A BRIEF HISTORY OF BANKS IN THE STRAITS SETTLEMENTS AND MALAYSIA 1840 – 1986 ( PART II )

A BRIEF HISTORY OF BANKS IN THE STRAITS SETTLEMENTS AND MALAYSIA 1840 – 1986by Saran Singh AMN, AMP, PNM
(Part II)

(Part I):
http://dniewcollectors.blogspot.com/2011/09/brief-history-of-banks-in-straits.html

15. HO HONG BANK LIMITED, Singapore

Copy of The Ho Hong Bank cheque
dated 12 July 1932


In 1917, the Ho Hong Bank Limited opened its head office in Singapore with a sub-branch in Malacca, Muar and Batu Pahat. This bank’s policy was one of outward expansion and the engaging in foreign exchange business by arbitrage. By 1920 this bank had a fully paid up capital of $ 4,000,000. Branches were also opened in Penang, Palembang, Seremban, Hong Kong and Batavia (Djakarta). The world wide slump from 1930 onwards and the abandoning of the gold standard by Great Britain on 21st September 1931 affected this bank’s foreign exchange activities. This bank lost over $ 2,000,000 but this amount was nearly covered by the banks reserve fund. On 31st December 1932, the Ho Hong Bank amalgamated with the Chinese Commercial Bank Limited, Singapore and the Oversea-Chinese Bank, Singapore to form the Overseas-Chinese Banking Corporation Limited.


16. OVERSEA-CHINESE BANK LIMITED, Singapore

This bank opened for business in Singapore in 1919 with a paid up capital of $ 5,250,000. One of this banks main operations was the transaction of foreign exchange business. Branch offices were opened later in Penang, Rangoon (Burma), Kuala Lumpur, Malacca, Amoy (China) and Djambi (Sumatra). This bank was affected by the world wide slump from 1930 onwards as well as by the abandoning of the gold standard by Great Britain on 21st September 1931. To solve common problems, the Director of the Oversea-Chinese Bank Limited held confidential talks with the Directors of the Ho Hong Bank Limited, Singapore. When some progress had been made, the Chinese Commercial Bank was invited to join the scheme of amalgamating the three banks. This resulted in the signing of an agreement of sale on the 14th December 1932 by which business, assets and liabilities were taken over by a new bank named the Oversea-Chinese Banking Corporation Limited, thus retaining in part the old Chinese name. The new bank was established on 31st December 1932 with a total paid up capital of $10,000,000 which was divided into $40 shares.


17. THE BANK OF BATU PAHAT LIMITED, Batu Pahat
(now known as The Pacific Bank Berhad, Kuala Lumpur)

The Bank of Batu Pahat Limited was incorporated in Singapore in 1919 but operated in Batu Pahat, Johore. This bank was taken over by The Pacific Bank Berhad which was established as a subsidiary of The Overseas-Chinese Banking Corporation Limited in 1963.


18. LEE WAH BANK LIMITED, Singapore


 Matchbox: Lee Wah Bank
50th anniversary


The Lee Wah Bank Limited was incorporated and established in Singapore on 20th March 1920. This bank has 9 branches in Malaysia and 4 branches in Singapore. The Lee Wah Bank Limited was acquired by the United Overseas Bank Limited in 1983.






19. BANK OF COMMERCE BERHAD, Kuala Lumpur
(formerly Bian Chiang Bank, Kuching)

The Bian Chiang Bank, Kuching, Sarawak was founded in 1924. In October 1979 the name of this bank was changed to Bank of Commerce Berhad and the head office was moved to Kuala Lumpur. This bank had 6 branches in Malaysia in 1986.





20. BANK OF MALAYA LIMITED, Ipoh

This bank was established in Ipoh in 1920. This bank was badly affected by the great slump of 1930 and finally closed in 1931.


21. WAH TAT BANK BERHAD, Sibu, Sarawak
(formerly Wah Tat Banking Company)

The Wah Tat Banking Company was founded in Sibu in 1929 by Messrs Chew Geok Lin and Teo Chong Loh. In 1945, the name of the bank was changed to Wah Tat Bank. This bank was converted to a limited company in 1955. This bank had 2 branches in Malaysia by 1986.


22. OVERSEAS-CHINESE BANKING CORPORATION LIMITED, Kuala Lumpur

This bank was founded on 31st October 1932 through the amalgamation of three banks, i.e.
(a) Chinese Commercial Bank Limited (established in 1912),
(b) Ho Hong Bank Limited (established in 1917) and
(c) Overseas Chinese Banking Corporation (established in 1919).

This bank showed a remarkable record of progress and development. By 1951 this bank had $230,000,000 in current account balances and deposits. This bank invested heavily in Government Bonds which in 1951 amounted to 350% of its total paid up capital. By 1986, the O.C.B.C. had 25 branches in Malaysia and 33 branches overseas.


23. UNITED CHINESE BANK LIMITED, Singapore


This bank was established on 1st October 1935 with a paid up capital of $ 1,000,000. The chief financiers were Wee Kheng Chiang of Sarawak and Khoo Beng Cheang of Penang. By 1951 this bank had total assets of $ 21,195,963 with a declared dividend of 12%.


