George Bolton (banker)
Sir George Bolton KCMG | |
|---|---|
 Sir George Bolton in 1970 | |
| Born | 16 October 1900 Hackney, London, England |
| Died | 2 September 1982 (aged 81) Westminster, London, England |
| Occupation | Banker |
| Awards |    |
Sir George Lewis French Bolton
Early life
Bolton was born in
Banking career
At age 16, he joined the London branch of the Société Générale de Paris to be trained as an exchange dealer.[1] In 1920, he joined the merchant banking firm of Helbert, Wagg & Co., and learned the trade in London and Paris. At Helbert, Wegg, & Co., Bolton started and managed a successful foreign exchange dealing department. After the Bank of England had abandoned the gold standard in 1931, the bank sought out Bolton for his expertise in this industry. In 1933, Bolton joined the Bank of England, where he was largely responsible for the market management of sterling exchange rate, using the resources of the Exchange Equalisation Account created by Neville Chamberlain the previous year.[2]
During the late 1930s, Bolton was involved with classified preparations for a structure of wartime exchange control plans, which were implemented when the war broke out in 1939.[1] From 1941 to 1948, Bolton served as an adviser to the Bank of England's Board of Governors on policies of development of the sterling area, in addition to the technical apparatus of foreign exchange control. In 1948, he was named Executive Director of the Bank of England.[2][3]
From 1946 to 1952, Bolton was the UK's executive director of the International Monetary Fund and Alternate Governor from 1952 to 1957. He also served as director of the Bank for International Settlements.
In 1957, he became chairman of the Bank of London and South America (BOLSA), staying in that role until he retired in 1970.
In 1962 Bolton played a key role in the envisioning and establishment of the London eurobond market, a major subsequent source of income for the City of London.[4]
After his retirement, he remained a director of BOLSA, and subsequently of Lloyds Bank International, after their merger in 1974.[2]
Other roles
Bolton also served in various other positions and sat on the boards of many companies, including the
Book
After his retirement in 1970, a collection of his speeches and writings on London was published as a book, Banker's World: The Revival of the City 1957–1970, edited by Richard Fry, former financial editor of The Guardian, with a preface by Sir Frank Lee, Permanent Secretary of the Treasury.[5]
Honours
Bolton was knighted as a Commander of the
In 1960, he was appointed a Gran Oficial of the Order of May by the Argentine government, and in 1965 was awarded the Order of Merit from Chile.[7]
Order of St Michael and St George (Knight Commander) (KCMG) (Great Britain)
Order of May (Merit - Civil order) (Grand Officer) [a] (Argentina)
Order of Merit (Class III - Grand Officer (Gran Oficial)) (Chile)
Personal life
In 1928, Bolton married May Howcroft. They had one son, Nicholas George, and two daughters, Sheila and Gillian. He died in London in 1981.
Notes
References
- ^ doi:10.1093/ref:odnb/46639. Retrieved 28 November 2016. (Subscription or UK public library membershiprequired.)
- ^ a b c d e f "Sir George Bolton – Expert on Foreign Exchange Market". The Times. 3 September 1982. p. 12.
- ISBN 9780521391405. Retrieved 28 November 2016.
- ^ "Future of the City: how London's reach will shrink after Brexit". Financial Times. 9 December 2020. Retrieved 6 April 2023.
- ^ "Ian Morison on Sir George Bolton's Book". The Times. 17 November 1970. p. 24.
- ^ "No. 38797". The London Gazette (Supplement). 30 December 1949. p. 4.
- ^ "Argentine Award for Sir George Bolton". The Times. 9 November 1960. p. 20.
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