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Foreign-Owned Institutions’ Regional Efforts

In: ASEAN Financial Co-operation

Author

Listed:
  • Michael T. Skully

    (University of New South Wales)

Abstract

When discussing ASEAN finance there is a tendency to consider foreign financial institutions as outsiders or new arrivals to the Asian scene and not really part of the regional co-operation process. Historically, though, foreign bankers effectively established organised banking as we know it today in Asia. For example, the UK’s Chartered Bank (formerly the Chartered Bank of India, Australia and China) is the oldest bank in operation both in Singapore (1859) and in Malaysia (1875).1 In Thailand, the British-owned Hongkong and Shanghai Banking Corporation was the first to commence local banking (1888) and in Indonesia the Dutch colonial government’s Javasche Bank (now Bank Indonesia) was the first bank (1827). Only in the Philippines, with the establishment of the Bank of the Philippine Islands (1851), was the first domestic bank not a wholly foreign venture.2

Suggested Citation

  • Michael T. Skully, 1985. "Foreign-Owned Institutions’ Regional Efforts," Palgrave Macmillan Books, in: ASEAN Financial Co-operation, chapter 5, pages 95-103, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07231-6_5
    DOI: 10.1007/978-1-349-07231-6_5
    as

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