24. BAN HIN LEE BANK BERHAD, Penang

The Ban Hin Lee Bank Limited with offices in Penang and Singapore was registered towards the end of 1935. However, the predecessor of this bank had functioned since 1918 as the banking department of the well known “Chop Ban Hin Lee” established by the Penang millionaire, Towkay Yeop Chor Ee (1868 – 1952). The total assets of this bank on 1st January 1952 were $ 31,581,958 which was a considerable sum for a family owned bank. By1986, this bank had 11 branches in Malaysia and 1 branch in Singapore.


25. ORIENTAL BANK BERHAD, Kuala Lumpur
(formerly The Oriental Bank of Malaya Limited)

The Oriental Bank of Malaya Limited was incorporated in 1936 by a Ceylonese family. In 1968, this bank was disposed off to a wealthy businessman who changed the name of the bank to Oriental Bank Berhad. In 1986, this bank had 13 branches in Malaysia.


Bastianpillai Paul Nicholas or simply known as B.P. Nicholas was the founder of the Oriental Bank of Malaya






26. OVERSEAS UNION BANK LIMITED, Singapore

This bank was incorporated in Singapore on 22nd October 1947 but only commenced business on 5th February 1949 with a registered capital of $ 10,000,000 and a paid up capital $ 2,000,000. By the end of 1952 this bank had total assets amounting to $ 17,709,813. The Overseas Union Bank Limited opened its first branch in Kuala Lumpur in 1958. By 1986, this bank had 12 branches in Malaysia.


27. CHUNG KHIAW BANK LIMITED, Singapore

The Chung Khiaw Bank was incorporated in Singapore on 4th February 1950. The first branch in Malaya was opened in Ipoh on 1st August 1951. In June 1971, the Chung Khiaw Bank became a member of the United Overseas Bank Group. In 1986, the Chung Khiaw Bank Limited had 16 branches throughout Malaysia.


28. HOCK HUA BANK BERHAD, Sarawak

The Hock Hua Bank Berhad was incorporated in 1952 with its head office in Sibu. By 1986, this bank had 9 branches in Malaysia.


29. THE BANK OF CANTON LIMITED

The Bank of Canton was incorporated in Hong Kong in 1912. The only branch of the above bank in Malaysia was opened in Kuala Lumpur in 1957. This bank is affiliated with The Security Pacific National Bank, Los Angeles.




30. BANQUE DE L’INDOCHINE ET DE SUEZ (Banque Indosuez)


Shanghai Office.



This bank commenced operations in 1875 in the Indo-Chinese territories and the French settlements in the East. This bank opened a branch in Kuala Lumpur in 1958. The name of this bank was later changed to Banque Indosuez. In early 1982, the French Government nationalized Banque Indosuez. This led to the restruction of this banks business in Malaysia. In October 1982, the Malaysian French Bank was incorporated to acquire the business of Banque Indosuez.






31. FIRST NATIONAL CITY BANK OF NEW YORK (Citibank NA)



FIRST NATIONAL CITY BANK
 OF NEW YORK (Citibank NA)

 The above bank opened a branch office in Kuala Lumpur on 27th April 1959. The present version of the bank’s name ‘Citibank’ was adopted in 1976. By 1986, Citibank had 2 branches in Kuala Lumpur and 1 branch in Penang.







32. THE BANK OF TOKYO LIMITED

The Bank of Tokyo which was founded in 1946 took over from the former Yokohama Specie Bank, Japan. The only branch of the above bank in Malaysia was opened in Kuala Lumpur on 3rd October 1959. The Bank of Tokyo Limited International Trade and Investment Information Bureau was set up in April 1979 to promote investments.




33. BANGKOK BANK LIMITED




Bangkok BankKuala Lumpur .

 Bangkok Bank was founded in July 1944 and is the largest bank in Thailand. A branch of this bank was opened in Kuala Lumpur on 23rd January 1959.









34. BANK OF AMERICA NT & SA

The Bank of America NT & SA was founded in 1904 by A.P. Giannini and is the largest non-government owned bank in the world. A branch of this bank was opened in Kuala Lumpur on 1st June 1959.


35. UNITED MALAYAN BANKING CORPORATION BERHAD (UMBC),
Kuala Lumpur

This bank was established on 16th July 1960 with its head office in Kuala Lumpur. By 1986, this bank had 57 branches in Malaysia and 9 branches overseas.


36. MALAYAN BANKING BERHAD, Kuala Lumpur

Malayan Banking Berhad was incorporated in May 1960 as a public company with its head office in Kuala Lumpur. Its logo of a tiger’s head is a well recognized symbol throughout Malaysia. Malayan Banking is also the largest bank in Malaysia in terms of assets which have increased from $ 103 million in 1962 to over $ 13 billion in 1985. This bank also has the most number of branches in comparison to any other bank in Malaysia. In 1986, Malayan Banking Berhad had 180 branches in Malaysia and 30 branches overseas.





37. HOCK HUA BANK (SABAH) BERHAD, Kota Kinabalu

This bank obtained its license on 11th January 1961. The bank commenced business in Sandakan on 1st June 1961. It opened a branch in Tawau in 1965 followed by one in Kota Kinabalu in 1972 and in Labuan in 1978. The head office of this bank operates from it’s Kota Kinabalu premises.




38. THE PACIFIC BANK BERHAD, Kuala Lumpur


This bank was incorporated as a wholly owned subsidiary of the Overseas Chinese Banking Corporation in 1963. It took over the Bank of Batu Pahat Limited (established in 1919). In 1986, the Pacific Bank Berhad had 12 branches throughout Malaysia.

To Be Continued.....