Charterhouse Bank
{{short description|British investment bank}}
{{Infobox company
| name = Charterhouse Bank
| logo = Charterhouse Bank logo.jpg
| type = Public
| caption =
| fate = Acquired
| successor = HSBC
| foundation = 1920
| defunct = 2000
| industry = Banking
| key_people = Sir Victor Blank, (Chairman and CEO)
| products =
| num_employees =
| parent =
| subsid =
}}
Charterhouse Bank was a British investment bank formed in 1920. The business would later become part of HSBC.
History
Charterhouse Bank was incorporated as an investment bank in December 1920.{{cite web|url=https://beta.companieshouse.gov.uk/company/00171831|title=Charterhouse Management Services Limited|publisher=Companies House|accessdate=13 April 2017}} In 1925, Charterhouse Investment Trust was created,{{cite book|title=The Charterhouse Group, 1925-1979: A History|author=Dennett, Laurie|date=1979}} with its first sponsored issue being that of International Pulp and Chemical Company in 1926.{{cite book|url=https://books.google.com/books?id=zunKieS8gDwC&dq=%22charterhouse+investment+trust%22&pg=PA128|title=Clifford Chance: Its Origins and Development|author=Slinn. Judy|date=1993|page=128|isbn=9780906782989}} Charterhouse Investment Trust also started buying department stores in London, floating United Drapery Stores as the holding company for its retail investments in 1927.{{cite book|url=https://books.google.com/books?id=Ustj-ciuZP4C&dq=%22charterhouse+investment+trust%22&pg=PA81|title=Daily Consular and Trade Reports|date=9 January 1928|page=81}}{{cite book|url=https://books.google.com/books?id=wwWQDwAAQBAJ&dq=%22charterhouse%22+united+drapery+stores&pg=PT92|title=Share Trading, Fraud and the Crash of 1929: A Biography of Clarence Hatry|author=Swinson. C|date=2019|isbn=9780429648922}} In 1963 Charterhouse Bank merged with S. Japhet and Company, a rival investment bank established by Saemy Japhet (1858–1954), to form Charterhouse Japhet.{{cite web|url=http://www.jta.org/1954/02/04/archive/saemy-japhet-banker-and-philanthropist-dies-in-london-at-95|title=Saemy Japhet, Banker and Philanthropist, Dies in London at 95|date=4 February 1954|publisher=Jewish Telegraphic Agency|accessdate=13 April 2017}}
A US-based arm, Charterhouse Group, was formed in 1973, but became independent of its parent in the 1980s.{{cite web|url=http://www.prnewswire.com/news-releases/charterhouse-group-announces-exit-of-investment-in-oakleaf-global-holdings-inc-in-a-655-million-transaction-57768367.html|title=Charterhouse Group Announces Exit Of Investment In Oakleaf Global Holdings, Inc. in a $655 Million Transaction|publisher=PR Newswire|date=1 August 2007|accessdate=13 April 2017}} In 1981 Charterhouse Japhet acquired Keyser Ullman, a substantial but failing rival.{{cite book|url=https://books.google.com/books?id=DCawCwAAQBAJ&q=Charterhouse+Group+1973&pg=PA156|title=British Banking, 1960–85|first1=John |last1=Grady|first2= Martin|last2= Weale|publisher=Palgrave Macmillan|year=1986|isbn=978-1-349-07537-9|page=156}} In November 1983, Jacob Rothschild merged his own investment business, RIT & Northern, into Charterhouse Japhet and took a controlling stake in the combined business which was briefly known as Charterhouse J. Rothschild.{{cite web|url=https://www.nytimes.com/1983/11/04/business/rothschild-merger-in-britain.html|title=Rothschild merger in Britain|work=New York Times|date=4 November 1983|accessdate=14 April 2017}} Rothschild then sold the banking business, still known as Charterhouse Japhet, to the Royal Bank of Scotland in January 1985.{{cite web|url=https://www.highbeam.com/doc/1G1-13446215.html|archive-url=https://web.archive.org/web/20170414162319/https://www.highbeam.com/doc/1G1-13446215.html|url-status=dead|archive-date=14 April 2017|title=European dreams: Charterhouse Bank|publisher=The Economist|date=13 February 1993|accessdate=13 April 2017}} From 1985 to 1996 Sir Victor Blank held the posts of chairman and chief executive of the banking business, which reverted to its original name, Charterhouse Bank.{{cite news | title=Profile: Sir Victor Blank | url=https://www.telegraph.co.uk/finance/2930924/Profile-Sir-Victor-Blank.html | accessdate = 2007-09-12 | work=The Daily Telegraph | location=London | date=2006-01-26}}
Royal Bank of Scotland sold 90% of Charterhouse Bank (retaining 10%) to two continental banks, Crédit Commercial de France and Berliner Handels- und Frankfurter Bank in February 1993.{{cite web|url=https://www.independent.co.uk/news/business/charterhouse-sold-to-continental-banks-for-pounds-235m-1471513.html|title=Charterhouse sold to continental banks for pounds 235m|work=The Independent|date=7 February 1993|accessdate=13 April 2017}} Crédit Commercial de France acquired Berliner Handels- und Frankfurter Bank in the late 1990s,{{cite web|url=http://www.ifre.com/download?ac=334685|title=Big Bang 1986: A Revolution in UK Securities and Investment Banking|accessdate=13 April 2017|url-status=dead|archiveurl=https://web.archive.org/web/20170414080918/http://www.ifre.com/download?ac=334685|archivedate=14 April 2017}} so consolidating its investment in Charterhouse Bank, but was itself taken over by HSBC in 2000.{{cite web|url=https://www.wsj.com/articles/SB954648590913325653|title=HSBC Holdings Agrees to Buy Credit Commercial de France|date=3 April 2000|accessdate=13 April 2017}}
In June 2001, the management of Charterhouse Capital Partners, the private equity unit of Charterhouse Bank, completed a management buyout from HSBC to become an independent private equity business.{{cite web|url=https://www.fnlondon.com/articles/charterhouse-sticks-to-its-winning-formula-20090112|title=Charterhouse sticks to its winning formula|date=12 January 2009|publisher=Financial News|accessdate=13 April 2017}} Similarly, in May 2011, the management of HSBC Specialist Investments (later InfraRed Capital Partners) completed a management buyout from HSBC to become an independent infrastructure investment business.{{cite web|url=https://www.fnlondon.com/articles/hsbc-specialist-investments-infrared-spinout-20110503|title=HSBC completes spin-out of infra-funds firm|date=3 May 2011|publisher=Financial News|accessdate=13 April 2017}}