Kwangtung Provincial Bank
Encyclopedia
The Kwangtung Provincial Bank was a bank
latterly based in Hong Kong
. Also known as the Provincial Bank of Kwangtung Province. The largest of the provincial banks, there were however a succession of at least seven distinct organisations functioning as The Kwangtung Provincial Bank from 1905 through 1949, with Chinese mainland operations suspended in 1950-51; absorbed into the Peoples Bank of China following the establishment of the Peoples Republic of China. The remainder of the bank continued in operation until 2001 when it was taken over by the Bank of China (Hong Kong).
Two million dollars worth of the 1918 notes were withdrawn by the bank under the orders of Dr Sun Yatsen, to fund military activities during 1921-22.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
latterly based in Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
. Also known as the Provincial Bank of Kwangtung Province. The largest of the provincial banks, there were however a succession of at least seven distinct organisations functioning as The Kwangtung Provincial Bank from 1905 through 1949, with Chinese mainland operations suspended in 1950-51; absorbed into the Peoples Bank of China following the establishment of the Peoples Republic of China. The remainder of the bank continued in operation until 2001 when it was taken over by the Bank of China (Hong Kong).
Banknote Issue
The first known banknote issues appeared in 1913, through to 1922, all printed by the American Banknote Company, New York. Subsequent issues are of 1923 and 1925 as the Central Bank of China. During the 1930s, three separate issues of currency all dated 1931 were issued by the bank. Small change (10, 20 and 50 cent) issues appeared in 1934 and 1935. Larger notes of 1$ to 10$ were issued between 1935 to 1940 after which the bank was taken over by the invading Japanese. Following the defeat of Japan in 1945, the bank was re-established and issued one final series of currency in 1949 in denominations of 1, 5, 10 and 50 cents, and 1, 5, 10 and 100 Yuan.Two million dollars worth of the 1918 notes were withdrawn by the bank under the orders of Dr Sun Yatsen, to fund military activities during 1921-22.
History
- 1924: The bank was re-established in GuangzhouGuangzhouGuangzhou , known historically as Canton or Kwangchow, is the capital and largest city of the Guangdong province in the People's Republic of China. Located in southern China on the Pearl River, about north-northwest of Hong Kong, Guangzhou is a key national transportation hub and trading port...
by Mr. T. V. SoongT. V. SoongSoong Tse-ven or Soong Tzu-wen , was a prominent businessman and politician in the early 20th century Republic of China. His father was Charlie Soong and his siblings were the Soong sisters. His Christian name was Paul, but he is generally known in English as T. V. Soong. As brother to the three...
, the brother-in-lawBrother-in-lawA brother-in-law is the brother of one's spouse, the husband of one's sibling, or the husband of one's spouse's sibling.-See also:*Affinity *Sister-in-law*Brothers in Law , a 1955 British comedy novel...
of Dr. Sun Yat-senSun Yat-senSun Yat-sen was a Chinese doctor, revolutionary and political leader. As the foremost pioneer of Nationalist China, Sun is frequently referred to as the "Father of the Nation" , a view agreed upon by both the People's Republic of China and the Republic of China...
, as the Central Bank . It was the first central bankCentral bankA central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
established in ChinaChinaChinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
. - 1929: It was renamed to Kwangtung Central Bank so as to prevent confusion with the national Central Bank of China founded at Nanjing in 1928. Its role was reverted from central bank to provincial government bank. Hong KongHong KongHong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
branches were also established. - 1932: It was restructured as the Kwangtung Provincial Bank.
- 2001: The bank was merged into Bank of China (Hong Kong)Bank of China (Hong Kong)Bank of China Limited is the second-largest commercial banking group in Hong Kong in terms of assets and customer deposits, with more than 300 branches in Hong Kong. It was established on 1 October 2001 from a merger of 12 subsidiaries and associates of the Bank of China in Hong Kong, and listed...
.