|Grand Ducal Bank of Kington Langley|
|Headquarters||15 Kington Square, Kingsmouth, Kington Langley|
|Established||2nd January 2009|
|Central Bank of||Kington Langley|
ISO 4217 Code
|Base borrowing rate||0.9%|
|Preceded by||Kington Langley Bank|
The Bank of Kington Langley (formally the Grand Ducal Bank of Kington Langley) is the central bank of the Grand Duchy of Kington Langley, it is the largest financial supplier in the country and holds the Grand Duke's bank account. It was formed on January 2nd 2009 after the collapse of the Kington Langley Bank and it was sold to the government by the Bank of England. The governor of the bank at the moment is Harold McGregor who has been governor of the bank since its formation, there is talk about him stepping down due to the recession crisis.
The bank formed in early 2009 when the Bank of England sold its Kington Langley branch to the government of Kington Langley. The bank had over 100 buildings all over the island which made the perfect template for a nationwide bank. The main bank was to be located in the former British governor's residence near the nation's parliament. On the 2nd of January the Grand Duke officially closed the Kington Langley Bank and opened the first branch of the Bank of Kington Langley (which is currently the bank's headquaters).
'Grand Ducal' awardEdit
On the 4th of September 2009 it was allowed to use the title of the Grand Ducal Bank of Kington Langley as the Grand Duke closed the 'Grand Ducal Bank Company' ,which was soley responsible for the Grand Duke's bank account, and transferred it to the Bank of Kington Langley, mainly for publicity purposes but also it would help him through the recession which was at it's height at the time.
In 2009 the recession was bad in Kington Langley with thousands of people taking the money out of their banks and selling shares. The Grand Ducal Bank of Kington Langley is funded by the government and so was one of the safest banks in the country, other banks were not so lucky with several closing and several foreign banks closing up and selling their branches. The bank was one of the only major banks left, many people turned to it and as a result of the recession the bank has never had so many customers which means that it can lower interest rates, something that other bank would find laughable. currently, over 70% of the population of Kington Langley use the Bank of Kington Langley as their account holder. Also, its success in the recession has also attracted alot of foreign interest and now about 20% of their customers come from overseas. The Bank of England, the owner of the company's predecessor has placed an offer to buy it off the government, this has since been regected.
Kington LangleyEditWhen the company formed, its predecessor owned over 100 banks on the island. Today the Bank of Kington Langley owns over 250 banks and has started a project to place a bank branch in every settlement accross the country, including villages and hamlets. It currently owns 2 other banking companies in Kington Langley increasing customers even more, and due to its huge success, in March 2010 it completely dissolved it's Kington Langley subsidiary companies and converted them all into 'Bank of Kington Langley' chains.
Outside of Kington Langley, the bank only operates in some airports and has a few branches in some countries capital cities operating under the name KL Banking but so far it only holds a few million customers outside of Kington Langley.