|Saran Singh AMN, AMP, PNM|
A BRIEF HISTORY OF BANKS IN THE STRAITS SETTLEMENTS AND MALAYSIA 1840 – 1986
by Saran Singh AMN, AMP, PNM
After the signing of the Anglo-Dutch Treaty of 1824, Singapore became an important trading settlement. It was found necessary to have an efficient banking system to serve the needs of the rapidly expanding commercial centre of Singapore which was made the capital of the Straits Settlements.
Attempts had been made to set up a bank in 1833 and 1835 but there were insufficient investors willing to put up the necessary capital. Finally, a breakthrough was achieved when the Union Bank of Calcutta opened a branch in Singapore in 1840. By 1877, there were seven banks having their offices in Singapore. These early banks were known as "exchange banks" since they dealt mainly in foreign exchange to finance external trade and short term financing. However, some of the early banks also had bank note issuing powers.
Some of the main functions of banks today are - receiving money for savings, current and fixed deposit accounts, discounting bills, lending money on short-term, providing overdrafts, foreign exchange operations, floating and servicing various loan issues, providing electronic banking services, providing automated teller services, providing auto-pay services for salary payments and auto-pay in services for payment of various bills. Banks also provide personal services to customers and some even act in an advisory capacity for private businesses and investors.
BANK NEGARA MALAYSIABank Negara Tanah Melayu was set up in January 1959. One of its main responsibilities is to supervise all activities of commercial banks in Malaysia through the Banking Ordinance 1958 which was super-ceded by the Banking Act 1973. With the formation of Malaysia on 16th September 1963, Bank Negara Tanah Melayu came to be known as Bank Negara Malaysia (Central Bank of Malaysia). With effect from June 1967, Bank Negara Malaysia has been issuing Malaysia's currency notes and coins.
THE ASSOCIATION OF BANKS IN MALAYSIA
The Association of Banks in Malaysia was established in November 1973 following the termination of the Interchangeability Agreement with Singapore on 8th May 1973. Its primary role is to represent all the commercial banks in all matters pertaining to the banking industry in Malaysia as well as abroad. As a matter of interest, there were 38 commercial banks in Malaysia in 1973.
Given below are brief historical details on the various banks, past and present, which operated or are still in operation in the former Straits Settlements and Malaysia up to 1986.
1. UNION BANK OF CALCUTTA, Singapore Branch
This was the first bank to open a branch in Singapore in December 1840. Very soon after, this bank issued its first issue of bank notes which are believed to have been in the denomination of 5, 10, 25, 50, 100 and 500 Spanish Dollars. Only the 100 Spanish Dollars denominations issued by this bank has been traced. It's date of issue is 184~ (unknown), size 16.8 mm x 13 mm and was printed by Smith, Elder & Co., Cornhill, London, England. This bank is believed to have closed a few years later.
2. THE ORIENTAL BANK, Singapore Branch
(renamed THE ORIENTAL BANK CORPORATION in August 1851)
This bank commenced business on 1st May 1846. On 31st May 1849, this bank issued bank notes for circulation in Singapore. Only two denominations were issued i.e. $5 and $100 bank notes. Unfortunately none of these early notes have come to light. The only reference to these notes is an article in The Overland Singapore Free Press of Friday 1st June 1849. This article states that these bank notes were printed by the use of elaborately engraved plates on paper with a peculiar watermark. The obverse of the bank notes had the inscription "Oriental Bank" and the denomination ($5 and $100) written in
English, Chinese, Malay, Bengali and Tamil. This bank was granted a Royal Charter on 30th August 1851 and its name was changed to The Oriental Bank Corporation.
The Oriental Bank Corporation, Singapore Branch issued bank notes between 1860 – 1875. A cut Proof $100 bank note exists. This note was printed by Perkins, Bacon and Company, England and is undated (Circa 1865). Other denominations must have been issued but have not surfaced. This bank closed on 18th July 1884.
3. THE NEW ORIENTAL BANK CORPORATION LIMITED, Singapore Branch
This bank was formed in 1884 after the collapse of The Oriental Bank Corporation, Singapore. It evidently did prepare at least one bank note denomination, if not more, for circulation. A $1 Specimen bank note 18--(undated) exists. The size of this note is 127 mm x 79 mm and it was printed by Bradbury Wilkinson & Co. Engravers, London. This bank failed in 1892.
