There have been international bankers in the City of London for over 700 years, started by the Jews, Knights Templars, and Italian Bankers , following the great trade routes from east to west and from the Mediterranean in the south to Flanders in the north. English wool and cloth made its way south and silks, brocades, leather, jewels ,armour and spices made their way north.
By the 14th century the main essentials of domestic and international trade finance were well established, in an area around what is now known as Lombard Street.
From the 14th century bankers in England formed many alliances with guilds and also formed associations and in March 1948 The Overseas Bankers Club was formed. The aim being for representatives of overseas banks in London was to meet each other and the managers of the leading British banks.
The Club prospered though the 1970's and into the early 80's, when in 1985 total membership had risen to approximately 2,200 (with 550 residents abroad) representing 575 banks. By the 1990's, despite having over 1,000 members the Club was making losses and in October 1993 the word "Overseas” was dropped from its name.
Despite numerous internal changes, on March 14th 2002 the Club was finally dissolved. A resolution was passed to donate the remaining assets of the Club to the Charitable Fund of the newly formed Guild of International Bankers. This consisted of a significant amount of paintings, silverware, plate and paintings, in addition to cash and the legacy of the Guilds coat-of-arms. To be more precise and heraldic, in the crest of the Guilds arms, ' a Yacht composed of the hull of a caravel redunda Sable and a mast, or rigged as a Bermudian sloop sails Gules "which was modified from the small yacht with red sails which had topped the badge of the Overseas Bankers Club President. The ship motif underlines the historical traditions of internationalism which are represented in the Company today.
In 1998, in recognition of the merger of the FBSA with the British Overseas and Commonwealth Banks Association, Art Brown, an Australian and General Manager of the Commonwealth Bank of Australia's London Office, succeeded Peter Burger as Chairman of the FBSA. He was also keen on the idea of all nationalities being able to become Freeman and supported the efforts being undertaken to that end by Judith Mayhew, a New Zealand lawyer and Chair of the City's key Policy and resources Committee. Success came on the 25th March 1999, when the Common Council passed a further Act which allowed citizens of all countries, or, more precisely " aliens not of the Queens allegiance " to become Freeman. The first such was Raymond Seitz, who had been US Ambassador to the Court of St James from 1991 to 1994 Fast -Track to livery.
There are several stages in the process of becoming a livery company. The first, and most essential step, is to find an Alderman who will be prepared to sponsor the application and act as liaison between the guild and the Court of Alderman, Chamberlain's court and others to ensure that progress through the ranks of companies is smooth. Members of the FBSA had met Sir Paul Newall at City functions and as a banker, since he had been a member of firms which ultimately became part of Lehman Brothers. He was also a committed internationalist, a defining element of the proposed guild. The theme of his mayoralty in 1993/4 was " The International City - the World is our market " Happily, he was not already sponsoring another Company and on 2nd June 2000 the Court of Alderman agreed that he could be the Guild's Sponsoring Alderman.
Another concern was that traditionally the process to become a full livery company was slow - a minimum of seven years from being established as a guild to becoming a company without a livery, and a further seven years to become a full livery company . Was it possible to accelerate the process and reach livery status sooner? This would, of course be a major factor in attracting members, especially given the transient nature of most international bankers' careers in London. Sir Paul wrote to the City Archivist and discovered that an accelerated procedure had been introduced in 1974 as part of a move to encourage professional organisations to form companies. Although this had been formally terminated in 1981, a rider had been retained to the “7 + 7 ' rule, which allowed a fast-track” in very special circumstances and limited to professional organisations.
With this encouragement, the first meeting of those who might be interested in forming a livery company was held on 12th October 2000. While there is no formal procedure for a professional institution, or similar body, to become recognised by the Court of Alderman, as a City guild, it must petition the Court of Aldermen. This was done by Sir Paul Newall in a meeting of the General Purposes Committee of Aldermen on May 16th 2000.
In a speech, Sir Paul concluded with this rousing peroration " this guild - and, hopefully, the eventual livery company - would give a strong signal, in terms of PR, that uniquely, and unlike any other money centre, the City of London is the most user friendly in the world,, the true Headquarters of the international banking fraternity, and that is part of the secret of its continuing success. The Court of Aldermen could be sending a very powerful message in this regard."
The committee gave its permission. The work begins;
At that first meeting in October 2000, the working part addressed various issues, including, the key word ' international. This clearly demonstrated the Guild's intention to attract membership from those who were active in the international arena from both London and abroad. Just as importantly, it was agreed that membership should not be confined to bankers, but should include those professionals who work extensively with banks and bankers. As a result the Company's letter-head reads, The Worshipful Company of International Bankers - for financial professionals.
The Guild's ordinances, which were formally adopted on 25th June 2001, stated the Guild's primary objectives;
To promote, support and encourage standards of excellence, integrity and honourable practice in the conduct of international banking and the financial services industry and to add societies and other organizations connected to such industry.
Wherever possible, to promote and uphold the established traditions of the international banking and financial services industry.
On the fourth meeting of the working group on the 15th February, it was agreed to form a Founding Court of a Master, three wardens and up to 25 freemen as Court Assistants. Sir Paul Newall was elected as Founding Master and the Founding Court was also chosen. Sir Paul pledged that he “would do all that he could to ensure the new Guild progressed to higher status within the Corporations' structure in the shortest possible time “and set about gathering support from other Livery Companies. He also advised that it would be a good idea to produce a brochure setting out the new Guild's aims and purposes and the background to its inception, together with supporting letters from the Lord Mayor and the Governor of the Bank of England, now Sir Edward George, a proposal which was accepted and implemented.
The Guild of International Bankers formally came into being on May 1st 2001 and 220 attended its inaugural Dinner which was held on the 26th July 2001 in Mansion House. Sir Edward toasted the Guild.
The Annual Guildhall Banquet on 4th February 2002 was jointly promoted by the Bankers Club and the Guild… the Club's last formal event. On the 4th May, almost exactly a year after the guild had come into being, Sir Paul presented a petition to the Court of Alderman for progression to Company without Livery status, since the Guild “most closely represents the core and essence of the City of London's business today".
The petition was granted on June 18 2002.
Finally on 6th July 2004, just over three years after the Guild was founded, the Company petitioned for full Livery status. By then it could boast of a membership of around 500 (over 100 as liverymen) drawn from over 40 nationalities - probably more than any other livery company - representing over 250 banks and financial institutions with charitable endowments in excess of 450,000 pounds and general funds in access of 50,000 pounds.
The petition was granted on the 21st September 2004, when the guild Guild of international Bankers became the 106th Livery Company in the City of London.
A change of Name;
On the 4th April 2007 the Court of Aldermen granted a change of name to The Worshipful Company of International Bankers and in May 2006 a Royal charter was granted by the Privy Council and was sealed by The Queen on December 10 2007.
And so, 700 years after it might have been done, and only six years after it actually became a Guild, the Worshipful Company of International Bankers had achieved full livery status and obtained a Royal Charter. it is, already with over 500members, one of the largest livery companies in the city and almost certainly the most international.
We are honoured that Ken Foxcroft , our Honourary Treasurer and John Smith, our Honourary Clerk ,are both members of this distinguished Livery Company.
The motto says;
A natione ad nationem - from nation to nation
A short history of its formation.
By John Thirlwell
Sourced from The Worshipful Company of international Bankers
Company Comment - Spring 2011
The Unique City
The City Livery Companies
Freedom of The City
The Constitution of Company