Baring family
| Baring | |
|---|---|
| Current region | Germany, United Kingdom |
| Place of origin | Groningen |
| Founded | c. 1500 |
| Founder | Peter Baring (Petrus Baring) |
| Current head | British branch: Francis Baring, 6th Baron Northbrook (eldest agnatic line) |
| Titles | |
The Baring family is a German and British family of merchants and bankers. In Germany, the family belongs to the Bildungsbürgertum, and in England, it belongs to the aristocracy.
Barings Bank was founded in 1762 as the John and Francis Baring Company by Sir Francis Baring, 1st Baronet, with his older brother John Baring as a mostly silent partner. It became one of the leading merchant banks of Britain.
In 1802, Barings and Hope & Co. were called on to facilitate the largest land purchase in history: the Louisiana Purchase, which doubled the size of the United States. It is regarded as "one of the most historically significant trades of all time". Barings helped to finance the United States government during the War of 1812. By 1818, Barings was called "the sixth great European power", after England, France, Prussia, Austria and Russia. A fall-off in business and some poor leadership in 1820s caused Barings to cede its dominance in the City of London to the rival firm of N M Rothschild & Sons.