Chartered Bank of India, Australia and China

Source: Wikipedia, the free encyclopedia.
This article is about the historic British bank, Chartered Bank, which in 1969 merged with historic South African Bank -
Standard Chartered Bank. For chartered banks in Canada, see Banking in Canada
.

The Chartered Bank of India, Australia and China
Industry
James Wilson with a royal charter
Defunct1969
FateMerged with Standard Bank
SuccessorStandard Chartered
Headquarters
United Kingdom Edit this on Wikidata

The Chartered Bank of India, Australia and China (informally The Chartered Bank) was a

Queen Victoria.[1][2]

Though lacking a truly strong domestic network in Britain, it was influential in the development of British colonial trade throughout the East of Suez.[3]

In 1969 Chartered Bank merged with Standard Bank, which did business throughout Africa. The merged enterprise was incorporated in London under the name Standard Chartered.

History

Early years : 1853 to 1900

The Chartered Bank of India, Australia and China—a bank incorporated in

Queen Victoria.[5]

A 2008 stamp dedicated to the 150th anniversary of the Standard Chartered Bank of India

In 1858, it opened its first branches in

the Hongkong & Shanghai Bank and Mercantile Bank of India, London and China
.

The Shanghai branch of Chartered Bank began operation in August 1858. Initially, the bank's business dealt specifically with large volume discounting and re-discounting of opium and cotton bills. Although there was a gradual rise in opium cultivation in China, the imports of opium still increased from 50,087 picul in 1863 to 82,61 picul by 1888. Transactions in the opium trade generated substantial profits for Chartered Bank.[6] Later, the Chartered Bank also became one of the principal foreign banknote-issuing institutions in Shanghai.[7][8]

In 1859, the bank opened a branch in

Calcutta, and its extension to China in 1871;[12]
placed most British banks (including Chartered Bank) to expand and develop its business.

Former Hong Kong branch c.1908

Expansion and transition to a merger: 1900 to 1969

The bank's expansion continued to the 1900s, leading it to open branches across Asia. The bank's traditional business was in cotton from

Burma, sugar from Java, tobacco from Sumatra, hemp from Manila and silk from Yokohama
.

In the early 1900s, the bank opened offices in New York and Hamburg. When it established its New York branch in 1912, Chartered Bank became the first foreign bank to be issued a licence to operate in New York.

In 1923 the

Great Kanto earthquake destroyed Chartered Bank's office in Yokohama, Japan
, and killed a number of its staff.

In 1927 the bank acquired P&O Bank, which had offices in Colombo, Shanghai, Hong Kong, Singapore, and Guangzhou (Canton). P&O Bank also owned Allahabad Bank. The operations of P&O Bank were merged with Chartered Bank. But Allahabad Bank continued to be run as a separate entity.

The bank was greatly affected by the

Second World War
.

Their UK office had an established sports ground in East

Distillers Company, and then for the construction group Trollope & Colls. Later the estate became the sports ground of the Standard Chartered Bank. A disastrous fire gutted the house in 1983. The ground was sold for housing development and their sports club closed.[13]

In 1957, the bank acquired

UAE. Chartered also bought the Ionian Bank
's Cyprus Branches.

In 1964, the government of Indonesia nationalised Chartered Bank's branch as a part of

Konfrontasi. The branch was later merged into Bank Umum Negara, a state-owned bank. Bank Umum Negara then evolved into present-day Bank Mandiri.[14]

In 1969, Chartered Bank merged with the South African bank

Standard Chartered Bank. The same year, the Government of India
nationalised Allahabad Bank.

See also

References

  1. ^ Standard Chartered Bank History Archived 10 December 2011 at the Wayback Machine. Standardchartered.com. Retrieved on 26 December 2018.
  2. ^ World Paper Money Catalog and History – Hongkong Dollar Archived 19 February 2017 at the Wayback Machine. Atsnotes.com. Retrieved on 26 December 2018.
  3. ^ History of Standard Chartered plc company Archived 23 January 2012 at the Wayback Machine. Fundinguniverse.com. Retrieved on 26 December 2018.
  4. ISBN 978-1-136-58363-6. Archived
    from the original on 28 June 2023. Retrieved 26 December 2018.
  5. ISBN 962-04-2129-9
    .
  6. ISBN 9780765610034
  7. ISBN 978-0-300-14362-1. Archived
    from the original on 28 June 2023. Retrieved 26 December 2018.
  8. ^ a b "Collection of Historical banknotes—Hong Kong, Shanghai, China" (PDF). Archived from the original (PDF) on 18 June 2013. Retrieved 9 July 2012.
  9. ISBN 978-0-470-82201-2
    .
  10. ^ Indo-European Telegraph line and impact of rapid industrialisation Archived 16 March 2013 at the Wayback Machine. Siemens.com. Retrieved on 26 December 2018.
  11. ^ Steven Roberts. The Indo-European Telegraph Company Archived 2 October 2012 at the Wayback Machine. atlantic-cable.com
  12. ^ John E. Sandrock. The foreign banks in China, Part I – (1850–1900). The Opening of China to the Outside World Archived 5 July 2017 at the Wayback Machine.
  13. ISBN 978-0860232513. Archived
    from the original on 29 April 2012. Retrieved 10 April 2013.
  14. ^ Bank Mandiri Annual Report 2007 (PDF) (in Indonesian). Bank Mandiri. Archived (PDF) from the original on 30 October 2021. Retrieved 30 October 2021.

External links

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