4. NORTH WESTERN BANK OF INDIA, Singapore Branch
This bank was established in Singapore in late 1855. An unissued $100 bank note of this branch exists, size 205 mm x 130 mm. Other denominations most probably exist but have not been traced. This bank closed in 1859.
5. THE CHARTERED MERCANTILE BANK OF INDIA, LONDON AND CHINA, Singapore Branch
Mercantile Bank of India, London and China, Singapore Branch was opened on 12th September 1855. It was granted a Royal Charter in 1858 after which its name was changed to The Chartered Mercantile Bank of India, London and China. Two transitional denominations in Proof on card of the $50 dated 18--(dated April 10th 1861) and the $100 dated 18--(dated April 13th 1861) have been traced. The plates for these notes were evidently prepared before the bank received its Charter. As such, the words "The Chartered" were added above the old name of the bank.
The regular series of bank notes bearing the denomination $5, $10, $50 and $100 were first issued in August 1861. This was followed by the $25 bank note in January 1862 and the $500 bank note in December 1864. Bank notes bearing various dates and signatures were issued by the Singapore Branch up to July 1892.
The Chartered Mercantile Bank of India, London and China, Malacca Branch was authorized to issue bank notes on unstamped paper under the provisions of the Stamp Ordinance No. II of 1881 vide Government Notification No. 150 dated 5th April 1882 published in the Straits Settlements Gazette. The Malacca Branch issued its first bank notes from 1881 onwards. The $5, $10, $25, $50 and $100 on the Malacca Branch of this bank exist. Bank notes bearing various dates and signatures were issued by the Malacca Branch up to January 1889.
The Chartered Mercantile Bank of India, London and China, Penang Branch was opened in 1860. The Penang Branch issued the $5, $10, $50 and $100 bank notes on 31st December 1861. The $25 note was issued on 10th March 1862. The Penang Branch issued bank notes bearing various dates and signatures up to February 1889.
The Chartered Mercantile Bank of India, London and China lost its Charter in 1892 and ceased to issue bank notes by February 1893. The name of this bank was later changed to The Mercantile Bank Limited. In 1959, The Mercantile Bank Limited became a wholly owned subsidiary of The Hongkong and Shanghai Banking Corporation. In January 1974, The Mercantile Bank Limited was integrated under the banner of The Hongkong and Shanghai Banking Corporation.
6. THE CHARTERED BANK OF INDIA, AUSTRALIA AND CHINA,
Singapore Branch (now known as THE STANDARD CHARTERED BANK)
The Chartered Bank of India, Australia and China opened its first Agency Office in Singapore on 19th February 1859 with David Duff as its first Agent. The Agency Office in Singapore was not authorised to issue bank notes until 20th July 1861 when a Supplementary Charter raised the status of the Agency Office to that of a Branch with bank note issuing powers.
To overcome the acute shortage of paper money in Singapore between 1859 – 1860, the Agent used his stock of Post Bills as a form of transitional "Bank Notes". The Post Bills were payable three days after sight and were signed by the Agent and the Accountant and later accepted by them as Agents of the bank. These Post Bills circulated in Singapore and performed the functions of a bank note. The first issue of Post Bills was mad on 1st March 1859. These were signed by David Duff as Agent and C.S. Sherwood the Accountant. Very soon after, David Duff was dismissed for exceeding his authority on loans to his friends. C.S. Sherwood was promoted to Agent and G. Anderson was appointed as Accountant. Post Bills were hereafter issued on 1st August 1859, 1st December 1859, 2nd April 1860, 1st July 1860 and 27th August 1860. About $ 93,500 worth of Post Bills are believed to have been issued in the following denominations: $5 (300 pieces), $10 (200 pieces), $50 (500 pieces), $100 (500 pieces) and $500 (75 pieces).
Post Bills were also issued for Kwala Lumpur and Thaiping (Perak) in denominations of $5 and $10.
In 1861, the first official bank notes were issued by the Singapore Branch. They were in denominations of $5 (6,000 pieces), $10 (2,500 pieces), $50 (300 pieces), $100 (100 pieces) and $500 bank notes were prepared but it is not certain if they were issued. The $20 and $25 denominations were issued later. Bank notes bearing various dates and signatures were issued by the Singapore Branch up to 1903.
