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The Dividend Department, which dealt with making dividend payments to security holders, such as interest payments on bond coupons, was most likely originally a sub-department of the Cashiers Department, together with the Bills Payable Department and Bills Receivable Department and the Cheque Dividend Department.
The Dividend Department was later known as the Paying Agents' Department. It is thought that at some point in the 1970s, the historic loans business of NMR was merged into the Paying Agents' Department, which asssumed responsibility for papers relating to loans. For information about papers relating to loans issued by NMR see Loans business.