SCSB marks 100th an­niver­sary

Shang­hai Com­mer­cial & Sav­ings Bank steps for­ward as Asian re­gional bank

The China Post - - TAIWAN BUSINESS - BY EMILY CHU

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.”

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