The Chartered Bank of India, Australia and China, Penang Branch started as an Agency Office run by Fraser & Company, Penang in the early 1860s. The bank opened its own branch in Penang in 1875. The Penang Branch issued bank notes in denominations of $5, $10, $20, $25, $50, $100 and $500. So far, only $5 and $10 denominations have been traced. The Penang Branch issued bank notes bearing various dates and signatures up to 1907.
The Chartered Bank of India, Australia and China relinquished its note issuing rights in 1921 at the request of the Straits Settlements Government which had been issuing legal tender bank notes since May 1899.
In 1956, the name of this bank was changed to The Chartered Bank.
In 1971, The Chartered Bank acquired The Eastern Bank which used to be located at the Benteng (Embarkment) in Kuala Lumpur.
In 1984, The Chartered Bank amalgamated with The Standard Bank of Africa and its name was changed to The Standard Chartered Bank. In 1986, this bank had 35 branches throughout Malaysia.
7. ASIATIC BANKING CORPORATION, Singapore Branch
This bank opened a branch in Singapore in 1862 and issued its first bank notes in 1864. Specimen bank notes bearing the denominations of $10, $25, $50, $100 and $500 dated 18-- (undated) exist. All these denominations are 210 mm x 132 mm and were printed by Smith Elder & Company Engravers, London. This bank closed during the crash of 1866.
8. THE HONGKONG AND SHANGHAI BANKING CORPORATION, Singapore Branch
The Singapore Branch of this bank was opened in 1877 and issued its first bank notes on 1st December 1881 vide Ordinance No. X of 1881. This Ordinance was confirmed by Despatch No. 9 dated 11th January 1882 and published under Proclamation dated 14th February 1882 in The Straits Settlements Government Gazette. Bank notes bearing the denominations of $5, $10, $25, $50, $100 and $500 were issued bearing various dates and signatures until 28th September 1909.
The Hongkong and Shanghai Banking Corporation, Penang Branch was opened in 1884 at the request of Major MacNair, officer administrating the Penang Government. W.A. Gard'ner was assigned to set up the Penang Branch which was then located in Beach Street. In 1892, the Penang Branch was given permission to issue bank notes in denominations of $5, $10, $25, $50, $100 and $500. So far only the $5 and the $25 denominations have been traced. Bank notes were issued by the Penang Branch bearing various dates and signatures between 1st January 1893 to 28th September 1909.
The Hongkong and Shanghai Banking Corporation opened a branch in Ipoh in 1909. Branches of this bank were also opened in Malacca, Johore Bahru and Kuala Lumpur in 1910.
In 1921, The Hongkong and Shanghai Banking Corporation relinquished its bank note issuing rights at the request of the Straits Settlements Government which had been issuing legal tender bank notes since May 1899.
During the Japanese occupation of Malaya (1941 - 1945), the Penang Branch of The Hongkong and Shanghai Banking Corporation was occupied by a Japanese Bank i.e. The Nampo Karhatsu Kinko or Southern Bank. The banks branches in Ipoh, Malacca and Johore Bahru were occupied by the Yokohoma Specie Bank.
In 1959, The Mercantile Bank Limited (formerly The Chartered Mercantile Bank of India, London and China) became a wholly-owned subsidiary of The Hongkong and Shanghai Banking Corporation.
In January 1974 all branches were integrated under the banner of The Hongkong and Shanghai Banking Corporation. In 1986, this bank had 36 branches throughout Malaysia.
9. ALGEMENE BANK NEDERLAND N.V., Penang
(formerly NEDERLANDSCHE-HANDEL – MAATSCHAPPIJ, N.V.)
The Nederlandsche Handel – Maatschappij, N.V. Bank of Holland opened its first branch in Penang in 1888. Its main objective was the financing of international trade. In 1964, the name of this bank was changed to Algemene Bank Nederland N.V. This bank also had a branch office in Kuala Lumpur.
10. KWONG YIK BANKING COMPANY LIMITED, Singapore
This bank, which commenced business in 1903, was the first Chinese bank in Singapore. The shareholders of this bank were predominantly Cantonese. The managing director was Wong Ah Fook who was a leading contractor and gambier planter in Singapore and Johore. From the late 1880s onwards, Wong Ah Fook had been issuing his own private bank notes which circulated within his numerous estates. This experience led him to set up The Kwong Yik Banking Company Limited in Singapore. This bank got into financial difficulties in early 1913 and was closed soon after.
