26 February 1995
On this day in 1995 Barings Bank, Britain’s oldest Merchant Bank, called in the receivers and shut its doors.
Barings Bank was established in Cheapside London in 1762 by the Baring brothers Francis and John. It financed the Napoleonic wars. It was no stranger to risk. It was no stranger to volatility.
The demise of Barings is a tale of fraud and incompetence and fraud and concealment. Continue reading