ɪn nˈaɪntiːnhˈʌndɹɪd twˈɛnti dʒˈeɪmz mˈækeɪ, lˈeɪɾɚ ðɪ ˈɜːl ʌv ˈɪntʃkeɪp, ʌvðə pənˈɪnsjʊlɚ ænd ˌoːɹɪˈɛntəl stˈiːm nˌævɪɡˈeɪʃən kˈʌmpəni, ɪstˈæblɪʃt ðə pˈiː ænd ˈoʊ bˈæŋkɪŋ kˌɔːɹpɚɹˈeɪʃən tə dɪvˈɛləp ðə ʃˈɪpɪŋ kˈʌmpəniz pɹˈaɪvət bˈæŋkɪŋ bˈɪznəs.
In 1920 James Mackay, later the Earl of Inchcape, of the Peninsular and Oriental Steam Navigation Company, established the P&O Banking Corporation to develop the shipping company's private banking business.