11. MALAYAN UNITED BANK BERHAD, Kuala Lumpur
(formerly KWONG LEE BANK, Sarawak)
Kwong Lee Bank, Sarawak, which was incorporated in 1905, is the oldest local bank in Malaysia. This bank was acquired by the Malayan United Industries Group in October 1982 and its name was changed to Malayan United Bank Berhad with its head office in Kuala Lumpur. In 1986 this bank had 23 branches throughout Malaysia and 1 branch overseas.
12. SZE HAI TONG BANK LIMITED, Singapore
The Sze Hai Tong Bank was founded by members of the Teochew community in 1907. This bank has been very solid, sound but over-cautious. The summary of accounts of this bank for 1952 shows the total assets as $ 26,335,803 with a declared dividend of 20%.
13. CHINESE COMMERCIAL BANK LIMITED, Singapore
This bank was incorporated on 1st September 1912. On 31st December 1932 it amalgamated with Ho Hong Bank and the Oversea-Chinese Bank to form the Overseas-Chinese Banking Corporation Limited.
14. KWONG YIK BANK BERHAD, Kuala Lumpur
(formerly known as The Kwong Yik (Selangor) Banking Corporation Ltd)
The Kwong Yik (Selangor) Banking Corporation Limited was the first local bank to be incorporated in the Malay Peninsula on the 15th July 1913. The first office of this bank was located in the Paterson & Simons building at Old Market Square near the embarkment in Kuala Lumpur. The initial authorized capital of this bank was $ 1,000,000 with a paid up capital of $ 300,000. The bank underwent rapid progress especially after the post war period. On 29th November 1965, the authorized capital of this bank was raised to $ 50 million. On 31st March 1970 the name of this bank was changed to Kwong Yik Bank Berhad. This bank had 35 branches throughout Malaysia in 1986.
|Copy of The Ho Hong Bank cheque|
dated 12 July 1932
In 1917, the Ho Hong Bank Limited opened its head office in Singapore with a sub-branch in Malacca, Muar and Batu Pahat. This bank's policy was one of outward expansion and the engaging in foreign exchange business by arbitrage. By 1920 this bank had a fully paid up capital of $ 4,000,000. Branches were also opened in Penang, Palembang, Seremban, Hong Kong and Batavia (Djakarta). The world wide slump from 1930 onwards and the abandoning of the gold standard by Great Britain on 21st September 1931 affected this bank's foreign exchange activities. This bank lost over $ 2,000,000 but this amount was nearly covered by the banks reserve fund. On 31st December 1932, the Ho Hong Bank amalgamated with the Chinese Commercial Bank Limited, Singapore and the Oversea-Chinese Bank, Singapore to form the Overseas-Chinese Banking Corporation Limited.
16. OVERSEA-CHINESE BANK LIMITED, Singapore
This bank opened for business in Singapore in 1919 with a paid up capital of $ 5,250,000. One of this banks main operations was the transaction of foreign exchange business. Branch offices were opened later in Penang, Rangoon (Burma), Kuala Lumpur, Malacca, Amoy (China) and Djambi (Sumatra). This bank was affected by the world wide slump from 1930 onwards as well as by the abandoning of the gold standard by Great Britain on 21st September 1931. To solve common problems, the Director of the Oversea-Chinese Bank Limited held confidential talks with the Directors of the Ho Hong Bank Limited, Singapore. When some progress had been made, the Chinese Commercial Bank was invited to join the scheme of amalgamating the three banks. This resulted in the signing of an agreement of sale on the 14th December 1932 by which business, assets and liabilities were taken over by a new bank named the Oversea-Chinese Banking Corporation Limited, thus retaining in part the old Chinese name. The new bank was established on 31st December 1932 with a total paid up capital of $10,000,000 which was divided into $40 shares.
17. THE BANK OF BATU PAHAT LIMITED, Batu Pahat
(now known as The Pacific Bank Berhad, Kuala Lumpur)
The Bank of Batu Pahat Limited was incorporated in Singapore in 1919 but operated in Batu Pahat, Johore. This bank was taken over by The Pacific Bank Berhad which was established as a subsidiary of The Overseas-Chinese Banking Corporation Limited in 1963.
