The Ionian Bank (IB) was a British overseas bank that investors established in 1839 to operate in the Ionian Isles, which was then a British Protectorate. It served also as the central bank of the United States of the Ionian Islands. IB later expanded in Greece and the Eastern Mediterranean. After losing its branches in Egypt to nationalization, IB retreated from the Mediterranean, selling all its operations there. Michael Behrens and John Trusted then acquired Ionian Bank, converting it into a merchant bank in London. It was never very successful and in 1977 it voluntarily gave up its banking licence.
Read more about Ionian Bank: History
Famous quotes containing the word bank:
“The prairies were dust. Day after day, summer after summer, the scorching winds blew the dust and the sun was brassy in a yellow sky. Crop after crop failed. Again and again the barren land must be mortgaged for taxes and food and next year’s seed. The agony of hope ended when there was not harvest and no more credit, no money to pay interest and taxes; the banker took the land. Then the bank failed.”
—Rose Wilder Lane (1886–1968)