Shanghai Commercial Bank
Encyclopedia
The Shanghai Commercial Bank (Chinese:
Chinese language
The Chinese language is a language or language family consisting of varieties which are mutually intelligible to varying degrees. Originally the indigenous languages spoken by the Han Chinese in China, it forms one of the branches of Sino-Tibetan family of languages...

 上海商業銀行) and its subsidiary companies are engaged in the provision of banking and related financial services in Hong Kong, United States, United Kingdom and the People’s Republic of China. As a group, it employs over 1,790 people. The bank is a financial institution incorporated in Hong Kong. The address of its registered office is 12 Queen’s Road Central, Hong Kong.

Culture

Established in November 1950, Shanghai Commercial Bank was and in some sense still is one of the renowned local Chinese banks in Hong Kong and has a niche market position in the corporate and trade finance sectors.

Services

The Shanghai Commercial Bank offers corporate and retail banking services and products including deposits, loans, remittances, foreign exchange, trade finance, securities trading, wealth management services, credit cards, and insurance, amongst others. The bank also offers telephone banking and electronic banking services as a fast and convenient means to serve individual and corporate clients respectively. Moreover, the Bank has been issuing floating rate certificates of deposit which were well received by the market since early 1994.

Branches

At present, Shanghai Commercial Bank has 43 branches in Hong Kong, 1 branch in Shenzhen, 1 representative office in Shanghai, and 4 overseas branches in London, New York, Los Angeles and San Francisco.

2009 Financial Position and 2010 Outlook

The consolidated profit attributable to shareholders, in 2009, was HK$1,336 million, representing a gain of 12.7 percent. The increase was primarily due to the substantially lower impairment allowances, positive contributions from all the jointly controlled entities, improved fee income from securities related business and treasury operation. The return on average total assets and return on average equity stood at 1.2 percent and 8.7 percent respectively. Capital adequacy ratio remained strong at 19 percent, while the liquidity ratio was 55 percent. The additional compensation made for the Lehman Brothers Minibonds Repurchase Scheme had a negative impact on the Bank’s cost-to-income ratio and it increased to 43.7 percent. Excluding the additional compensation, the ratio would have been 34.9 percent; in 2008, it was 34.3 percent.

The bank is obtaining the necessary approval to upgrade the Shanghai representative office to full branch status. Also, the bank is committed to the “Green Channel”, a convenient one-stop platform of premium banking services in the Greater China region, for the VIP customers of the three banks: Shanghai Commercial Bank in Hong Kong, Bank of Shanghai on Mainland China and The Shanghai Commercial & Savings Bank in Taiwan. The redevelopment project of the Head Office building, together with the adjacent plot, is proceeding on course. The bank has engaged the award winning Rocco Design Architects Limited as the project’s architectural firm. The general building plan is expected to be finalised some time in 2010 and demolition of the current structures will commence in mid 2011.

Group History

Historically, the Shanghai Commercial Bank was originally founded in Shanghai
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...

 in 1915 under the leadership of Mr. K.P. Chen (1881–1976), a graduate of the University of Pennsylvania
University of Pennsylvania
The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...

's Wharton School of Finance. The bank expanded in the late 1920s and early 1930s, endured the period of Japanese aggression, and re-established itself in Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...

 and 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...

 after the rise of Communism in mainland China
Mainland China
Mainland China, the Chinese mainland or simply the mainland, is a geopolitical term that refers to the area under the jurisdiction of the People's Republic of China . According to the Taipei-based Mainland Affairs Council, the term excludes the PRC Special Administrative Regions of Hong Kong and...

 in late 1949.

The Shanghai Commercial Bank was established 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...

 in 1950. It is majority owned by the Shanghai Commercial and Savings Bank
Shanghai Commercial and Savings Bank
The Shanghai Commercial and Savings Bank was established in Shanghai, mainland China in 1915, by Chen Guangfu, better known as K. P. Chen. Mr. The-Chin Chuang was elected the first chairman, and the founder, Mr. Chen, was the first president....

 of Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...

, which itself was only allowed to re-establish its head office in Taipei
Taipei
Taipei City is the capital of the Republic of China and the central city of the largest metropolitan area of Taiwan. Situated at the northern tip of the island, Taipei is located on the Tamsui River, and is about 25 km southwest of Keelung, its port on the Pacific Ocean...

 in 1954. Both parts of the bank, 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...

 and Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...

, rebuilt themselves from the 1960s-1980s as both economies prospered. Today, the SCB has re-established itself in Shanghai
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...

 with a stake in the Bank of Shanghai
Bank of Shanghai
Bank of Shanghai is a bank based in Shanghai in the People's Republic of China.In September 1999 and December 2001, Bank of Shanghai received equity investments from International Finance Corporation, HSBC and Shanghai Commercial Bank in Hong Kong....

.

It also advertises, to an extent, its link to Bank of Shanghai and SCSB with the slogan "Bank of Shanghai in 3 regions on both sides of the Strait".
The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
x
OK