Hoare Banking Family Tradition and Independence

The Hoare Banking family has a rich tradition of banking that dates back to 1672, when Sir Richard Hoare founded the family business.

The bank's independence was a key factor in its success, allowing it to focus on long-term relationships with clients rather than short-term profits.

The Hoare family's commitment to independence has endured for centuries, with the bank still family-owned today.

One of the bank's most notable traditions is its ability to remain independent despite the challenges of the financial industry.

Our founder, Richard Hoare, was a skilled goldsmith who set up a business safeguarding gold and valuables under the sign of the Golden Bottle on Cheapside.

Richard Hoare completed his apprenticeship as a goldsmith, a common path for goldsmiths in those days.

In 1690, the business moved to its current location in Fleet Street, where it continued to thrive.

The business prospered under Richard's leadership, earning him a reputation as a successful entrepreneur.

Richard Hoare was knighted by Queen Anne in 1702, a testament to his hard work and dedication.

Ten years later, in 1712, Richard was appointed Lord Mayor of London, a prestigious honor in the city's history.

C. Hoare & Co. was a British bank that was founded in 1672 by Sir Richard Hoare.

The bank's early success was largely due to its ability to provide loans to the royal family and other wealthy clients.

Sir Richard Hoare was knighted in 1682 for his services to the Crown, and the bank's reputation grew as a result.

By the 18th century, C. Hoare & Co. was one of the largest and most respected banks in London.

The bank's success was also due to its ability to adapt to changing economic conditions, and it continued to thrive throughout the 19th and early 20th centuries.

C. Hoare & Co. was eventually acquired by Lloyds Bank in 1996, marking the end of an era for the Hoare family's banking dynasty.

C. Hoare & Co. has remained committed to its independence, even when faced with insolvency, and has successfully rebuilt its business over the years.

The bank's commitment to independence is a testament to the Hoare family's values, which have been passed down through generations.

In the early 20th century, C. Hoare & Co. underwent a restructuring, transforming itself from a partnership to an unlimited liability company in 1929.

This move allowed the bank to modernize its operations while still maintaining its family-owned structure.

The bank's small size and restrained client base allowed it to develop highly personalized services for its wealthy customers, who were often underserved at larger banks.

C. Hoare & Co. has remained committed to its personal services, even in the face of technological advancements, with CEO Alexander Hoare stating "Self-service banking is a solution to a problem we don't have—which is useless service."

The bank has also resisted the temptation to expand beyond banking and offer diversified products, such as insurance, preferring to focus on its core services.

In the mid-2000s, C. Hoare & Co. did prepare a new investment management product, a multi-manager investment fund led by Northern Trust, but this was still within the realm of its core banking services.

With 333 years of history behind it, C. Hoare & Co. has established itself as a modern niche player in the British banking industry.