Samuel Montagu began as a bullion
broking partnership in London in 1853 and developed into a merchant bank. Their
Annual Bullion Review was launched in 1911 and continued until the 1990s as a
unique source of market information. In 1985 they became part of Midland Montagu,
the international banking arm of HSBC Midland Bank which changed its name to HSBC
Bank in 1999.