Mercantile Bank of India, London and China
Encyclopedia
The Mercantile Bank of India, London and China was an Anglo
-India
n with business focus in the Far East
.
), but its headquarters moved to London
in 1858. In November 1854 this Anglo
-India
n bank opened an office in Shanghai
and in 1857 it established a presence in Hong Kong
and became an issuer of Hong Kong banknotes
from 1859 to 1892, and from 1912 to 1974.
By 1860 its total assets reached the amount of 21.7 million USD, a medium-sized bank by the standards of that time. (For comparison, one of the leading Anglo-Indian banks, the Oriental Bank Corporation
was about three times larger in terms of total assets.)
During the Second World War, the Mercantile Bank had to close down several offices in the Far East, but it managed to re-open its offices after the war. The Hong Kong office re-opened in February 1946, the Shanghai
office in 1945 (but this office closed again in 1952 due to the Communist Party
rule). In 1952, total assets of the bank totaled 205.5 million USD.
This Mercantile Bank is unrelated to Mercantile Bancorporation
of the midwestern United States, which also went by the name of Mercantile Bank.
in 1984 and to the Bank of Tokyo-Mitsubishi, Ltd. in 1987.
Anglo
Anglo is a prefix indicating a relation to the Angles, England or the English people, as in the terms Anglo-Saxon, Anglo-American, Anglo-Celtic, Anglo-African and Anglo-Indian. It is often used alone, somewhat loosely, to refer to people of British Isles descent in The Americas, Australia and...
-India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
n with business focus in the Far East
Far East
The Far East is an English term mostly describing East Asia and Southeast Asia, with South Asia sometimes also included for economic and cultural reasons.The term came into use in European geopolitical discourse in the 19th century,...
.
History
The bank was established in October 1853 in Bombay (now MumbaiMumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
), but its headquarters moved to London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
in 1858. In November 1854 this Anglo
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
-India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
n bank opened an office in Shanghai
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
and in 1857 it established a presence in Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
and became an issuer of Hong Kong banknotes
Hong Kong banknotes
The issue of banknotes of the Hong Kong dollar is governed in the Special Administrative Region of Hong Kong by the Hong Kong Monetary Authority , the governmental currency board of Hong Kong. Under licence from the HKMA, three commercial banks issue their own banknotes for general circulation in...
from 1859 to 1892, and from 1912 to 1974.
By 1860 its total assets reached the amount of 21.7 million USD, a medium-sized bank by the standards of that time. (For comparison, one of the leading Anglo-Indian banks, the Oriental Bank Corporation
Oriental Bank Corporation
The Oriental Bank Corporation was a bank in India in the 19th century. It was also the first bank in Hong Kong and the first bank to issue banknotes in Hong Kong....
was about three times larger in terms of total assets.)
During the Second World War, the Mercantile Bank had to close down several offices in the Far East, but it managed to re-open its offices after the war. The Hong Kong office re-opened in February 1946, the Shanghai
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
office in 1945 (but this office closed again in 1952 due to the Communist Party
Communist party
A political party described as a Communist party includes those that advocate the application of the social principles of communism through a communist form of government...
rule). In 1952, total assets of the bank totaled 205.5 million USD.
This Mercantile Bank is unrelated to Mercantile Bancorporation
Mercantile Bancorporation
Mercantile Bancorporation was the largest bank holding company in Missouri when it was acquired by Firstar Corporation in 1999.The Mercantile Bank of St. Louis was founded in St. Louis, Missouri in 1850....
of the midwestern United States, which also went by the name of Mercantile Bank.
Demise
The Mercantile Bank was acquired in 1959 by The Hongkong and Shanghai Banking Corporation. It was subsequently sold to CitibankCitibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
in 1984 and to the Bank of Tokyo-Mitsubishi, Ltd. in 1987.