Northern Banking
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The Northern Banking group is one of the oldest banking and financial services providers in Northern Ireland. Established in the early 1800s, it has become a part of the ‘Big Four’ banks in the region, and has the authority to issue currency.[br]
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History of Northern Banking
Established in 1809 in Belfast, Ireland, Northern Banking initially operated under the Northern Banking Partnership. However, in 1970, it merged with the Belfast Banking Company Limited, forming the present Northern Bank Limited. Thereafter, the trajectory of Northern Banking was as follows:
1986: Separation of Northern Banking’s Northern Ireland operations from its Republic of Ireland business, forming a subsidiary company by the name of Northern Bank (Ireland) Limited.
1988: Acquisition of both Northern Bank (Ireland) Limited and Northern Bank Limited by the National Australia Bank. Subsequently, the Northern Bank (Ireland) Limited was renamed National Irish Bank.
2004: Acquisition of Northern Bank and National Irish Bank by Danske Bank at an impressive price of £967 million. However, the sale was only finalized in March 2005, after obtaining the requisite regulatory clearance.
Northern Banking under Danske Bank
Following the 2004 acquisition, the operations of National Bank were separated from that of Northern Irish Bank, wherein each had its own exclusive management team. Both subsidiaries of Northern Banking also adopted the technology platform of Danske Bank, which had a centralized communication centre for answering calls to branches of both the banks. The Danske Bank logo was incorporated into their corporate identities by both banks in April 2006.
Northern Banking: Currency Issuance
Northern Banking retains the power to issue its own banknotes, which are essentially pound sterling notes that are equivalent to the notes issued by the Bank of England. Important characteristics of notes issued by Northern Banking are:[br]
Reverse side: An illustration of the Belfast City Hall.
Front: This side generally bears images of notable people who have contributed to the Northern Ireland industry. Some important people acknowledged in the notes are:
· J.B. Dunlop of Dunlop Tires on the 10 pound note.
· Irish Engineer Harry Ferguson, inventor of the modern agricultural tractor, on the 20 pound note.
· Sir Samuel Cleland Davidson, pioneer in air conditioning system, is featured on the 50 pound note.
· Sir James Martin, architect of aircraft ejector seat, on the 100 pound note.
Northern Banking also pioneered a one-of-its-kind plastic banknote in the UK, with its issuance of a commemorative 5 pound banknote in 2000.
