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Shanghai Commercial and Savings Bank

Shanghai Commercial and Savings Bank
Native name
上海商業儲蓄銀行
Founded1915
FounderChen Guangfu

The Shanghai Commercial and Savings Bank (simplified Chinese: 上海商业储蓄银行; traditional Chinese: 上海商業儲蓄銀行; pinyin: Shànghǎi Shāngyè Chúxù Yínháng) is a bank of the Republic of China, currently based in Taipei, Taiwan.

In 1915, it was founded by Chen Guangfu (K. P. Chen) in Shanghai, China. Chen became the first president, and The-Chin Chuang was elected first chairman.

Early years

The bank was established in Shanghai in 1915 by Chen Guangfu, a graduate of the Wharton School of Finance and one of the most successful Chinese bankers of the 20th century.[1][2]: 47 

In 1931, the Bank completed the construction of its head office building in Shanghai, 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 over 2,700 employees and over 110 branches.

World War 2

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. Due to political reasons, the bank was forced to shut down in 1950.

Post-war

In 1954, the bank accompanied the government to Taiwan and was allowed to establish its 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. Chen was the chairman, and 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.

See also

References

  1. ^ The Making of Modern Chinese Financial Entrepreneurship: The Case of Chen Guangfu by Pui-tak Lee, University of Hong Kong
  2. ^ Coble, Parks M. (2023). The Collapse of Nationalist China: How Chiang Kai-shek Lost China's Civil War. Cambridge New York, NY: Cambridge University Press. ISBN 978-1-009-29761-5.

Reading

  • The Making of Modern Chinese Financial Entrepreneurship: The Case of Chen Guangfu by Pui-tak Lee, University of Hong Kong
  • Personal papers of K. P. Chen deposited in the Rare Book and Manuscript Library, Columbia University,
  • Recently published materials about K. P. Chen from mainland China's archives
  • The Shanghai Commercial & Savings Bank, Ltd
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