Russo-Chinese Bank

History

• December 5, 1895: The bank was created in the Russian Embassy in Paris, from Russian and French capital. It lent money to China and issued Chinese government bond to finance China for its indemnity to Japan after First Sino-Japanese War.
• February, 1896: It opened a Shanghai branch.
• August 28, 1896: China joined the bank as a partner for the construction of China Eastern Railway. The bank was renamed to Sino-Russian Righteousness Victory Bank.
• 1902: The bank became the second largest bank in China.
• 1904-1906: A branch bank was established February 1904 in San Francisco, the only one in the United States, which was destroyed by the April 1906 earthquake.
• 1910: It merged with Banque du Nord to form Russo-Asiatic Bank.
• 1918: the new Soviet government nationalized all Russian banks, including the Russo-Asiatic Bank. A separate Russo-Asiatic Bank set up its new headquarters in Paris same year.
• September 26, 1926: The bank was closed down after losing 5 million pounds in foreign currency speculation in Paris financial market.