Shanghai Commercial Bank
Shanghai Commercial Bank (Chinese: 上海商業銀行) is a bank originally founded in Shanghai in 1915 under the leadership of Mr. K.P. Chen (1881-1976), a graduate of the University of Pennsylvania'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 and Hong Kong after the rise of Communism in mainland China in late 1949.
The Shanghai Commercial Bank was established in Hong Kong in 1950. It is a subsidiary of the Shanghai Commercial and Savings Bank of Taiwan, which itself was only allowed to re-establish its head office in Taipei in 1954. Both parts of the bank, in Hong Kong and Taiwan, rebuilt themselves from the 1960s-1980s as both economies prospered. Today, the SCB has re-established itself in Shanghai with a stake in the Bank of Shanghai.
As of January 2005, it had deposits of HK$57 billion. It operates 41 branches in Hong Kong and has overseas branches in New York, London, San Francisco, Los Angeles and Shenzhen. Shanghai Commercial Bank also has a representative office in Shanghai.