THE EARLY SARAWAKIAN BANKS
THE EARLY SARAWAKIAN BANKS
Bian Chiang bank (BCB), Popular for it's Business Financing and Bills of Exchange Services in the 1920s among the early Hokkien Settlers and Business Communities which mainly needs safe-keeping of surplus cash, cash flow management and business expansion in Sarawak and surrounding regions (i.e. Singapore). Early banks like BCB are normally highly conservative and risk averse and tends to be liquid in reserves.
Due to tighter regulatory and supervisory controls and political development through New Economic policies, new funding models later sees decline of early banks through merger.
Bian Chiang Bank were later consolidated by UMNO-owned Fleet Holding Berhad and formed Bank of Commerce (BCB), which later acquired United Asian Bank (Indian banks in Malaya) and Merged with Bank Bumiputera Malaysia Berhad (BBMB), which later formed Bumiputra Commerce bank, the biggest Merger in Malaysia's banking History and bought over Southern Bank Later formed CIMB Bank known today Kwong Lee Bank, Sarawak, which was incorporated in 1905, is the oldest local bank in Malaysia.
This bank was acquired by the Malayan United Industries Group in October 1982 and its name was changed to Malayan United Bank Berhad with its head office in Kuala Lumpur. In 1986 this bank had 23 branches throughout Malaysia and 1 branch overseas.
It granted loans against the security of export commodities such as pepper, rubber and other indigenous products. It provided the services of remitting money of migrant Chinese to their families in South East China. It opened branches in Sibu (1923) and Singapore (1926). After the Depression on 26 Oct 1934, the company was converted into a public company under the name Kwong Lee Bank 廣利銀行, opened in Sarikei (1937) and Binatang (1973). It was acquired by MUI group in 1982 and then it was acquired by Hong Leong Group Malaysia in 1994.
After Merger in 1982, the newly formed Malayan Union Bank manage to climb the Rank of 7th biggest Bank in Malaysia by number of Branches, holding $1.91Billion worth of assets and Capitol investments. Hong Leong Bank Berhad was incorporated in Malaysia on 26 October 1934 as a private limited company pursuant to the Companies Ordinance (1927) of Sarawak, under the name of Kwong Lee Bank Limited which was later changed to Kwong Lee Bank Berhad on 15 April 1966. On 2 February 1983, the Bank changed its name to Malayan United Bank Berhad and later on 26 June 1989, it changed its name to MUI Bank Berhad.
#KamekSayangSarawakBah! Sources; http://amylamsg.wordpress.com/
