Historically, the Shanghai Commercial Bank was founded in
Shanghai in 1915 under the leadership of
K.P. Chen (1881–1976), a graduate of the
University of Pennsylvania's
Wharton School of Finance. In 1927, the Shanghai Commercial Bank established a travel service division, which later became the independent
China Travel Service. The bank expanded in the late 1920s and early 1930s, endured the period of Japanese aggression, but suffered significant set-backs during the
Chinese Civil War. In 1950, with the new Communist government intent on nationalising the banking industry in mainland China, the Hong Kong branch of the Shanghai Commercial Bank was separately incorporated in Hong Kong as the
Shanghai Commercial Bank. The bank's assets in mainland China were compulsorily acquired by the government. In 1954, the bank was permitted to re-register in
Taiwan as the
Shanghai Commercial and Savings Bank (SCSB), retaining a majority shareholding in the Hong Kong bank. Both parts of the bank, in
Hong Kong and
Taiwan, rebuilt themselves from the 1960s-1980s as both economies prospered. In 1995, the Shanghai City Credit Union in mainland China was converted to a bank, the Shanghai City Cooperative Bank, which was subsequently renamed the
Bank of Shanghai. The SCB has acquired a 3% stake in the
Bank of Shanghai, symbolically re-establishing its link to banking in Shanghai. In 2011, the three "Banks of Shanghai" entered into a cooperation agreement. The link between the three banks is emphasised in some marketing materials, with the slogan "Bank of Shanghai in 3 regions on both sides of the Strait". ==Headquarter Building==