18. LEE WAH BANK LIMITED, Singapore
| Matchbox: Lee Wah Bank |
The Lee Wah Bank Limited was incorporated and established in Singapore on 20th March 1920. This bank has 9 branches in Malaysia and 4 branches in Singapore. The Lee Wah Bank Limited was acquired by the United Overseas Bank Limited in 1983.
19. BANK OF COMMERCE BERHAD, Kuala Lumpur
(formerly Bian Chiang Bank, Kuching)
The Bian Chiang Bank, Kuching, Sarawak was founded in 1924. In October 1979 the name of this bank was changed to Bank of Commerce Berhad and the head office was moved to Kuala Lumpur. This bank had 6 branches in Malaysia in 1986.
20. BANK OF MALAYA LIMITED, Ipoh
This bank was established in Ipoh in 1920. This bank was badly affected by the great slump of 1930 and finally closed in 1931.
21. WAH TAT BANK BERHAD, Sibu, Sarawak
(formerly Wah Tat Banking Company)
The Wah Tat Banking Company was founded in Sibu in 1929 by Messrs Chew Geok Lin and Teo Chong Loh. In 1945, the name of the bank was changed to Wah Tat Bank. This bank was converted to a limited company in 1955. This bank had 2 branches in Malaysia by 1986.
22. OVERSEAS-CHINESE BANKING CORPORATION LIMITED, Kuala Lumpur
This bank was founded on 31st October 1932 through the amalgamation of three banks, i.e.
(a) Chinese Commercial Bank Limited (established in 1912),
(b) Ho Hong Bank Limited (established in 1917) and
(c) Overseas Chinese Banking Corporation (established in 1919).
This bank showed a remarkable record of progress and development. By 1951 this bank had $230,000,000 in current account balances and deposits. This bank invested heavily in Government Bonds which in 1951 amounted to 350% of its total paid up capital. By 1986, the O.C.B.C. had 25 branches in Malaysia and 33 branches overseas.
23. UNITED CHINESE BANK LIMITED, Singapore
This bank was established on 1st October 1935 with a paid up capital of $ 1,000,000. The chief financiers were Wee Kheng Chiang of Sarawak and Khoo Beng Cheang of Penang. By 1951 this bank had total assets of $ 21,195,963 with a declared dividend of 12%.
24. BAN HIN LEE BANK BERHAD, Penang
The Ban Hin Lee Bank Limited with offices in Penang and Singapore was registered towards the end of 1935. However, the predecessor of this bank had functioned since 1918 as the banking department of the well known "Chop Ban Hin Lee" established by the Penang millionaire, Towkay Yeop Chor Ee (1868 – 1952). The total assets of this bank on 1st January 1952 were $ 31,581,958 which was a considerable sum for a family owned bank. By1986, this bank had 11 branches in Malaysia and 1 branch in Singapore.
25. ORIENTAL BANK BERHAD, Kuala Lumpur
(formerly The Oriental Bank of Malaya Limited)
The Oriental Bank of Malaya Limited was incorporated in 1936 by a Ceylonese family. In 1968, this bank was disposed off to a wealthy businessman who changed the name of the bank to Oriental Bank Berhad. In 1986, this bank had 13 branches in Malaysia.
Bastianpillai Paul Nicholas or simply known as B.P. Nicholas was the founder of the Oriental Bank of Malaya
26. OVERSEAS UNION BANK LIMITED, Singapore
This bank was incorporated in Singapore on 22nd October 1947 but only commenced business on 5th February 1949 with a registered capital of $ 10,000,000 and a paid up capital $ 2,000,000. By the end of 1952 this bank had total assets amounting to $ 17,709,813. The Overseas Union Bank Limited opened its first branch in Kuala Lumpur in 1958. By 1986, this bank had 12 branches in Malaysia.
27. CHUNG KHIAW BANK LIMITED, Singapore
The Chung Khiaw Bank was incorporated in Singapore on 4th February 1950. The first branch in Malaya was opened in Ipoh on 1st August 1951. In June 1971, the Chung Khiaw Bank became a member of the United Overseas Bank Group. In 1986, the Chung Khiaw Bank Limited had 16 branches throughout Malaysia.
28. HOCK HUA BANK BERHAD, Sarawak
The Hock Hua Bank Berhad was incorporated in 1952 with its head office in Sibu. By 1986, this bank had 9 branches in Malaysia.
