Farmers Bank of China

The Farmers Bank of China (simplified Chinese: 中国农民银行; traditional Chinese: 中國農民銀行; pinyin: Zhōngguó nóngmín yínháng) was one of the largest banks in China and later in the Republic of China.

Farmers Bank of China[1]
Joint stock company
Industry Banking
Founded 1933 in Hankou, R.O.C.
Headquarters 85 Nan-King East Road, Section 2, Taipei, R.O.C.
Key people
 Chen Zhong, Chairman
Products Financial Services
Revenue IncreaseUSD 430 million (2005)
Total assets IncreaseUSD 18.23 billion (2005)
Number of employees
 2,339 (2005)
Website www.farmerbank.com.tw
Footnotes / references
Acquired by Taiwan Cooperative Bank in 2006

History

The Farmers Bank of China was founded on April 1, 1933, in Hankou 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.

A 1941 banknote issued by the Farmers Bank of China.

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 Accordingly, the Farmers Bank of China Law was repealed in 2005.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.[2]

Former Chairmen

References

  1. ↑ "FARMERS BK CHINA TWD10 Company Information". Forbes.com. 2006-04-10. Retrieved 2012-12-12.
  2. ↑ "archives". Taipei Times. 2012-12-06. Retrieved 2012-12-12.
  3. ↑ 歷任董事長 Archived December 17, 2007, at the Wayback Machine.
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