Despite his having to fund millions of GBP in losses, there were various factors that allowed Leeson to avoid discovery. At the time, there was a merger going on between two parts of the Barings organization. Barings had acquired stock brokerage Henderson Crosthwaite in 1984, which became BSL. Originally, BSL was run as an entirely separate company from the banking business, which was called Baring Brothers and Company (BB&Co.). This is indicated in Exhibit 2.