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It was the first locally owned bank to operate according to Scottish banking principles. It financed the export of tea and silk from China, cotton and jute from India, sugar from the Philippines and rice and silk from Vietnam. By , after strong growth under Chief Manager Thomas Jackson, the bank had expanded into 16 countries and was financing trade across the world. It issued loans to national governments to finance modernisation and infrastructure projects such as railway building.

The First World War brought disruption and dislocation to many businesses. By the s, however, Asia was beginning to prosper again as new industries developed and trade in commodities such as rubber and tin soared. The s brought recession and turmoil to many markets.

The bank faced one of its most challenging times during the Second World War. Staff in Asia showed huge courage in the face of adversity. Many became prisoners of war. Only the London, Indian and US branches remained in full operation. Its support helped established manufacturers as well as newcomers to Hong Kong grow their business. By the s the bank had expanded through acquisition. In it formed a merchant banking arm, extending its range of services. Login to view.

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