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The Oriental Bank Corporation |
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Founded: |
1846 |
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Ceased: |
5 May 1884 |
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Updated: 9 July 2007
Notes:
The Oriental Bank had its roots in the Bank of Western India which was founded in 1842. In 1845 it was reconstituted as the Oriental Bank. The head office was moved from Bombay to London. [A02p29] [M02p10]
On 1 May 1846, the Oriental Bank opened a branch at Singapore in Commercial Square. At that time its head office was at Bombay and it had branches at Calcutta, Ceylon and Hongkong. [B05p451]
The first bank notes were issued in Singapore in 1849 by the Oriental Bank. They were of $5 and $100. [B05p506]
In October 1851, it received a royal charter that permitted it to function as an international exchange bank east of the Cape of Good Hope. It changed its name to the Oriental Bank Corporation. [A02p29] [M02p10]
In 1864, there were four Banks in the Square at this time. The Oriental Bank in what were called Spottiswoode's Buildings in the centre of the East side, where Wm. Spottiswoode & Co.'s offices formerly were, of which Mr. John S. Scrymgeour was Manager. [B05p711]
As the result of a global recession, the Oriental Bank Corporation was forced into liguidation on 3 May 1884 and suspends payment on 5 May in Singapore. [C02p231] [m02p89] [M04v2p587-609]
Later in 1884, it was revived as the New Oriental Banking Corporation.
Some of the branches & Agencies:
London 1852
Canton 1852
Shanghai 1852
Singapore 1852
Hong Kong 1862
On the web:
- The Rise and Fall of the Oriental Bank in the Nineteenth Century: A Product of the Transformations that Occurred in the World Economy or the Result of its Own Mismanagement. - Article
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