Kwangtung Provincial Bank
| Company type | Provincial bank |
|---|---|
| Industry | Banking and finance |
| Founded | 1904 |
| Defunct | 2001 |
| Fate | Merged into Bank of China (Hong Kong) |
| Headquarters | Hong Kong , China |
Area served | China, Hong Kong |
| Products | Banking services, banknotes issuance |
The Kwangtung Provincial Bank (), also referred to as the Provincial Bank of Kwangtung Province, was a leading financial institution headquartered in Hong Kong. Recognized as the largest provincial bank, it comprised no fewer than seven separate entities operating under this name from 1904 until 1949. Following the establishment of the People's Republic of China, its Chinese operations were discontinued around 1950–51 and subsequently integrated into the People's Bank of China. The remaining branches persisted until 2001, when they were consolidated into the Bank of China (Hong Kong).
Banknote Issue
Between 1913 and 1922, the bank released its inaugural series of banknotes, which were produced by the American Banknote Company located in New York. Subsequent issues appeared in 1923 and 1925 under the designation of the Central Bank of China. During the 1930s, three distinct currency releases dated 1931 were introduced. Smaller denominations (10, 20, and 50 cents) were issued during 1934–35, followed by higher denominations ranging from $1 to $10 between 1935 and 1940, prior to the Japanese occupation. Post-World War II, the bank recommenced note production with a final set issued in 1949, encompassing values from 1 cent up to 100 Yuan.
Significantly, notes from 1918 totaling two million dollars were recalled under directives from Dr Sun Yat-sen to finance military campaigns during the period of 1921–22.
History
- 1924: The bank was reconstituted in Guangzhou by T. V. Soong, who was Sun Yat-sen’s brother-in-law, as the Central Bank (), marking it as China’s inaugural central banking institution.
- 1929: To distinguish itself from the national Central Bank of China established in Nanjing in 1928, it was renamed Kwangtung Central Bank (). The institution reverted to functioning as a provincial government bank and expanded its network by opening branches in Hong Kong.
- 1932: The entity underwent restructuring and adopted the name Kwangtung Provincial Bank.
- 1949: This year marked the issuance of its final banknote series.
- 2001: The bank was merged into Bank of China (Hong Kong).
Bibliography
- Ward D. Smith, Brian Matravers, Chinese banknotes, Shirjieh Publishers, Menlo Park, California, 1 June 1970, ISBN 9780912496122