 | |
| Industry | Banking |
|---|---|
| Founded | 1762 |
| Founder | Sir Francis Baring, Bt |
| Defunct | 26 February 1995 |
| Fate | Collapsed (Purchased for £1 by ING). |
| Successor | |
| Headquarters | London, England |
Barings Bank was a British merchant bank based in London, and one of England's oldest merchant banks after Berenberg Bank, Barings' close collaborator and German representative. It was founded in 1762 by Francis Baring, a British-born member of the German–British Baring family of merchants and bankers.[1][2]
The bank collapsed in 1995 after suffering losses of £827 million (£2 billion in 2023)[3] resulting from fraudulent investments, primarily in futures contracts, conducted by its employee Nick Leeson,[4] working at its office in Singapore.
- ^ Reason, James (1997). Managing the Risks of Organizational Accidents. Ashgate Publishing Limited. p. 29.
- ^ Hay (2024), pp. 62–72.
- ^ UK Retail Price Index inflation figures are based on data from Clark, Gregory (2017). "The Annual RPI and Average Earnings for Britain, 1209 to Present (New Series)". MeasuringWorth. Retrieved May 7, 2024.
- ^ "The Barings Bank Case". www.fraud-magazine.com. Retrieved 2022-10-26.