29. THE BANK OF CANTON LIMITED
The Bank of Canton was incorporated in Hong Kong in 1912. The only branch of the above bank in Malaysia was opened in Kuala Lumpur in 1957. This bank is affiliated with The Security Pacific National Bank, Los Angeles.
30. BANQUE DE L'INDOCHINE ET DE SUEZ (Banque Indosuez)
This bank commenced operations in 1875 in the Indo-Chinese territories and the French settlements in the East. This bank opened a branch in Kuala Lumpur in 1958. The name of this bank was later changed to Banque Indosuez. In early 1982, the French Government nationalized Banque Indosuez. This led to the restruction of this banks business in Malaysia. In October 1982, the Malaysian French Bank was incorporated to acquire the business of Banque Indosuez.
31. FIRST NATIONAL CITY BANK OF NEW YORK (Citibank NA)
|FIRST NATIONAL CITY BANK|
OF NEW YORK (Citibank NA)
32. THE BANK OF TOKYO LIMITED
The Bank of Tokyo which was founded in 1946 took over from the former Yokohama Specie Bank, Japan. The only branch of the above bank in Malaysia was opened in Kuala Lumpur on 3rd October 1959. The Bank of Tokyo Limited International Trade and Investment Information Bureau was set up in April 1979 to promote investments.
33. BANGKOK BANK LIMITED
|Bangkok BankKuala Lumpur .|
34. BANK OF AMERICA NT & SA
The Bank of America NT & SA was founded in 1904 by A.P. Giannini and is the largest non-government owned bank in the world. A branch of this bank was opened in Kuala Lumpur on 1st June 1959.
35. UNITED MALAYAN BANKING CORPORATION BERHAD (UMBC),
This bank was established on 16th July 1960 with its head office in Kuala Lumpur. By 1986, this bank had 57 branches in Malaysia and 9 branches overseas.
36. MALAYAN BANKING BERHAD, Kuala Lumpur
Malayan Banking Berhad was incorporated in May 1960 as a public company with its head office in Kuala Lumpur. Its logo of a tiger's head is a well recognized symbol throughout Malaysia. Malayan Banking is also the largest bank in Malaysia in terms of assets which have increased from $ 103 million in 1962 to over $ 13 billion in 1985. This bank also has the most number of branches in comparison to any other bank in Malaysia. In 1986, Malayan Banking Berhad had 180 branches in Malaysia and 30 branches overseas.
37. HOCK HUA BANK (SABAH) BERHAD, Kota Kinabalu
This bank obtained its license on 11th January 1961. The bank commenced business in Sandakan on 1st June 1961. It opened a branch in Tawau in 1965 followed by one in Kota Kinabalu in 1972 and in Labuan in 1978. The head office of this bank operates from it's Kota Kinabalu premises.
38. THE PACIFIC BANK BERHAD, Kuala Lumpur
This bank was incorporated as a wholly owned subsidiary of the Overseas Chinese Banking Corporation in 1963. It took over the Bank of Batu Pahat Limited (established in 1919). In 1986, the Pacific Bank Berhad had 12 branches throughout Malaysia.
LIST OF FOREIGN INCORPORATED COMMERCIAL BANKS IN MALAYSIA (1986)
BUSINESS IN MALAYSIA YEAR COMMENCED (X)
NUMBER OF BRANCHES IN MALAYSIA (Y)
1. Standard Chartered Bank (1875)(36)
2. The Hongkong and Shanghai Banking Corporation (1884) (36)
3. Algemene Bank Nederland N.V. (1888) (2)
4. Lee Wah Bank Limited (1920) (9)
5. Overseas-Chinese Banking Corporation Limited (1932) (25)
6. Chung Khiaw Bank Limited (1951) (16)
7. The Bank of Canton Limited (1957) (1)
8. Overseas Union Bank Limited (1958) (12)
9. Citibank N.A. (1959) (3)
10. The Bank of Tokyo Limited (1959) (1)
11. Bangkok Bank Limited (1959) (1)
12. Bank of America NT & SA (1959) (1)
13. The Chase Manhattan Bank NA (1964) (1)
14. United Overseas Bank Limited (1966) (1)
15. European Asian Bank (1972) (1)
