank of Scotland in 1931 and merged withWilliams Deacon's Bank to formWilliams & Glyn's Bank in 1969. Williams and Glyn's Bank was fully integrated into The Royal Bank of Scotland in 1985 and ceased to operate separately.
A branch was opened in Oxford in 1932. DuringWorld War II, the main banking departments were evacuated toOsterley in West London and in 1942, the Oxford branch was transferred toMartins Bank. In 1977, a representative office was once again opened at St. Giles’ in Oxford.
After Temple Bar was removed andFleet Street was widened in 1880, Child & Co. occupied a Grade II* listed building at 1 Fleet Street, which was designed byJohn Gibson. The bank had previously operated from the same Fleet Street site since 1673. The building was refurbished in 2015.[8]
In February 2022, Child & Co. wrote to its clients informing them of the closure of its Fleet Street branch on 29 June 2022.[9] Despite the branch closure, RBS continues to issue Child & Co. branded debit cards, cheque books and statements (as of August 2023).
Over the course of its 350-year history, Child & Co. attracted an exclusive client base that included the Honourable Societies ofMiddle Temple andLincoln's Inn, as well as numerous wealthy families. A number ofOxford colleges and several universities, including theLondon School of Economics andImperial College London, were also reported to hold accounts.
Child & Co. had a legal and professional services hub that supported many of the biggest law firms, as well as three of theBig Four accounting firms in the UK.
It is believed that Child & Co. was the model forCharles Dickens' fictitious Tellson's Bank inA Tale of Two Cities (1859).
51°30′49″N0°06′42″W / 51.5135°N 0.1117°W /51.5135; -0.1117
