It is no great surprise that the definition of a bank offered in the first issue of The Banker in January 1926 no longer rings true. Contributor Sir D Drum-mond Fraser, in protest at what he claimed was the "loose way" in which the term was often used, defined banks as "institutions where a substantial part of such business consists of the receipt of money on current account to be drawn upon by cheque" The wider subject of Sir Drummond Fraser's article 'Are bank fusions advantageous?', where he discusses the merits and drawbacks of banking consolidation, probably rings a more familiar note. Although much has changed within the world of banking over the past 95 years, many of the same challenges remain.
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