Farmers Bank of China
Encyclopedia
The Farmers Bank of China was one of the largest banks in China
and later in Taiwan
.
from the amalgamation of provincial agricultural banks in Henan
, Hubei
, Anhui
and Jiangxi
. Governed by the Farmers Bank of China Law, the bank was established to stimulate agricultural development by providing lines of credit to farmers and rural landowners. The loans were intended for use to purchase equipment and crops. The bank was initially under majority government ownership.
The bank became one of the four major banks of the Republican period. Along with the Central Bank of China
, Bank of China
and Bank of Communications
, the Farmers Bank of China was allowed to issue its own banknotes until 1942.
The bank was twice forced by war to relocate with the Kuomintang
Central Government, first to Chongqing
in 1937 and later to Taipei
in 1949. However, it was not until 1967 that the bank resumed operations after relocating to Taiwan. The Government of the People's Republic of China
incorporated the bank's Mainland assets into the People's Bank of China
, but later transferred these to the Agricultural Bank of China
.
From 1967 until 2006, the bank opened and operated 107 branches throughout Taiwan. It also operated overseas offices in Los Angeles
and Seattle, Washington State. The bank was the 14th largest lender in the Republic of China as of 2006.
The Government of the Republic of China
undertook a reform of the banking industry in 1992 with the listing of government owned banks on the stock exchange
. The Farmers Bank of China was partially privatised in 1994, and all government shares were put on the market in 1999. Accordingly, the Farmers Bank of China Law was repealed in 2005.
The bank was acquired by the Taiwan Cooperative Bank
(合作金庫銀行) on May 1, 2006 .
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
and later in Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
.
History
The Farmers Bank of China was founded on April 1, 1933 in HankouHankou
Hankou was one of the three cities whose merging formed modern-day Wuhan, the capital of the Hubei province, China. It stands north of the Han and Yangtze Rivers where the Han falls into the Yangtze...
from the amalgamation of provincial agricultural banks in Henan
Henan
Henan , is a province of the People's Republic of China, located in the central part of the country. Its one-character abbreviation is "豫" , named after Yuzhou , a Han Dynasty state that included parts of Henan...
, Hubei
Hubei
' Hupeh) is a province in Central China. The name of the province means "north of the lake", referring to its position north of Lake Dongting...
, Anhui
Anhui
Anhui is a province in the People's Republic of China. Located in eastern China across the basins of the Yangtze River and the Huai River, it borders Jiangsu to the east, Zhejiang to the southeast, Jiangxi to the south, Hubei to the southwest, Henan to the northwest, and Shandong for a tiny...
and Jiangxi
Jiangxi
' is a southern province in the People's Republic of China. Spanning from the banks of the Yangtze River in the north into hillier areas in the south, it shares a border with Anhui to the north, Zhejiang to the northeast, Fujian to the east, Guangdong to the south, Hunan to the west, and Hubei to...
. Governed by the Farmers Bank of China Law, the bank was established to stimulate agricultural development by providing lines of credit to farmers and rural landowners. The loans were intended for use to purchase equipment and crops. The bank was initially under majority government ownership.
The bank became one of the four major banks of the Republican period. Along with the Central Bank of China
Central Bank of China
The Central Bank of the Republic of China , known in English from 1924 to 2007 as the Central Bank of China, is the central bank of the Republic of China . Its legal and common name in Chinese is literally translated as the "Central Bank"...
, Bank of China
Bank of China
Bank of China Limited is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China...
and Bank of Communications
Bank of Communications
Bank of Communications Limited , founded in 1908, is one of the largest banks in China.-Before 1949:The Bank of Communications was founded in 1908 and emerged as one of the first few major national and note-issuing banks in the early days of the Republic of China...
, the Farmers Bank of China was allowed to issue its own banknotes until 1942.
Kuomintang
The Kuomintang of China , sometimes romanized as Guomindang via the Pinyin transcription system or GMD for short, and translated as the Chinese Nationalist Party is a founding and ruling political party of the Republic of China . Its guiding ideology is the Three Principles of the People, espoused...
Central Government, first to Chongqing
Chongqing
Chongqing is a major city in Southwest China and one of the five national central cities of China. Administratively, it is one of the PRC's four direct-controlled municipalities , and the only such municipality in inland China.The municipality was created on 14 March 1997, succeeding the...
in 1937 and later to Taipei
Taipei
Taipei City is the capital of the Republic of China and the central city of the largest metropolitan area of Taiwan. Situated at the northern tip of the island, Taipei is located on the Tamsui River, and is about 25 km southwest of Keelung, its port on the Pacific Ocean...
in 1949. However, it was not until 1967 that the bank resumed operations after relocating to Taiwan. The Government of the People's Republic of China
Government of the People's Republic of China
All power within the government of the People's Republic of China is divided among three bodies: the People's Republic of China, State Council, and the People's Liberation Army . This article is concerned with the formal structure of the state, its departments and their responsibilities...
incorporated the bank's Mainland assets into the People's Bank of China
People's Bank of China
The People's Bank of China is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland China...
, but later transferred these to the Agricultural Bank of China
Agricultural Bank of China
Agricultural Bank of China Limited , also known as AgBank, is one of the "Big Four" banks in the People's Republic of China. It was founded in 1951, and has its headquarters in Beijing...
.
From 1967 until 2006, the bank opened and operated 107 branches throughout Taiwan. It also operated overseas offices in Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
and Seattle, Washington State. The bank was the 14th largest lender in the Republic of China as of 2006.
The Government of the Republic of China
Republic of China
The Republic of China , commonly known as Taiwan , is a unitary sovereign state located in East Asia. Originally based in mainland China, the Republic of China currently governs the island of Taiwan , which forms over 99% of its current territory, as well as Penghu, Kinmen, Matsu and other minor...
undertook a reform of the banking industry in 1992 with the listing of government owned banks on the stock exchange
Stock exchange
A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and...
. The Farmers Bank of China was partially privatised in 1994, and all government shares were put on the market in 1999. Accordingly, the Farmers Bank of China Law was repealed in 2005.
The bank was acquired by the Taiwan Cooperative Bank
Taiwan Cooperative Bank
The Taiwan Cooperative Bank is a publicly listed bank headquartered in Taipei City, Taiwan. Originally formed by the Japanese during the Taiwan under Japanese rule in 1923, TCB was taken over by the Republic of China government since 1946 and has been prospering...
(合作金庫銀行) on May 1, 2006 .
Former Chairmen
- Xie Dongmin (謝東閔) 1947-1952
- Li Lianchun (李連春) 1952-1972
- Hong Qiaorong (洪樵榕) 1972-1978
- Ye Xinming (葉新明) 1978-1981
- Zhang Xunshun (張訓舜) 1981-1988
- Xu Minhui (許敏惠) 1988-1991
- Luo Jitang (羅際棠) 1991-1994
- Bu Zhengming (卜正明) Feb 1994 - Nov 1994
- Liao Hebi (廖和璧) 1994-1996
- Li Wenxiong (李文雄) 1996-2001
- Liang Chengjin (梁成金) 2001-2004
- Chen Zhong (陳沖) 2004-2006
External links
- http://www.tcb-bank.com.tw: Taiwan Cooperative Bank website (Chinese)
- http://www.shancheng.org: Chronicles of the Farmers Bank of China (Chinese)