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

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

(Part I):
http://dniewcollectors.blogspot.com/2011/09/brief-history-of-banks-in-straits.html
(Part II):
http://dniewcollectors.blogspot.com/2011/09/brief-history-of-banks-in-straits_29.html

39. SOUTHERN BANK BERHAD, Kuala Lumpur

Southern Bank Berhad (formerly known as Southern Banking Berhad) was incorporated on 21^st December 1963 with its head office in Kuala Lumpur.  In 1986, this bank had 16 branches throughout Malaysia.

 40. KONG MING BANK BERHAD, Kuching

This bank, which was founded by Datuk Ling Beng Sung and his brother, was incorporated on 4^th November 1963.  This bank commenced business in Kuching on 17^th January 1965.   In 1986, this bank had 8 branches in Sarawak and 1 branch in Kuala Lumpur.

         

41.  THE CHASE MANHATTAN BANK NA

The Bank of Manhattan Company and The Chase National Bank merged in March 1955 to form The Chase Manhattan Bank.  A branch of this bank was opened in Kuala Lumpur in October 1964.

 42. BANK BUMIPUTRA MALAYSIA BERHAD, Kuala Lumpur

Bank Bumiputra Malaysia Berhad was incorporated in October 1965 and commenced operations from its head office in Kuala Lumpur in February 1966.  In1986, this bank had 106 branches throughout Malaysia and 9 branches overseas.  This bank is also among the largest banks in Malaysia.

43.  DEVELOPMENT AND COMMERCIAL BANK BERHAD, Kuala Lumpur

This bank was incorporated on 4^th October 1965 and commenced business on 10^th December 1966 from its head office in Kuala Lumpur.  In 1986, this bank had 29 branches throughout Malaysia.

44.  UNITED OVERSEAS BANK LIMITED

United Overseas Bank Limited was incorporated in Singapore in 1935.  A branch of this bank was opened in Kota Kinabalu, Sabah in 1966.

45.  PUBLIC BANK BERHAD, Kuala Lumpur

This bank commenced business from its head office in Kuala Lumpur on 6^th August 1966.  In 1986, this bank had 56 branches throughout Malaysia.

46.  BANK UTAMA (MALAYSIA) BERHAD, Kuching

This bank was incorporated on 26^th May 1967 and commenced operations on 15^th January 1977 from its head office in Kuching.  In 1986, this bank had 4 branches in Sarawak and 1 branch in Kuala Lumpur.

47.  UNITED ASIAN BANK BERHAD, Kuala Lumpur (incorporated in 1972) 

     Comprising of the former:

(a) INDIAN OVERSEAS BANK LIMITED, Kuala Lumpur (established in 1937)

(b) INDIAN BANK LIMITED, Kuala Lumpur (established in 1941)

(c) UNITED COMMERCIAL BANK LIMITED, Kuala Lumpur (established in 1948)

The United Asian Bank Berhad, Kuala Lumpur was incorporated on 31^st December 1972 through the amalgamation of three banks, i.e.

          Indian Overseas Bank Limited,

          Indian Bank Limited and

          United Commercial Bank Limited.

At the time of the takeover in 1972, the three banks had a total of 11 branches in Malaysia.  By 1986, the United Asian Bank Berhad (UAB), had 33 branches in Malaysia.  At this period of time, one third of the share capital was held by the bank and two thirds of the bank’s capital was held by Malaysians.

48.  EUROPEAN ASIAN BANK (EU ASBANK)

(now known as Deutsche Bank (Asia)

The European Asian Bank (formerly known as Deutsche-Asiatische Bank), which has its head office in Hamburg, Germany, opened a branch office in Kuala Lumpur in 1972.  On 15^th December 1986, the name of this bank was changed to Deutsche Bank (Asia).

49.  THE BANK OF NOVA SCOTIA

The Bank of Nova Scotia was founded in 1832 in Halifax, Nova Scotia, Canada.  A branch of the above bank was opened in Kuala Lumpur in March 1973.

50.  PERWIRA HABIB BANK MALAYSIA BERHAD, Kuala Lumpur

This bank was incorporated on 23^rd October 1975 with its head office in Kuala Lumpur.  In 1986, this bank  had 26 branches throughout Malaysia.

51.  BANK BURUH (MALAYSIA) BERHAD, Kuala Lumpur

Bank Buruh (Malaysia) Berhad was incorporated as a limited Company on 16^th July 1975 with its head office in Kuala Lumpur.  The setting up of this bank was initiated by the Malaysian Trade Union Congress with the support of the Malaysian Co-operative movement.

52.  SABAH BANK BERHAD, Kota Kinabalu

The Sabah Bank Berhad was incorporated in Kota Kinabalu on 23^rd February 1979 and commenced business on 11^th July 1979.  By 1986, this bank had 6 branches in Sabah and 1 branch office in Kuala Lumpur.

53.  MALAYSIAN FRENCH BANK BERHAD, Kuala Lumpur

This bank was incorporated in 1982 with its head office in Kuala Lumpur.  This bank took over the banking business of Banque Indosuez (formerly known as Banque De L’Indosuez) which had been in operation in Kuala Lumpur since 1958. By 1986, the Malaysian French Bank Berhad had 6 branches, four of which are located in Kuala Lumpur, one in Petaling Jaya and one branch in Johor Bahru.

GENERAL

Malaya attained Independence on 31^st August 1957.  This led to a rapid growth in development which required the expansion of banking networks in the country.  This saw the establishment of several new indigenous banks and the expansion of existing domestic and foreign banks to serve the needs of the thriving economy.

CONCLUSION

By 1986, there were 38 commercial banks with a total of 783 branches throughout Malaysia.  The banks in Malaysia fall into two categories, i.e.

A. Locally Incorporated Banks – Total 22 banks

B. Foreign Incorporated Banks – Total 16 banks

By 1986, there were 29 Foreign Banks which had Representative Offices in Kuala Lumpur.

In 1986, there were 12 Merchant Banks which were all located in Kuala Lumpur.  Merchant Banks act as bankers as well as provide loans to various businesses.  They also act as financial advisers to Corporations and  business concerns.  Merchant Banks also undertake the underwriting of shares.

By 1986, there were 9 Government controlled Banks, eight of which were located in Kuala Lumpur and one bank in Kota Kinabalu, Sabah.

To Be Continued.....