Shanghai Commercial and Savings Bank
Encyclopedia
The Shanghai Commercial and Savings Bank was established in Shanghai
, mainland China
in 1915, by Chen Guangfu, better known as K. P. Chen
. Mr. The-Chin Chuang was elected the first chairman, and the founder, Mr. Chen, was the first president.
The bank is currently based in Taipei
, Taiwan
.
, which was the most modern banking edifice in China at that time. The Bank started its business with a capital of less than 100,000 silver dollars and with a workforce of four. In 1934, the Bank had become the nation’s top private bank, with employees over 2,700 and branches over 110.
During World War II, the Bank, with a new board of directors and supervisors, moved its head office to Chongqing, the wartime capital of Chinese resistance. The head office remained in Chongqing
until the end of the war. In addition, the Bank extended its banking network from the southeastern, middle, and northern parts of the country, to the southwestern and northwestern parts. Unfortunately, due to political reasons, the Bank was forced to shut down in 1950.
In 1954, the Bank accompanied the government to Taiwan
and was allowed to establish the head office in Taipei to prepare for the resumption of business. It was not until June 1965 that the Bank was approved to restart its operation in Taipei with a capital of NT$15 million. Mr. Chen was the chairman. The Bank was the only private Mainland bank to relocate to Taiwan. During the resumption, the Bank acted conservatively. The Savings Department and Kaohsiung
Branch were set up in 1966 and 1971, respectively.
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...
, mainland China
Mainland China
Mainland China, the Chinese mainland or simply the mainland, is a geopolitical term that refers to the area under the jurisdiction of the People's Republic of China . According to the Taipei-based Mainland Affairs Council, the term excludes the PRC Special Administrative Regions of Hong Kong and...
in 1915, by Chen Guangfu, better known as K. P. Chen
K. P. Chen
K. P. Chen was a Shanghai-based Chinese banker and State Councillor, was a great innovator, as one of China's most successful entrepreneurs in the twentieth century, and was particularly influential in the financial and business world of Shanghai.In fact, in "Banking in Modern China:...
. Mr. The-Chin Chuang was elected the first chairman, and the founder, Mr. Chen, was the first president.
The bank is currently based in Taipei
Taipei
Taipei City is the capital of the Republic of China and the central city of the largest metropolitan area of Taiwan. Situated at the northern tip of the island, Taipei is located on the Tamsui River, and is about 25 km southwest of Keelung, its port on the Pacific Ocean...
, Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
.
Early years
The bank was established in Shanghai in 1915. In 1931, the Bank completed the construction of its head office building in ShanghaiShanghai
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...
, which was the most modern banking edifice in China at that time. The Bank started its business with a capital of less than 100,000 silver dollars and with a workforce of four. In 1934, the Bank had become the nation’s top private bank, with employees over 2,700 and branches over 110.
During World War II, the Bank, with a new board of directors and supervisors, moved its head office to Chongqing, the wartime capital of Chinese resistance. The head office remained in Chongqing
Chongqing
Chongqing is a major city in Southwest China and one of the five national central cities of China. Administratively, it is one of the PRC's four direct-controlled municipalities , and the only such municipality in inland China.The municipality was created on 14 March 1997, succeeding the...
until the end of the war. In addition, the Bank extended its banking network from the southeastern, middle, and northern parts of the country, to the southwestern and northwestern parts. Unfortunately, due to political reasons, the Bank was forced to shut down in 1950.
In 1954, the Bank accompanied the government to Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
and was allowed to establish the head office in Taipei to prepare for the resumption of business. It was not until June 1965 that the Bank was approved to restart its operation in Taipei with a capital of NT$15 million. Mr. Chen was the chairman. The Bank was the only private Mainland bank to relocate to Taiwan. During the resumption, the Bank acted conservatively. The Savings Department and Kaohsiung
Kaohsiung
Kaohsiung is a city located in southwestern Taiwan, facing the Taiwan Strait on the west. Kaohsiung, officially named Kaohsiung City, is divided into thirty-eight districts. The city is one of five special municipalities of the Republic of China...
Branch were set up in 1966 and 1971, respectively.