Oriental Bank Corporation
- Oriental Bank Corporation
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The Oriental Bank Corporation (Chinese: 東藩滙理銀行) was a bank in India in the 19th century. It was also the first bank in Hong Kong and the first bank to issue banknotes in Hong Kong.[1]
The bank was established in 1842 in Bombay, India under the name Bank of Western India. After the headquarters were moved to London in 1845, the name was changed to the Oriental Bank Corporation. It was chartered in 1851 to allow competition with the East India Company's opium billing monopoly, which was unpopular in England at the time. Expansion followed with branches opening in Chinese treaty ports, Hong Kong, Japan, India, Mauritius and South Africa.
In the 1860s, the bank held a dominant position in India and China. However, its finances suffered greatly from the legendary coffee disease in Ceylon (now Sri Lanka), which devastated the coffee plantations in that area, in which the company had invested so much. In 1884, the bank ran into severe difficulties and was reconstituted as the New Oriental Bank Corporation. With growing competition from its rivals, the Hong Kong and Shanghai Banking Corporation and Standard Chartered Bank, the bank failed to survive and closed down in 1892.[2][3]
References
Categories:
- Banks established in 1842
- 1892 disestablishments
- Defunct banks of the United Kingdom
- Defunct banks of India
- Defunct banks of Hong Kong
- Former banknote issuers of Hong Kong
- Companies disestablished in the 19th century
- British overseas banks
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