British Linen Bank

The British Linen Company was established in 1746, after the Jacobite Rebellion. It's original objective was to promote the linen industry but in the 1760s it expanded into banking and began issuing its own notes. It expanded through the 19th century and changed its name to the British Linen Bank in 1906. Along with many other banks, it was affected by the downturn after the first world war and was acquired by Barclays Bank in 1918, retaining its HQ and right to issue notes. By the late 1960s the banking system was being hit by unfavourable conditions caused by spending limits and the devaluation of sterling. It was against this background that Barclays sold British Linen Bank to the Bank of Scotland in 1971. The name and company was used as the merchant banking arm of Bank of Scotland between 1977 and 1999.