Savings Bank of Taiwan – the First Local Private Bank in Taiwan
On November 12, 1899, Arai Taizi, Kata Kinsaburou, Kaneko Keisuke, Yamashita Hedezane, and others convened the founding meeting of the “Savings Bank of Taiwan”. Their immediate aim was to finance sugar and tea merchants, but they also wanted to encourage thrift, savings and general prosperity of Taiwan’s economy. On December 16, “Savings Bank of Taiwan” received authorization from the Government-General and became the first local private bank in Taiwan. Savings Bank of Taiwan is a joint-stock company. Among the major shareholders, the Dadaocheng tea merchants, Li Chunsheng and Lin Pengshou from Banqiao, were the only Taiwanese, while the rest were all Japanese. At the time, no other private bank had been established. The earnings of Savings Bank of Taiwan increased every year due to adept and efficient daily operation and an ability to convince people to save money. The government ordered the Bank to shoulder the responsibilities of general commercial dealings by providing financial support and guidance for the production of tea and sugar. After experiencing several changes in the financial industry, the Bank finally merged with Commercial and Industrial Bank of Taiwan (Est.1910) in 1912, and continued to operate under the name in the years ahead.
