Shanghai Commercial and Savings Bank

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The Shanghai Commercial and Savings Bank was founded by Chen Guangfu, better known as K. P. Chen, in Shanghai in June 1915. Mr. The-Chin Chuang was elected the first chairman, and the founder, Mr. Chen, was the first president.

[edit] Early years

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 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 conservative. The Savings Department and Kaohsiung Branch were set up in 1966 and 1971, respectively.

[edit] References

The references in this article would be clearer with a different or consistent style of citation, footnoting, or external linking.

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