Reverberations

The amalgamation of the British Trade CorporationBritish Trade Corporation (BTC) and the Anglo-Austrian BankAnglo-Austrian Bank was announced at the beginning of April 1926. Montagu Norman, the Governor of the Bank of England, had engineered this solution. The two entities were merged into a new vehicle established by the Bank of England called the Anglo-International Bank LimitedBoE. Losses arising from the merged businesses, including the discovery of an overvaluation of the assets of the British Trade Corporation, would give rise to write-off in the Anglo-International Bank. In addition, it had to deal with losses arising from its own activities, which would ultimately lead to its eventual demise.