The Farmers Bank of China
(, ) was one of the largest banks in China
and later in Taiwan
The Farmers Bank of China was founded on April 1, 1933 in Hankou
from the amalgamation of provincial agricultural banks in Henan
. 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... Read More