OUR HISTORY

George Middleton was heavily involved with the affairs of the French financier, John Law who owed a great deal of money to the bank when the Mississippi bubble burst in 1720 and the English stock market crashed in the same year. This resulted in the ceasing of Middleton’s payment for three years. In 1727, George Campbell, the founder’s younger son, joined Middleton before welcoming a third partner, David Bruce, to the bank in 1744. The goldsmith practice had declined since the 1720s, so when Middleton died in 1747, the surviving partners called themselves simply 'Bankers of 59 Strand', the bank’s home since 1739.

The long reign of George III was a period of major political, social and economic change. Coutts clients were closely involved with such events as the American War of Independence, the French Revolution, the Napoleonic Wars and the opening up of India and the Far East. Thomas’s clients (many of whom were also friends) ranged from the monarch to the Covent Garden cow keeper.

When Thomas died in 1822, his estate and 50% share in the bank passed to his second wife, Harriot, and the bank assumed the name Coutts & Co. As senior partner, Harriot (later Duchess of St Albans) took an active interest in the business. She decided that the 50% share and Thomas’s fortune should revert to a family member at her death. Consequently, in 1837, Angela Burdett – who at 23 was the youngest of Thomas’s grandchildren – inherited the interest in a trust that included a half-share in the bank. Harriot’s will stipulated that Angela take the Coutts name, but forbade her from marrying a foreigner or interfering in the running of the business.

The Baring crisis of 1890 forced a number of banks to re-assess their position, and after much careful consideration, Coutts & Co decided to change its status. In June 1892, the bank dissolved the partnership and became an unlimited liability company. More changes were on the way when in 1904, after 165 years at 59 Strand, the bank moved to its current site at 440 Strand.

Angela Burdett-Coutts died in 1906. In 1914, Coutts acquired the City bankers, Robarts, Lubbock & Co, thereby creating its first branch at 15 Lombard Street and gaining a seat in the Clearing House. By 1919, it became apparent that Coutts could not take full advantage of the post-war market or compete with larger banks, so the decision was made to amalgamate with the National Provincial & Union Bank of England Ltd. Coutts maintained its name, management and style of service. Later, the merger of the Westminster Bank and the National Provincial in January 1969 meant that Coutts came to form part of the larger NatWest Group.