SCSB marks 100th anniversary
Shanghai Commercial & Savings Bank steps forward as Asian regional bank
Marking its 100th anniversary this year, the Shanghai Commercial & Savings Bank Ltd. (SCSB,上海商業儲蓄銀行) has 71 branches, including two overseas branches in Hong Kong and Vietnam as well as representative offices in Thailand and Cambodia, indicating SCSB’s steady pace toward the goal of transforming into an Asian regional bank. SCB, the subsidiary bank of SCSB, has expanded with 44 branches in Hong Kong and currently has branches in London, New York, San Francisco, Los Angeles, Shenzhen and Shanghai along with a sub-branch in the Shanghai Free-Trade Zone.
A Journey of a Thousand Miles
SCSB was founded under the leadership of K.P. Chen (陳光甫) in Shanghai in 1915. With the aspiration of “service to society, support for industry, and prosperity to enhance international trade,” Chen aimed at accumulating social capital and serving the public as well as business enterprises.
By putting emphasis on talent nurturing, knowing the society to earn the clients and developing social services to activate business, SCSB has operated in a very stable and active way to benefit society. Among other examples, the bank has started the one-dollar savings account, established micro-credit loans to take care of the public, advocated credit with objectives and rail negotiation loans, which enhance industry and business development.
In 1934, SCSB massively expanded its business to 111 branches and became one of the largest non-government banks in China. Due to WWII, however, the business had to be suspended. In 1954, SCSB resumed its practice in Taiwan and established a head office inTaipei for the resumption of business.
In 1965, the bank officially resumed operations, and was the only private bank from the mainland. In addition to financial business, SCSB has been participating in charity along the way. In 1990 and 2010, the SCSB Cultural & Educational Foundation and SCSB Charity Foundation were founded, and have since won much praise for
improving welfare among the public.
A Leader in Banking Business
In 1991, SCSB was ranked number one on the banking service quality survey by Business Weekly, Taiwan. SCSB embarked on another milestone in the same year when Hung-Ching Yung (榮鴻慶) became chairman after Chu JuTang’s (朱如堂) retirement.
By the 1990s, SCSB’s efforts and successful operations were revealed to the world as it was rated as one of the world’s top 800 banks by The Banker, a leading British finance journal. In 2014, SCSB was listed among the top 261 banks in the world. In 1997, the bank was ranked number one among 450 banks in forty newly emerging markets for profitability and management, and it was the first in Taiwan to receive from Euromoney a“ααα” rating. By 1998, SCSB again was ranked as the best bank in Taiwan.
Overtime, SCSB’s well-developed operation and positive results have been recognized by credit rating companies. In 2014, Taiwan Ratings Corporation approved a twAA long-term rating and a twA-1+ short-term rating, as well as stable for its outlook.
SCSB also received the Best Managed Bank in Taiwan award in 2013 by The Asian Banker. In 2014, Chairman HungChing Yung was awarded as the Best Banking Chairman Taiwan by Global Banking & Finance Review. At the same time, SCSB received the honor of Best Trade Finance Bank Taiwan 2014.
The awards SCSB gained one after another prove its good reputation and outstanding operation results. Through continual talent training, enhancing risk management, making use of information technology as well as innovation of new financial products and services, SCSB will spare no effort to achieve the goal of being “the best Chinese-operated bank across the Asia region.”