Founded in 1672, C. Hoare & Co is a private bank. Headquartered in London, it is the oldest bank in the United Kingdom and the fourth oldest bank in the world. Family-owned since the beginning, it is now run by the eleventh generation of descendants of founder Sir Richard Hoare. The bank has just two branches, both in London; located on Fleet Street and Lowndes Street.
Hoare & Co is the sole survivor of a number of private deposit banks that were established in the 17th and 18th centuries. Customers can, if they choose, visit the museum based in the bank’s Fleet Street office to explore its history in more detail.
In recent years, C. Hoare & Co has sold both its wealth management business and its investment dealing business. The bank recently appointed a non-family member to an executive position for the first time; former head of Credit Suisse Jeremy Marshall.
Hoare & Co Products and Services
Hoare & Co provides private banking services including loans, savings and current accounts, mortgages, tax and estate planning services and philanthropy. Most of the bank’s clients are high net worth individuals and families.
Customers looking to save can choose from a range of deposit accounts including instant access, fixed term and notice accounts. Customers with a balance over £10million can also access the bank’s Cash Administration Service, which gives them access to inter-bank money market rates. Customers can open accounts in a range of currencies.
For customers wishing to get involved in philanthropy, the Master Charitable Trust offers a simple way to give money as either cash, shares or assets.
Trust and executor services are offered through trust corporation Messrs Hoare Trustees, which is wholly owned by the bank.
As most of the bank’s customers are high net worth individuals and families, it also offers estate planning services to allow for sometimes complex succession planning and family wealth. The bank has experts in estate planning on hand to advise customers about their individual needs.