Barings Bank was a British merchant bank headquartered in London, founded in 1762 by Francis Baring, that grew into one of the most important financial institutions in Europe, helping finance the 1802 Louisiana Purchase and earning the description of a sixth great European power by 1818. It collapsed on February 26, 1995 after unauthorized derivatives trading by an employee in its Singapore office, Nick Leeson, produced losses of 827 million pounds concealed through falsified accounts, and the bank was subsequently acquired by the ING Group for a nominal one pound.
Facts
Chronology
Dissolved YearWikidata Q790455, property P576 (dissolved, abolished or demolished date). Geography
Country or Jurisdiction ServedWikidata Q790455, property P17 (country). Classification
Institution SubtypeSourced to the subject's own account Founding YearSourced to the subject's own account HeadquartersSourced to the subject's own account Connections
Associated With
Panic of 1893, Events Barings Bank's overextended investment in Argentina, and its near-collapse in the 1890 Baring crisis, contributed to the loss of investor confidence that fed into the Panic of 1893.
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Sources
1. Barings Bank (Wikipedia)
Wikipedialead section, Barings Bank Wikipedia article
Barings Bank was founded in 1762 as the John and Francis Baring Company by Sir Francis Baring, 1st Baronet, with his older brother John Baring as a mostly silent partner.
infobox, Barings Bank Wikipedia article
London, England
In Group: Merchant Banks and Banking Dynasties, Lead
Barings Bank was a British merchant bank based in London.
View the Source 2. Wikidata
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Wikipedia
Wikimedia FoundationAssociated With: Panic of 1893, Panic of 1893Quote, Associated With: Panic of 1893, Panic of 1893
Heavy investment in Argentina by Barings Bank, followed by the 1890 wheat crop failure and the Revolution of the Park, a failed coup in Buenos Aires, ended further investments in the country.
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