(name changed to Deutsche Bank (Asia) on 15.12.86)
16. The Bank of Nova Scotia (1973) (1)
Total Number of Branches in Malaysia (1986) (146)
LIST OF MERCHANT BANKS IN KUALA LUMPUR (as at 1986)
1. Amanah-Chase Merchant Bank Berhad
2. Arab-Malaysian Merchant Bank Berhad
3. Aseambankers Malaysia Berhad
4. Asian International Merchant Bankers Berhad
5. Asiavest Merchant Bankers (M) Berhad
6. Bumiputra Merchant Bankers Berhad
7. D & C Nomura Merchant Bankers Berhad
8. Malaysian International Merchant Bankers Berhad
9. Permata Chartered Merchant Bank Malaysia Berhad
10. Pertanian Baring Sanwa Berhad
11. Rakyat First Merchant Bankers Berhad
12. Utama Wardley Berhad
LIST OF GOVERNMENT CONTROLLED BANKS IN MALAYSIA (as at 1986)
1. Bank Islam Malaysia Berhad, Kuala Lumpur
2. Bank Kemajuan Perusahaan Malaysia Berhad, Kuala Lumpur
3. Bank Kerjasama Rakyat Malaysia Berhad, Kuala Lumpur
4. Bank Pembangunan Malaysia Berhad, Kuala Lumpur
5. Bank Pertanian Malaysia, Kuala Lumpur
6. Bank Simpanan Nasional Malaysia, Kuala Lumpur
7. The Co-Operative Central Bank Limited, Kuala Lumpur
8. Malaysian Industrial Development Finance Berhad (MIDF), Kuala Lumpur
9. Sabah Development Bank Berhad, Kota Kinabalu
LIST OF FOREIGN BANKS HAVING REPRESENTATIVE OFFICES IN KUALA LUMPUR (as at 1987)
1. Australia and New Zealand Banking Group Limited
2. Gringlays Bank P.L.C.
3. Banca Nazionale Del Lavoro
4. The Bank of California N.A.
5. Bank of Indonesia
6. Banque Indosuez
7. Banque Nationale De Paris
8. Banque Paribas
9. Barclays Bank P.L.C.
10. Chemical Bank
11. The Dai-Ichi Kangyo Bank Limited
12. The Daiwa Bank Limited
13. The Fuji Bank Limited
14. The Industrial Bank of Japan
15. Korea Exchange Bank
16. Lloyds Bank International Limited
17. The Long-Term Credit Bank of Japan
18. Manufacturers Hanover Trust Company
19. The Mitsubishi Bank Limited
20. The Mitsui Bank Limited
21. Morgan Guaranty Trust Company of New York
22. National Australia Bank Limited
23. National Westminster Bank P.L.C.
24. The Saitama Bank Limited
25. The Sanwa Bank Limited
26. Societe Generale
27. The Sumitomo Bank Limited
28. The Taiyo Bank Limited
29. The Tokai Bank Limited
30. Westpac Banking Corporation
References: (a) Straits Settlements Government Gazettes
(b) Personal papers and notes of Mr. William L.S. Barrett, Canada
(c) "A History of Currency in the British Colonies" by Robert Chalmers. Pages 381 – 388 (England 1893)
(d) "The Chinese Banks Incorporated in Singapore and The Federation of Malaya" by Tan Ee-Leong (Journal Malaya Branch Royal Asiatic
(e) "Paper Currency of Malaysia, Singapore and Brunei 1849 – 1970" by William Shaw and Mohd Kassim Hj Ali (Muzium Negara, K.Lumpur, '71)
(f) "Bankers Directory of Malaysia 1985" (Published by The Association of Banks in Malaysia)
(g) "The Kuala Lumpur Bankers Directory 1986" (Published by Arab-Malaysian Merchant Bank Berhad)
(h) "The First Notes of Singapore" by Colin Narbeth (Coin & Medal News – February 1986)
Photo Illustrations: The notes of the early private Banks are reproduced from "Standard Catalogue of Malaysia Singapore Brunei Coins and Paper Money" 19th Edition (2010) curtsey of Mr Steven Tan, Kuala Lumpur (Published by International Stamp & Coin Sdn Bhd)
Note: The information contained in the above article was researched in 1986 and is up-to-date and useful up to that period of time. Numerous changes have occurred in the Banks since 1986 but they are not within the scope of this article.
Saran Singh August 2011
This article was originally printed in the Malaysia Numismatic Society Bulletins;
Volume 19 No. 1 Jan/Feb 1987, Volume 19 No. 2 Mar/Apr 1987, and Volume 19 No. 3 Jul/Aug 1987.